By Josephine Magoba Makuyi FCCA, CPA(U)
The International Accountants Day is celebrated on the 10th of November every year; as this is the date when mathematician Luca Bartolomeo de Pacioli unveiled an in-depth look at bookkeeping practices, way back in 1497! Since then, the Accounting field has developed significantly more so with the Industrial revolution, which saw an increase in the number and size of companies across the world. Over the years so much has changed especially with the changing technology; seeing a shift away from the big manual ledgers, to Microsoft Excel, Accounting packages and now with innumerable support tools that ease Accounting.
In the same regard, the role of the Accountant has also evolved over the years.
As we celebrate World Accounting day today, I will reflect and share on “The changing role of the Accountant over the years”; in context of the various International organizations where I have worked.
Over the years, I have witnessed the Accountant’s role evolving from just a number-crunching professional, to Value-addition, one that is required to interpret those numbers and to enable key decision making that feeds into the overall big picture.
The Accountant today is a key Strategic partner who is literally involved in making decisions regarding balancing cost management and business growth; as opposed to the yester-accountant whose role was more of a bank-bench just to submit the numbers needed to make decisions.
Risk management is now deeply embedded in the Accountant’s role.
Managing risk is every Accountant’s business and the accountant is actually the best “gate-keeper”. In the past this role was left to the auditors, when often it was too late to mitigate any risks. The Accountant today is required to be “speaking the same language” as the Auditors right from the onset.
The Accountant now has a major role to play in the Business development process right from effective budgeting; ensuring all cost drivers in the activity plan are identified and costed realistically, providing expert advice on the ‘’GO-NOGO’’ decisions in the funding processes; all the way to ensuring timely and accurate reporting with value for money clearly highlighted.
Today’s accountant recognizes the need for effective support to all other departments and proactively reaches out to provide that support as opposed to sitting back at their desk and waiting for other functions to request for support. Customer satisfaction is now one of the top KPIs for measuring an Accountant’s performance, yet this wasn’t so pronounced in yester-years.
Organizational Sustainability is another key role. The Accountant is a key link to any organization’s sustainability efforts as they have better oversight of the big picture and can provide technical expertise in various areas. The Accountant is a role model in promoting Stewardship, Accountability Integrity, Consistency, Standards of Performance, all of which are key in Organizational Sustainability.
The Accounting Profession is still evolving; more so with the fast changing technology. The Accountant will need to be on top of the game “reading the signs of the times” and building a solid competitive edge not just based on high IQ or Technical skills; but with high Emotional and Social Intelligence too.
The writer is a Finance and Grants Management Specialist in the Development Sector