Accounting changing with the times

The accounting profession continues to come under tremendous pressure from new forms of technology including artificial intelligence, but one professional is giving the assurance that accountancy was not a “sunset” industry.

In fact, said Chief Executive Officer of First Citizens Bank Carol Eleuthere-Jean Marie, accountants can still be considered the “lifeblood” of many businesses.

Her comments came at the Radisson Aquatica Resort yesterday during the official launching ceremony for Accountants Week, which will be held from November 3 to 9.

“Our centuries old profession has come a long way from the days of manual book-keeping to the present day of artificial intelligence and widespread use of technology, which is changing the day-to-day structure of how we work. That is not just for accountants but across all other professional services industries,” said Eleuthere-Jean Marie.

However, the trained accountant said she continued to see the role of accountants evolving over the years.

She argued that the digital landscape had rapidly transformed the business models, introduced new considerations and exposed new risks and new dynamics that were not previously a factor or an issue for the profession.

Eleuthere-Jean Marie said accountants would continue to have an obligation to ensure transparent and accountable organisations while supporting a stable capital market.

As such, she said, the role of the accountant remains pivotal “and may even be considered the lifeblood of many businesses and economies”.

“In fact, though leaders express the view that the accounting profession is currently experiencing more disruption than ever before, it is also widely anticipated that in the not-too-distant future many, if not all, of the manual or repetitive functions, will be replaced by automation, robotics and the machines learning the role of the profession and as a result the role would evolve into one of mainly strategic and analytics,” she pointed out.

“In spite of this, however, I am sure we all feel assured that the accounting profession is not a sunset industry and will metamorphose into whatever it is evolving to be,” she added.

She said with an increase in technological applications in the workplace there was also an increased demand for talent that was “adept and proficient” at bridging data technology and the accounting function.

“So while the scope and focus of the function will definitely evolve and some may say emerge, the true and fair nature of the profession remains consistent,” said Eleuthere-Jean Marie.

During Accountants Week 2019 the Institute of Chartered Accountants of Barbados (ICAB) will be carrying out a range of activities including discussions on issues that impact on the profession and how they can adapt.