The Future of Accounting with Digital Transformation



Manesha Soowamber

On the way to future job and value creation, a collaborative partnership is encouraged between computers and humans. All accountancy and finance professionals are now through this transformative journey. As accountancy and finance professionals, we need to embrace the digital shift and recognise that technology is constantly moving forward.

Organisations are no longer questioning whether to digitalise and are instead focusing on how fast they embrace the opportunities and remain relevant to their customers. The traditional digital tools, with which accountants have long been associated, are being replaced by new technologies which are drawing on various data sources and virtually representing data to forecast trends.

Although digital technologies and trends are transforming the world so fast and fundamentally that it can feel unsteady, we are only just getting started. The world we inhabit is already digital, and it will continue to become more digitalised. Data is growing exponentially in volume and value; business models are evolving and becoming more customer-centric; and organisations are investing significant resources in digital transformation.

Embrace the change

Adaptability, continuous learning, and constant self-improvement will be vital if accountancy and finance professionals are to develop and maintain an optimal mix of digital, interpersonal, and technical skills. With a unique combination of accounting and ethical principles, business acumen and digital skills, the future of the profession is bright. But there is no room for uncertainty to workplace changes that digital transformation brings. The profession must stay on top of evolving technologies and business models and ensure that its skillsets evolve appropriately.

We need to develop and maintain our digital preparedness. Developing this preparedness is complicated by a shifting and expanding digital technology landscape and the thorny questions it throws up for accountancy and finance professionals, the organisations they work with, and professional bodies, training providers and others. How much do accountancy and finance professionals need to know about technology? How does this vary across industries and sectors, technical specialisms, responsibilities, roles and career stages? What digital skills do members of the profession have and which do they need to develop?

There is a need for accountancy and finance professionals to invest continually across a broad range of technology areas; explores their breadth and depth; and offers insights into how professionals can add value by combining their traditional accountancy and finance skills with their digital knowledge, business acumen and ethical lens to provide a powerful perspective. It enables us to critically appraise the commercial potential of digital transformation.

Make the journey

To do this successfully, all accountancy and finance professionals will need to make a transformative journey, and some may need to travel further than others. In a global survey, respondents report expert ability levels in spreadsheeting (81%) and enterprise resource planning solutions (72%), with much lower levels, for example, for artificial intelligence (AI) and machine learning (20%) and blockchain (20%).

Digital skills go beyond knowledge of applications to encompass new technologies and the techniques needed to implement them. Operationalisation of technologies such as 5G and the hyper automation of AI and robotic process automation may rapidly eclipse the recent pace of change.

What’s needed are the digital skills to understand how technology is enabling or transforming the business model of the client. Data is more important than ever as is understanding its flow and influence on how the business is modelled. Increasingly, within this model, financial and non-financial data converge, and all data is operational. More and more the metrics driving performance measurement and management extend beyond financial data. Appreciating this aspect of the digital landscape is essential for the finance professional of the future.

Seize the opportunity

To ensure that we are effective, we need to broaden our knowledge base from the application focus that we may traditionally have had, to the understanding of how technology and data create value for organisations. We have a clear opportunity to play a significant role in achieving that success.

Digitalisation of workplaces will continue quickly. Either we are part of that journey, or we run the risk of being left behind. We need to make sure that as individuals and as professionals, we seize the opportunity. Therefore, we at Rogers Capital, driven by our values to keep evolving and with the support of our inhouse IT resources, are embracing digital change in our day-to-day life at work.

Client Accounting the Rogers Capital way

Relax on the figures and focus on what really matters to your business. Our accounting specialists use state of the art technology, to meet the strict reporting deadlines of our clientele. They also keep abreast of the latest changes in the accounting and regulatory frameworks to provide a seamless and highly effective service. Our different accountancy services range from basic bookkeeping all the way to complex financial reporting and are available at truly affordable rates.  Our competent and experienced accounting team are versatile and can be trained for new accounting software or procedures where required.

Our accounting services include:

  • Management accounting & production of periodic reports
  • Financial statements in accordance with IFRS
  • Preparation of consolidated accounts
  • Financial analysis
  • Cash flow analysis
  • Assistance for audit
  • XBRL reporting as required by the Mauritius Registrar of Companies
  • Preparation of surveys mandated by the Mauritius Financial Services Commission