The Association of Chartered Certified Accountants (ACCA) organised the Finance Futures conference in Cardiff, addressing how technology is changing the nature of work in the accounting sector.
The event featured speakers from various organisations including the British Business Bank, Menzies, PureCyber, PwC, Sage, the University of South Wales and the Welsh Government.
Attended by accountants from across the UK, the conference represented all sectors of the economy, from small and medium-sized enterprises to large corporates, as well as accountants in practice who support businesses of all sizes.
Delegates examined the challenges posed by cybersecurity threats and discussed strategies for managing these risks.
They also discussed the opportunities presented through advances in AI, automation and big data.
The conference highlighted how technology is liberating accountants from routine tasks, enabling them to provide greater value to their businesses and clients through enhanced insight, intuition and experience.
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By GlobalDataThis shift necessitates ethically trained professionals equipped with strong technical accounting skills.
Additionally, the conference highlighted that they are required to possess new competencies in sustainability and digital technology, collaboration, communication skills and emotional intelligence.
ACCA Cymru/Wales head Lloyd Powell said: “We were delighted to welcome ACCA members and partners from across the UK to Cardiff.
“Everything we heard and discussed today underlines how accountancy professionals are vital to ensuring sustainable organisations and that businesses prosper in changing and challenging times.”
During the conference, delegates were reminded of the importance of training and upskilling to adapt and support their organisations, businesses and the economy.
Employers were urged to foster a supportive work environment that focuses on organisational values.
The ACCA said it aims to equip accountants with the necessary skills to tackle contemporary challenges and has recently launched the Professional Diploma in Sustainability.
This programme is designed for finance professionals at all levels, offering an understanding of sustainability and providing accreditation to validate their knowledge.
Last month, the ACCA released survey data revealing a lack of confidence among UK accountants regarding the nation’s economic prospects, with 14% expressing a positive outlook.
