The Future of Accounting: How ACCA Keeps You Industry-Ready

Manual ledgers and spreadsheets once dominated accounting. Today, it is undergoing a rapid transformation and has evolved into one driven by technology that enhances speed and precision.

Technologies like AI, blockchain, and cloud computing are no longer optional. They are daily essentials for modern accountants.

What’s the Association of Chartered Certified Accountants (ACCA)?

The Association of Chartered Certified Accountants (ACCA) is a globally recognised professional accounting body established in 1904. It accredits and supports a global professional network of accountants.

Some of its core functions are as follows:

• Setting global accounting standards and qualifications recognised by employers worldwide
• Coordinating examination frameworks to maintain consistency and credibility
• Developing Continuous Professional Development (CPD) resources to ensure members stay relevant with evolving industry trends
•  Work alongside government, regulators, and employers to help develop the accountancy profession in economies where needed.
• Ensuring compliance and ethical practice among students, members, and approved employers 

What are the Key Benefits of an ACCA Certification?

ACCA-qualified accountants in Singapore, Hong Kong, and Malaysia earn between $30,000 and $80,000 annually, and the demand for qualified accountants will only continue to rise in these regions.

Global Acceptance

One of the most compelling benefits of pursuing ACCA is its global recognition. ACCA has members and students in over 180 countries, making it not merely a professional qualification but a global one.

Skill Development Beyond Number Crunching

Accounting has traditionally been associated with numbers and it still is. However, the curriculum is well-designed to shape the future of accounting and equip professionals with skills such as:

• Strategic business leadership
• Financial management
• Corporate reporting
• Audit and assurance
• Business ethics

The comprehensive curriculum prepares you not merely for accounting roles but also for leadership positions. It enables you to influence business decisions and strategy. 

Career Growth & Earning

An ACCA qualification can significantly enhance your career advancement and earning potential. Qualified professionals often receive higher salaries than non-qualified professionals.

Many accounting firms, multinational corporations, and public-sector organisations, value this qualification. The professional qualification is often the pathway to various career opportunities, such as management accounting, tax advising, and consulting.

Extensive Professional Network

After attaining the ACCA qualification, you become part of a global network of students. This network offers mentorship opportunities, expertise sharing, and career advancements.

Moreover, the body regularly hosts networking events, conferences, and workshops where you can connect with industry experts and fellow accountants.

Lifelong Learning

The accounting profession is undergoing drastic changes and is evolving to meet new regulations, technology, and business practices. The association emphasises continuous learning for professional development (CPD) to ensure its members are up-to-date with the latest trends and innovations.

This commitment to continuous learning keeps your skills relevant in the rapidly evolving business environment.

How does ACCA make You Industry-Ready?

Curriculum Aligned with Industry Standards

The association continuously redesigns its curriculum, responding to evolving business needs. This ensures students learn industry-relevant skills for the future of accounting.

The curriculum now reflects the increasing role of accounts in driving value for business success, balancing profitability with ethics, sustainability, skills to leverage new technologies, and dealing with economic volatility.

Data Analytics as Your Superpower

Traditional data analytical methods, such as spreadsheets, static reports, and manual data collection, are no longer suitable for the future of accounting. Clients expect real-time insight, meticulous forecasts, and financial guidance, making data analytics a crucial skill for modern accountants.

Accountants must leverage data analytics to help businesses draw valuable insights from their financials, identify process improvements to increase efficiency, and better manage risks. This enables them to make value-added business decisions and organisational decisions.

In fact, the fourth annual survey on Technological Adoption revealed that 23% of data analytics tools have been deployed compared to other technologies in the last three years. 

AI is A Tool, Not a Threat

Generative AI models have proven their ability to summarise and interpret large amounts of information. As an accountant, you can leverage these technologies for reporting, research, and risk assessment.

Using AI tools will help you increase your productivity. However, they can never replace human expertise, as they are not trained to carry out specific tasks. Businesses will continue to adopt AI, and the need for more experts proficient in these tools will only increase, not decrease.

Blockchain’s New Frontier

Blockchain technology’s virtual ledger can redefine present accounting practices. It is not expensive, openly available, and has a trustless distributed ledger, making it unique from other IS models used in accounting.

The virtual ledger can potentially automate fundamental accounting processes while complying with regulations. It can change accounting stages, including recording, reporting, analysing, and interpreting details.

Realising the potential of blockchain technology to bring about positive changes in accounting, the Association of Chartered Certified Accountants (ACCA) created knowledge resources and conducted awareness programmes for its members.

Learn Continuously, Stay Ahead

Learning does not stop after attaining a professional qualification. It is a process of acquiring new knowledge and skills throughout one’s career. In accounting, continuous learning is essential as it enables one to keep up with the latest trends, practices, tax laws, regulations, and technology.

Upskilling has various benefits, including enhanced job performance, career growth, and earning potential.

Advance Your Career with LSBF MY

As an ACCA-approved learning partner, the program in LSBF MY equips students with expertise in accountancy and finance. The comprehensive syllabus covers financial reporting, tax, auditing, and business management. The training enables the graduates to take up various roles in accounting firms, global corporations, and financial institutions.

Speak to our consultant today to know more about the LSBF MY’s ACCA Qualification Program.

This blog is written by Godwin Fernandez

FAQs

How does ACCA prepare students for industry changes?

ACCA constantly redesigns the curriculum to meet the demands of modern business and prepares students for industry changes.

Is ACCA recognised worldwide?

Yes, it is. Professional qualification is accepted in over 180 countries.

How does ACCA promote continuous professional development (CPD)?

Yes, it does. The members have to complete Continuous Professional Development (CPD) annually.

What makes ACCA different from other accounting qualifications?

The ACCA is recognised in over 180 countries and offers flexible study options, making it ideal for those seeking a global accounting career. Its syllabus covers technical accounting and includes ethics, digital skills, and business management, which sets it apart from other professional qualifications.