Stakeholders at the ongoing Institute of Chartered Accountant of Nigeria’s (ICAN) conference are calling on accounting professionals to adopt modern techniques in their calling while also embracing the use of technology in their transactions.
At one of the panel sessions that has the theme: Accounting Firms of the Future: Challenges and Opportunities, the discussants argued that 21st Century accountants must develop themselves and widen opportunities with utilising technology in their professions.
“There is increase competition, not just within the accounting professions, but even non accounting firms switching on to the roles and functions of the accountants. How do we prepare for tomorrow, it is about being innovative and creative and constantly developing our selves to catch into opportunities,” Fatai Folarin, CEO of Deloitte and one of the discussants at the panel, said.
He went further to state that his firm has been having heavy investment in developing their technological steps as a means of advancing and taking hold of the demands of the accounting of tomorrow.
In the same vein, Uyi Akpata, country senior partner ProcewaterhouseCoopers (PwC), said the accounting profession was advancing fast and it was the professionals who were ready that would embrace the future.
“We can’t claim to he successful if our institution is not successful. How do we contribute to the growth of the profession. We must support institutional trainings and develop ourselves,” he said.
Further, he stated, “We must find a platform to rejig and adjust to technological trends and improve in our profession. Big firms and small firms must collaborate for good and upgrade their training”
He suggested further that accounting firms must carve a niche for themselves in the areas they have core competencies and grow in that light.
“Risk analysis, financial analysis are areas accounting professionals should venture into and develop their strength further as the accounting profession advances,” he said.