To Remain Relevant
Accountants in their field of practice encounter various changes that demand that they keep updating their technical skills and technological skills to remain relevant to their clientele. These changes demand that accountants change in education and in practice. Failure to understand the changes would make accountants not to be able to serve their clientele effectively but would also lead to serious legal implications arising from professional liability.
To Satisfy CPD Requirements
Practicing accountants are also required as a minimum to pursue Continuing Professional Development (CPD) courses. For example, ICPAK members need to complete 40 CPD hours annually. The ICPAK CPD scheme is mandatory and requires members to complete 25 hours of structured and 15 hours of unstructured CPD activity per year, which is averaged over a three‐year period (120 hours in a 3 year rolling cycle i.e. 75 structured and 45 non‐structured) (ICPAK, 2021). Apart from the CPA courses, accountants should follow publications like The Accountant, Journal of Accountancy, The Economist, and Financial Mail, as well as news sources like the Business Daily, Forbes Magazine, and Entrepreneur, to keep abreast of what is happening in the accounting world.
Technology Changes Fast
One of the drivers of change in the accounting field is technology. Technology is considered critical to an accountant’s success through the creation of a more flexible working environment and improving efficiency, quality and communication, and engagement with clients. (Jackson, 2020)
Changes in the technological front like; cloud computing, artificial intelligence, innovations in tax software and social media, and blockchain have made accounting systems more automated and the role of an accountant is changing to that of a business advisor. This demands skills such as professional skepticism, judgment, and critical thinking skills.
For accountants to remain relevant, they must embrace these constant changes in technology and be receptive to the technological changes, and be willing to learn new ways of doing things.
How to continuously learn the skills
The above skills can be learned through structured formal training, on-the-job training, and learning through mentors. Most of these pieces of training can be done online through webinars, podcasts, and YouTube videos. As also earlier mentioned, subscribing to relevant professional magazines and publications would also help.
References:
Jackson, D. (2020). The Impact of Technology on the Desired Skills of Early Career Accountants. CPA Australia, 10.
https://www.icpak.com/wp-content/uploads/2015/03/ICPAK-CPD-GUIDE.pdf
