Emerging technologies such as artificial intelligence (AI) and robotic process automation (RPA) are rapidly changing the finance industry. Before we know it, automation may well have taken over certain job functions. With this in mind, as we enter the fourth industrial revolution, we see a trend where more business owners are looking for financial advice instead of number crunchers.
According to Sage’s Practice of Now survey, these are the most important skills that Accountants need to develop in order to stay relevant in a post-Covid world:
1. Technological literacy
Working in a post-Covid distributed working world means Accountants need to be familiar and comfortable with using new technologies that have been brought forth by the fourth industrial revolution. The industry has made good use of certain AI tools to automate repetitive tasks such as processing invoices and facilitating consolidations.
Therefore, being technologically literate allows human beings to free up time for the analysis and interpretation of data for your clients. This ability is crucial to your career; bur more so, will help you build and create connections and working relationships with your clients that bode well for future partnerships.
2. Be agile and adaptable
Clients expect more from their accounting firms than ever before. They need a team in their corner who can spot the problems before they arise and identify new opportunities that will be beneficial to their businesses function. This level of service requires a deeper understanding of the entire business, and challenges, in order to find ways to enhance it.
Although it’s a cultural mindset and perhaps an operational process change, it will prepare you for what the future has in store.
3. Business advisory
In order to refine and hone your skill as an Accountant, it’s important to become a business advisor to your clients. for a firm of experts who are able to offer specialist advice and insight within a broader context has great future value.
With the world experiencing the worst recession since the 1930s Great Depression, Accountants are wise to focus on upskilling to provide enhanced support to their clients.
Should you be interested in our services, reach out to Engela van Loggerenberg on engelavl@tnfs.co.za
