Why It Is Important for Accountants to Remain Current with Technical & Technology Skills

To remain relevant

Accountants encounter changes that demand they keep updating their technical and technological skills to remain relevant to their clientele — in education and in practice. Failure to understand the changes leaves accountants unable to serve clients effectively and can lead to serious legal implications from professional liability.

To satisfy CPD requirements

Practising accountants must pursue Continuing Professional Development. For example, ICPAK members need 40 CPD hours annually — 25 structured and 15 unstructured, averaged over a three-year rolling cycle (120 hours: 75 structured, 45 unstructured) (ICPAK, 2021). Beyond CPA courses, accountants should follow publications like The Accountant, Journal of Accountancy, The Economist, Financial Mail, Business Daily, Forbes, and Entrepreneur.

Technology changes fast

Cloud computing, artificial intelligence, tax software innovations, social media, and blockchain have automated accounting systems and shifted the accountant's role toward business advisor — demanding professional scepticism, judgment, and critical thinking. To remain relevant, accountants must embrace technological change and be willing to learn new ways of working.

How to keep learning

Structured formal training, on-the-job training, and mentors — much of it online via webinars, podcasts, and videos — plus subscriptions to relevant professional magazines and publications.