ADAPTING, INNOVATING, & LEADING: THE NEW ERA OF ACCOUNTING IN SRI LANKA!”
The accounting and finance sectors worldwide have undergone significant changes, incorporating technological, ethical, and practical advancements; these changes, however, have proven beneficial by enhancing the proficiency, accuracy, and transparency of the work; they have also influenced the role of accountants in Sri Lanka. In the modern era of finance sectors, the accounting professionals in Sri Lanka need to adapt modern techniques, skills, and digitalisation to stay competent in the industry. This builds the pressure to stay current with the industry trends and demands and to have a strong skillset; in recent times, Accounting professionals in Sri Lanka are expected to manage beyond just numbers; accountants must have strong analytical, ethical, and professional skills if they aim to lead in this ever-evolving industry. Are you unaware of the changing dynamics of the accounting sector and its impact on professionals? Let’s dive in to find out all the details.
1: KEY DRIVERS OF CHANGE:
Numerous factors are reshaping the accounting sectors worldwide; these advancements have made the financial landscape of various countries much stronger if incorporated efficiently. The key drivers of this massive change in the finance industry are technology & automation, Sustainability/ ESG factors, changing business expectations of accountants, skills gap & emphasis on continuous learning, globalisation of accounting standards, etc. These factors have majorly reshaped the role of accounting professionals in Sri Lanka; to keep up with the changing trends and advancements, accountants need to have strong analytical, technological, professional, and ethical skills, as well as flexibility to adapt to all the changes.
2: HOW THE ROLE IS EVOLVING IN SRI LANKA:
The role of accountants in Sri Lanka has evolved entirely compared to the old times; the repetitive tasks that accountants used to focus on are now replaced by automation and AI, pushing accountants to take on tasks that require critical thinking, strong decision-making, and problem-solving skills. To be precise, the accountants are no longer the scorekeepers but have evolved to become the business consultants; other than that, accountants put a great emphasis on sustainable reporting, automation, analytics, and real-time reporting. Their new role also involves interacting with stakeholders to deliver the financial decisions efficiently; hence, they are required to have strong communication and interpersonal skills.
3: OPPORTUNITIES FOR ACCOUNTING PROFESSIONALS IN SRI LANKA:
These advancements have brought forward new roles and opportunities for accounting professionals in Sri Lanka; accountants can enhance their skills to take on these professional positions. Some of the common opportunities available for accountants in the region are elevated advisory roles, integration into business leadership (CFO, business partner), the opportunity of global mobility with efficiency in IFRS, and value-creation roles such as identifying cost savings, efficiency gains, etc.
4: CHALLENGES FACED BY ACCOUNTING PROFESSIONALS IN SRI LANKA:
Incorporating change to a complete sector/industry is not as easy as it seems to be; there are many challenges that professionals in that sector need to face to become an expert. Some of the commonly known challenges that accounting professionals in Sri Lanka face in the modern financial era are: mismatched skillset, keeping up with the pace to remain competent, lack of market awareness, resource constraints (technology, limited budget, training), etc. These are some of the major challenges that accountants have to deal with; however, professional accounting qualifications help a lot in equipping professionals with skills that resolve these practical world challenges.
CONCLUSION:
Indeed, the roles of accountants in Sri Lanka have evolved entirely; their roles and responsibilities are nothing like those of traditional accountants. Automation and AI have taken over the tasks that traditional accountants used to focus on; the modern financial world’s accounting professionals in Sri Lanka are not the record keepers; rather, they are looked upon as ethical & trusted professionals, strategic advisors, great communicators, and technological-savvy practitioners. To fulfill all these professional expectations, accountants need to have a very strong skillset and flexibility to keep up with the changing industry trends and practical advancements.
FREQUENTLY ASKED QUESTIONS (FAQs)
Q1: Which qualifications are effective to survive in the modern financial world?
Ans: Advanced professional accounting qualifications like ACCA, CFA, and CIMA are effective in keeping up with the demands of the modern financial world, as all of them are internationally recognized and focus on training aspirants with technological, practical, and ethical skills to survive in the real world.
Q2: What are the main factors that are driving change in the global accounting sector?
Ans: The key drivers of the change in the accounting sectors are: technology, globalisation, sustainability, evolving curricula, and the changing business needs.
Q3: What is the new skillset for accountants to stay relevant to the industry’s needs?
Ans: The new skillset that accountants need to stay relevant to the industry includes digital literacy, strong interpersonal skills, strategic & critical thinking, ethical judgement, adaptability, ESG reporting knowledge, etc.
