The Managing Director and Chief Executive Officer of Wema Bank Plc, Mr Ademola Adebise, has identified the skills and qualities required by practising accountants to be relevant in the digital age.
Adebise noted that an innovative and creative mindset, knowledge of business models, business process review skills, and data reading skills is imperative for the accountants that will operate in a digital economy that is knowledge-based.
Speaking at a virtual forum of the Institute of Chartered Accountants of Nigeria’s (ICAN) with the theme, “The Role of Accountants in the Digital Age,” in Lagos, he said understanding business models would help the accountant understand the customer’s business and journey and how to advise him.
Adebise acknowledged that the digital era needs different approaches to doing things differently from the traditional era where accountants did their job manually.
As the business environment rapidly changes with the business requiring adaptation, “the accountant must be able to review business processes and produce effective processes suitable for the new era,” he said.
With the emergence of financial technology firms and the evolution of e-commerce, Adebise said, “some of the accounting standards in use today need to be tweaked to accommodate the new advances in the marketplace,” noting that the technological advancement is faster than what the current accounting standards could cope with.”
He also dismissed the fears that digital transformation would render accountants jobless. Instead, the technology would enhance the job of accountants.
“In the banking industry, for instance, we use robotics, artificial intelligence and virtual reality to do our job. Robots power most of the customer messaging systems on ATMs. There are software applications in the computer that make the work of the auditor easy, same for accounting solutions which help the accountant do his job, “he explained.
He advised the government to prioritize identity management in the digital era by ensuring that data generated by identity management agencies are used for planning, taxation, budgeting, among others. He further said adopting technology would help the government cut down on the cost of governance.
Describing the importance of accountants in any organization, he listed their functions as preparing accurate financial records, ensuring compliance with regulatory directives, preparation of financial reports, tax returns preparation, forecasting and risk management evaluation analysis, cost control and revenue enhancement, among others.
