Professor Rashied Small, told the Accounting Indaba hosted by the South African Institute of Professional Accountants (Saipa) that as a result of 4IR, the accountant has dropped out of the list of top 10 professions. “The way to get back into the top 10 is to change not only what we are doing, but how we are doing it.”
The fear that machines will replace the role of the professional accountant is unfounded. “Technology won’t drive our members, it will be used by them. Accountants are no longer problem solvers, but future planners. They will be less operational and more strategic,” he said.
In a study of chief financial officers (CFOs) on the future of professional accountants, 81% said they will be more influential in decision making and will be responsible for corporate data in the future. Seventy-seven per cent said the financial function will consist of fewer, but more highly skilled members and 75% said they will play a greater role in innovation, Small said.
“If we, as a profession, do nothing else in being future ready, we need to be flexible,” Small said.
