Experts charge accountants to leverage technology for service delivery
In view of the impact of globalisation on the accountancy profession, experts have restated the need for technicians to leverage new technologies and innovations to improve practice and entrepreneurship development in Nigeria.They emphasised that the future of Nigerian banks would be to migrate online given the emergence and vast sophistry in technology as well as Internet force, hence, the need for practitioners to upscale their skills.
The Managing Director, BSSL Technologies Limited, James Emadoye, led the call at the Institute of Chartered Accountants of Nigeria, (ICAN’s) yearly conference of the Association of Accounting Technicians West Africa (AATWA), in Lagos. Emadoye, who spoke on, “Disruptive innovation, challenges and opportunities for accounting technicians,” identified parts of the innovative opportunities offered by technological development to include, electronic digital paper, airborne internet, quantum computing and others.
He observed that bank structures are deteriorating, saying: “In no time, the zeal of going to the bank for transactions would go with the wind of time, and online banking would be the order of the day due to the fact that technology lessens stress, and requires little time for transactions, if there is no system glitch.”
Emadoye recalled that “Some years ago, computers were very scarce compared to now that we have them in our pockets. It is however imperative that sooner, all bank activities would go online”Decrying the low skill quality in the accounting profession, he advised practitioners to be vigilant, explore new ideas, and use the opportunity of the border closure to register their footprint on the entrepreneurship soil, as the development would help to boost the economy.
It will also encourage the production and utilisation of local products, not only in agriculture sector, but across board. “The young accountants need to be skilful and innovative, as the future of Nigeria, lies in their hands,” he added.
ICAN President, Nnamdi Okwuadigbo, said as new technologies evolve with their disruptive impacts on the profession, a rethinking of service delivery models as accountants is imperative. This, would not only safeguard professionals’ relevance in the new economic order, but also equip them with the necessary tools required to contribute to building a greater Nigeria.
Speaking on the theme, “Building a greater Nigeria through innovation, technology and entrepreneurship,” Okwuadigbo said it is clear that no economy, profession or individual can have a competitive edge in the market without deliberate focus on creative thinking, and leveraging technology to improve service delivery as the global economy is now innovation-driven. He said, “It is noteworthy that Nigeria has equally keyed into the global wave of Science, Technology and Innovation (STI) through various initiatives including the Executive Order 5, signed by President Muhammadu Buhari. The different innovation hubs sprawling across the countries are also important signal that Nigeria is set for innovation revolution that would continue to disrupt all sectors, disciplines and professions. All these developments are critical to building a resilient economy that would compete favourably with other economies across the globe.”
He said globalisation is bringing down geographical barriers, as employers can engage employees anywhere across the globe without physical contact. This, he added, comes with both advantages and disadvantages even as it requires all professionals to start adopting an entrepreneurial mindset as the concept of job is changing.
“What then would be the prospects for practitioners in the accounting profession? What skills would be required of accounting technicians in the new dispensation? These and several other questions should agitate the minds of everyone, as the new dispensation holds huge potential for accountants who would leverage the opportunities,” Okwuadigbo said.