PETALING JAYA - Local accountants need to adopt the latest technologies such as cloud computing, blockchain, big data analysis in their organizations to remain relevant, said the International Association of Certified Professional Accountants (AICPA).

"An accountant needs to be able to understand and be proficient with the features of the technology and then adopt the facility in their organization," said the Executive Vice President of Management Accounting, Research and Curriculum, Dr. Noel Tagoe to reporters here today. Accordingly, he called on local talents to improve their skills and competence levels. In today's world, customers are more demanding and able to make evaluations, they no longer just buy products and use them.

"Consumers are no longer just buying products, they are actually buying value in the product and this is based on the experience they get when they first buy something," he added. He gave an example of the banking industry that has started actively using technology to help customers make payments online without having to carry a lot of cash.

"A system like this will remove the worry among customers or online banking users that their money will not be lost if they lose their wallet or if they lose their mobile phone. "This also helps the Malaysian government reduce the cost of printing local currency. Adding or printing more cash means increasing costs but thanks to online payments through electronic systems, it does not incur any costs," he said.

Meanwhile, the Chartered Institute of Management Accountants (CIMA) today revealed that most finance and professional teams are not developing their skills fast enough to deal with the impact of artificial intelligence, process automation and other technologies. A majority (more than 50 percent) of global finance leaders said the competencies of their teams will need to "change significantly" within three years as new technologies begin to take over traditional tasks.

In the "Reinventing Finance for a Digital World" report, it also revealed that 61 percent of finance professionals surveyed expect more than 20 percent of financial tasks to be automated within the next three years.

The AICPA is the most influential body of professional accountants, combining the strengths of the American Institute of Certified Public Accountants and CIMA to generate opportunity, trust and prosperity for the public, businesses and economies around the world. It represents 667,000 members and students in management and public accounting including advocates for public interest and business sustainability on current issues. - Bernama

Date of Input: 21/09/2022 | Updated: 21/09/2022 | nurmiera