Disruptive digital technologies with wide applications for the accounting profession help further enhance the quality of work delivered by CPAs, and open up a range of more exciting possibilities for professionals’ career advancement in their chosen fields.
In artificial intelligence and robotics, CPAs with expertise in new technologies help clients implement robotic process automation and machine learning, while blockchain has become a reliable and secure solution for rapid data transmissions, according to Stanley Yung, partner, advisory services, at EY. “Many large corporations use blockchain to manage transactions,” says Yung. “The accounting profession leverages cloud computing like OpEx for IT projects and changes the business model. Professionals utilise data analytics for fraud detection in finance.”
CPAs need to keep abreast of the latest disruptive technologies to deliver high-quality work because these technological advances alter the needs of businesses. The best way for CPAs to keep pace with the newest changes, adapt and acquire new skill sets is by embracing on-the-job learning and practice, he believes. Young CPAs should seize the opportunity to use cutting-edge technologies and solutions to help their clients and optimise the quality of their work of auditing and financial transactions, among others.
Support from the employers is also essential. Firms offer structured training and diverse platforms for learning and practising to familiarise CPAs with the latest technologies.
Successful CPAs are those who excel in leveraging advanced technologies to elevate work quality and efficiency. The coupling of such higher-order abilities, including professional judgment, critical thinking, problem-solving skills, with the “innovation mindset”, which encompasses the drive for continuous learning, open-mindedness and the ability to collaborate, will help young CPAs to make good use of the latest technologies.
This enables them to create added value for their clients and employers as well integrating digital thinking into all aspects of the business operations, Yung says.