Page 37 - CMA Journal (Nov-Dec 2024)

Focus Section

Digital Skills for Accountants

Digital innovation is rapidly changing every field of Accounting
business. Digital skills are now a compulsory part of the Automation
accounting field. If an accountant wants to stay alive in
the accounting sector, they must have knowledge of all Accounting automation
necessary digital skills. Accountants require continuous is the process of
updates regarding their knowledge of accounting automating tasks by
standards like IASs (International Accounting Standards), using accounting
IFRSs (International Financial Reporting Standards), ISAs software to eliminate
(International Standards on Auditing), budget repetitive tasks.
forecasting, and other management accounting tools One-third of global
with the help of the latest technologies and their usage in companies are using
the accounting field. Modern technologies like Robotic Process Muhammad Tanveer Ul
automation, artificial intelligence, cloud computing, Automation (RPA). RPA Qamar, ACMA
blockchain, data mining and visualization, cybersecurity, is not an intelligent CEO, Allied Financials
digital communication skills, and customer relationship software like Artificial
management are necessary for accountants in the new Intelligence. RPA is a
era and to stay in the professional environment of the rule-based system that automates business processes
accounting world. Automation and artificial intelligence involving high daily transaction volumes, such as
are making changes in traditional accounting tasks, production, sales, accounting, supply chain management,
including data entry, bookkeeping, and analytical and human resources. Additionally, business data must be
processes. Instead of replacing accountants with digital digitized before RPA execution. RPA cannot learn on its
techniques, accountants can use their free time to focus own because it works based on programmed coding. The
on strategic planning, customer coordination, and implementation of RPA requires human assistance and is
analytical skills. Digital skills can help accountants not a 100% replacement for an accountant. It can improve
analyze large data and make improved business efficiency, productivity, and the accuracy of reporting. An
decisions. accountant should have knowledge of the process
required to implement RPA in an organization, the
Big Data Analytics requirements before RPA implementation, and
monitoring the outcomes after its implementation. RPA
Big data analytics (BDA) can be defined as having a large
can help eliminate or reduce the need for data entry staff
volume, fast pace, and varying data forms that are
and lower salary costs. It can automate the recording of
analyzed electronically to enhance and support better
transactions, financial reporting, payable management,
business decision-making by top management.
receivable management, inventory management, and
Accountants can use various tools for data analysis, such
bank reconciliation.
as Excel, Zoho Analytics, Tableau, Power BI, and Domo.
These tools can help summarize the business's financial Cloud-based Software
health for better decision-making by top management. It
is a highly desired skill for accountants to have a perfect Cloud-based software provides easy access to data
knowledge of tools and software for data analysis. online, secured data storage, and rapid collaboration
Advanced Excel skills are widely used for data analysis with clients. Most accounting software provides online
because they are user-friendly and easy to understand. access to record data and generate reports, so all users
TeamMate is also used for more complicated tasks that with registered access can use and record data
cannot be handled by simple Excel. Accountants must remotely. There is software for small businesses,
have the skills to extract key information from extensive including QuickBooks Online, Xero, and Zoho Books. For
data, whether during audit procedures, financial medium-sized businesses, software includes Sage,
reporting, or budgeting. After extracting key information Kashoo, and Wave. For large businesses: Oracle
and figures, it is necessary to communicate them to top NetSuite, SAP Business, and Microsoft Dynamics 365.
management in a professional manner using Accountants must be proficient in using cloud-based
visualization. A well-structured report on data findings software to perform their duties efficiently and
can enhance an accountant’s credibility. generate reports remotely.

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