New Skills Are Required For Accountants to Remain Successful
The digital revolution is upon us and management accounts are feeling the heat. Change is here and its pace is accelerating, so it is important for accountants to transform their skills to succeed in the new role that digital technology created. As technological advances are eliminating or displacing many entry-level tasks, accountants are being freed up to focus on higher-level, more strategic tasks. That means other skills will become increasingly important and will be required earlier in your career. To remain relevant, there are six core skills that management accountants must be proficient in.
Technology and Analytics. As Big Data matures, management accountants will need knowledge of data extraction tools for mining structured and unstructured data. They’ll need to be able to employ data analysis tools that help collate, manage, and analyze this data, as well as be used for data visualization and storytelling.
Strategic Management. Strategic management includes activities such as competitive analysis, forecasting and budgeting, operational decision analysis, enterprise risk management, and innovation.
Reporting and Control. With robotic process automation (RPA) increasingly being used to automate accounting processes, management accountants will need to be able to evaluate the efficiency and effectiveness of accounting processes and to make recommendations to optimize them. They’ll also need to implement sophisticated costing techniques and procedures to ensure data security, protect assets, and meet legal and reporting requirements.
Business Acumen and Operations. Business acumen includes industry-specific and operational knowledge as well as quality management, continuous improvement, and project management skills.
Leadership. Soft (personal) skills in areas such as motivating and collaborating with others, communications, change management, talent management, relationship management, negotiation, and conflict management will remain critical for management accountants.
Professional Ethics and Values. The evolution of technology and analytics raises new ethical dilemmas that must be addressed by accounting and finance professionals. As management accountants get more involved in the strategic planning process, there will be a greater need for professional skepticism around the inputs and assumptions in that process. Additionally, it becomes crucial to be prepared to confront a colleague’s unacceptable behavior to foster a workplace culture that upholds ethical standards and mutual respect.
If our profession is to remain relevant and influential both now and in the future, we must move faster than the pace of technological change and embrace this call to action to upskill. Are you ready?