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EMERGING SKILLS FOR ACCA PROFESSIONALS IN ZIMBABWE:

ACCA qualification is a highly regarded and prestigious accounting career path however, industry trends and demands keep on changing. It has become extremely crucial for ACCA professionals to have an understanding and update of new industry trends and ever-evolving technology to stay in the game globally. The crucial skills they need to learn are technology, regulations, and the management of the wider business environment. Another major influence for changing trends and skills is Zimbabwe’s distinctive business and socio-economic landscape. Below are some of the emerging skills for ACCA professionals in Zimbabwe:

TECHNOLOGICAL AND DIGITAL SKILLS:

It is essential for ACCA members to have a good understanding of technology, having hands-on experience in digital tools is counted as a major skill in ACCA. Professionals in this field having digital skills and know-how about technology are highly valued and sought after. Many roles of ACCA demand technological skills for example: it is important for data analytics and financial modeling to have a good command of tools like Excel, Power BI, Tableau, etc. 

Apart from this, it is also advised for ACCA professionals to have familiarity with tools like  UiPath and Blue Prism, these are the Robotic Process Automation tools (RPA) used for improving work efficiency and reducing errors in accounting activities. 

Blockchain technology is yet another skill that is highly in demand in accounting sectors, a good understanding and experience in blockchain applications like cryptocurrencies and smart contracts enable ACCA professionals to make secure and transparent transactions.

For managing financial data efficiently, ACCA professionals should have a command of cloud accounting and software such as Quickbooks Online, Xero, and Sage. 

SUSTAINABILITY, AND ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG) REPORTING:

With the rise in the trend of sustainable business practices around the globe, it has become an emerging skill for ACCA professionals to be proficient in sustainability reporting, ESG frameworks, and integrated reporting. It is also advised for ACCA professionals to have knowledge and skills in carbon accounting as well as reporting. In carbon accounting an individual should have a keen understanding of how to account for carbon emissions, evaluate their environmental impacts, and lastly prepare sustainability reports. ACCA professionals should also have an idea about circular business models and circular economy, they should have keen knowledge about how to apply these principles in financial reporting and analysis.

ADVANCED AUDIT AND ASSURANCE TECHNIQUES:

Advanced audit and assurance techniques are one of the major emerging skills for professionals of ACCA in Zimbabwe. These techniques include forensic accounting, risk management, and Cybersecurity awareness. Forensic Accounting is highly in demand in Zimbabwe as the Zimbabwean region along with other African economies faces most financial frauds and corruption. In such a situation having a good command of forensic accounting and fraud detection techniques is very fruitful for ACCA professionals.

It is also favorable for ACCA professionals in Zimbabwe to have risk management skills to face the economic conditions of the region effectively and efficiently.

Looking at the new trends, a huge number of businesses are shifting towards digital platforms and online stores. In this scenario, it has become extremely important to have cybersecurity awareness. It is advised for ACCA members to have a good understanding of cybersecurity risks and considerations for financial reporting and governance.

TAXATION AND INTERNATIONAL STANDARDS:

Emerging skills for ACCA professionals include a good command of international taxation, tax compliance and planning, and transfer pricing. As Zimbabwe is actively taking part in regional and international business markets, it has become crucial for ACCA professionals in the region to have a solid knowledge of international tax laws, the OECD BEPS framework, and transfer pricing. The tax environment of Zimbabwe is highly fluctuating, this requires the professionals to keep an eye on new tax laws, corporate income tax, VAT, and compliance obligations. 

STRATEGIC MANAGEMENT AND BUSINESS ADVISORY:

Zimbabwean professionals of ACCA are advised to have skills in business strategy and decision-making, corporate governance, and mergers and acquisitions (M&A). As the Zimbabwean market is uncertain, it demands that professionals take on roles other than just traditional accounting. It expects ACCA professionals to offer strategic suggestions on business expansion, financial planning, and cost optimization. Corporate governance on the other hand demands the individual to have a good understanding of the principles of risk management, governance, and ethical decision-making. Employers usually look for individuals having skills in M&A as the Zimbabwean region is more open towards international investment and foreign business consolidation.

SOFT SKILLS AND LEADERSHIP:

Soft skills and leadership are also important for ACCA professionals to lead toward successful careers. Emerging skills for ACCA professionals include Commendable communication and presentation skills to take on advisory roles, presenting complex financial data in such a way that is understandable for stakeholders. This reflects the good communication skills of an individual.

Other skills include leadership, change management, problem-solving, and critical thinking. To have a strong career profile it is important for ACCA Professionals to have skills like leadership to lead and work with the team, contribute to organizations’ success and growth, and manage unexpected changes. 

KEY BENEFITS OF HAVING EMERGING SKILLS FOR ACCA PROFESSIONALS:

  • Increased Career advancement and employment.
  • career progression Opportunities
  • Highly valued candidates in the job market
  • Navigating technological disruption
  • capabilities to bring innovation to the accounting sector
  • Better customer service and business development
  • Improved financial management and financial reporting
  • Resilience in an uncertain economy
  • Personal development 

CONCLUSION: 

Emerging skills for ACCA professionals are very essential to have better career opportunities and progression. Alongside, better career growth these skills also help the ACCA professionals to do their job more efficiently, making the tasks easier and financial statements and reporting more accurate. Skills add value to their professional profile increasing their demand and career growth opportunities. Hence, these emerging skills for ACCA professionals might be different then traditional accounting but it has many hidden benefits attached to it. ACCA professionals in Zimbabwe should consider learning these skills to have a more secure and promising career in the modern accounting and finance sectors.