Idealism or realism? Accelerating Accounting and Finance Excellence

Just like the IT world, the world of accounting is undergoing a seismic shift, driven by rapid technological advancements, evolving business needs, and an increasing emphasis on strategic decision-making. In this dynamic environment, the traditional approach to accounting education and certification is being re-evaluated. 

Warren Buffett's assertion that accounting is the language of business still holds true, but much like performing actors who do not need to be linguists to deliver compelling performances, not every accountant needs to master advanced accounting to impress. 

The future of accounting lies in embracing Accounting Technician proficiency and integrating a broad set of modern skills to boost employability and the talent pipeline, and I believe the GENCFO Academy is poised to lead this transformation.

The role revolution will not be televised.

The role of accountants has expanded far beyond the confines of traditional transactional processing and financial reporting, but it is not well observed by finance teams and boards alike. 

Today, accountants are expected to be versatile professionals who are not only adept in accounting principles but also skilled in areas such as data analytics, automation, agility, and operational metrics, for example; sustainability and storytelling. 

These modern competencies are essential for navigating the complexities of the contemporary business landscape and for providing strategic value to budget holders and business stakeholders.

The Accounting Technician movement

1. Meeting the Needs of employers, not institutions.

Most roles within the accounting field require only a working knowledge of accounting rather than deep expertise. I don’t think I have used tax, IFRS, or corporate reporting knowledge since I took my exams, a bit like not ever using algebra in the workplace. 

Accounting and finance professionals and managers need to understand financial statements, budgeting, and tax but most do not need extensive advanced training. 

Accounting Technician proficiency equips these individuals with the essential skills to navigate their financial responsibilities effectively, and that could be a goal for many.

2. Empowering the majority of businesses

Small and medium businesses, in particular, benefit immensely from Accounting Technician knowledge. They often juggle multiple cross functional roles and tend to hire specialists as required, therefore they do not need to spend years mastering advanced accounting.

By focusing on Accounting Technician proficiency alone, we empower businesses to manage their finances and make informed decisions, and acknowledge more value adding learning in new areas (such as, agility, analytics, automation and the management of them) that drive business value and success.

3. Enhancing Digital Finance Function Fluency

Financial literacy extends beyond the accounting and finance sphere into business management and business systems.  

Accounting Technician education demystifies complex financial concepts, helping individuals manage their business finances, plan for growth, and make informed investment decisions. 

This level of understanding promotes financial stability and resilience among the business and general population.

Combining the accounting technician level of understanding with digital fluency is also a business value multiplier, as data and technology are a core part of accounting and finance and business with many end to end processes serving customers, suppliers and stakeholders alike.

Accounting Players: A New Paradigm

Consider the analogy of accounting players or actors. Just as actors must master various facets of drama—beyond merely understanding language—today's accountants must develop a diverse skill set. Accounting is the language of business, but in the modern era, accountants must also excel in communication, technology, and strategic thinking. An accountant who can effectively communicate complex business information and improvements to non-financial stakeholders adds immense value to their company.

Being ‘good enough’ at accounting is an opportunity.

1. Redefine the path of Accounting expertise 

The traditional path to becoming a fully qualified accountant involves extensive study and certification, multiple levels of understanding to advanced accounting including specialist subjects (audit, tax) which are not necessary for all roles within the field. 

Many positions only require Accounting Technician skills, but also require the ability to use modern ways of working, tools and technologies which are not covered by the qualified accountant route, despite its intense syllabus.

By focusing on Accounting Technician proficiency as a goal, the profession becomes more accessible and inclusive, and allows businesses to meet their real world needs more quickly, by not focusing on university degree or advanced accounting learning.

2. Mastery horses for courses

While Accounting Technician proficiency suffices for the majority of accounting roles, there will always be a need for specialists with advanced knowledge. These individuals can pursue the traditional pathway, gaining the deep expertise required for complex accounting tasks. 

Specialising will allow the growth of auditing, tax and large organisation accounting roles, without limiting the entire profession for SME business.

This approach allows the profession to maintain high standards for specialists while providing a practical route for others.

Why the Change is Needed Now

1. We are out of step with the business

The rapid pace of technological change and the increasing complexity of business operations have created skill gaps within the accounting profession. 

By reducing the emphasis on becoming ‘fully qualified’ and promoting Accounting Technician proficiency as the goal and therefore qualified’, the profession can more quickly and effectively address these gaps.

2. We have a generational opportunity to change

Organisations today need agile workforces that can adapt to changing circumstances. Accountants with a broad skill set, including agile and digital competencies and Accounting Technician knowledge, are better equipped to respond to new challenges and opportunities. 

This agility and business partnering will require an identity shift, but a change the business wants and needs from its finance function.

This agility is essential for driving business value and maintaining competitive advantage.

3. Broadening Access will create higher performance 

Making the profession more accessible by emphasising Accounting Technician proficiency can attract a diverse range of individuals.  Diversity of talent and diversity of thinking is a key driver of high performance in teams and business alike.

This inclusivity and diversity brings fresh perspectives and ideas, enriching the decision making process and enhancing its ability to meet the needs of today's ever evolving businesses.

The Role of GENCFO Academy

In this transformative era, the GENCFO Academy is perfectly positioned to support and lead the charge towards this new way of working. 

The academy aims to provide awareness and understanding that aligns with the needs of the modern accountant and the business it serves. 

By offering programs that focus on the integration of non-traditional in-demand skills with existing accounting and finance teams, the GENCFO Academy ensures that individuals are equipped with the knowledge and network required to thrive in today’s dynamic business environment.

Conclusion

As we look to the future, we must embrace a new paradigm in accounting. By reducing the emphasis on becoming ‘fully qualified’ and promoting Accounting Technician proficiency as ‘qualified’, we can make accounting skills more accessible and relevant. 

This shift is not about lowering standards but about recognising that many accounting roles require a diverse skill set, including agile and digital competencies and effective communication and decision support 

The GENCFO Academy plays a crucial role in this transformation, providing the education needed to prepare accountants for the future.

By adopting this revolutionary approach, we can attract a broader range of talent, address skill gaps, and enhance our profession's ability to drive business success. 

Let us seize this opportunity to redefine the path to accounting expertise, ensuring that we are equipped to meet the demands of the modern business world with confidence and competence.