The new President for the Association of Chartered and Certified Accountants (ACCA), Mr Henry Tetteh Djangmah, has advised accountants to position themselves well in readiness for the rapid expected changes in the accounting profession in the next decade.
He said the profession was fast changing and competition would intensify as new industry entrants such as banks, financial services institutions, software and internet firms, would be creating an array of accounting products and tax related products and services for the profession.
He said consulting and business advisory firms would also become increasingly competitive as these firms would leverage new software, data and analytical tools to provide new accounting related services.
Mr. Tetteh Djanmah, spoke in an interview at the ACCA Ghana investiture and business leaders forum, said automation and outsourcing would also continue to impact the profession as it would replace the manual process and labour, especially for routine and lower value services.
“Business complexity will also increase, making it even tougher for companies, firms, and professionals to stay up-to-date and informed on key regulatory, compliance, and business issues,” he stated.
He said the shifting business environment would also come with its own opportunities for the accounting profession.
“Continued expansion of regulatory and legal requirements will increase the demand for compliance services. Globalisation requires accounting professionals to master new skills, knowledge, and standards such as International Financial Reporting Standards (IFRS) and International Public Sector Accounting Standards (IPSAS),” he mentioned.
He said this would create opportunities as a growing number of clients or companies operated across borders.
Mr. Djanmah also pointed out that outsourcing and automation which were both threats to the profession would create new opportunities as businesses would increasingly look to outsource part or even all of their bookkeeping and accounting functions.
“Accounting firms and companies with the right skills and systems are ideally positioned to win this business,” he said.
Accountants advised
The Managing Partner for Deloitte, Mr Felix Nana Sackey, delivering the keynote address, advised accountants to be more proactive on the Ghanaian market and behave professionally.
He said accountants needed to talk more at the national level since they understood the dynamics of the market better.
“Accountants are risk adverse people who must plan and ensure that the organisation is going towards the right direction, so in turbulence times like this, it is obvious that the most important person in an organisation should be the accountant,” he said.
Mr Sackey also called on all accounting bodies in the country to come together and review what is happening on the Ghanaian market and come up with a recommendation and advised government appropriately.
Source: Graphic