Held in Cardiff, ACCA’s Future of Finance conference set out the accountancy profession’s opportunity to build a better world.
Technology, sustainability and talent were the three powerful themes that dominated the Finance Futures conference in Cardiff on 6 November.
The conference, organised by ACCA (the Association of Chartered Certified Accountants) – and featured speakers from the University of South Wales, PureCyber, British Business Bank, Menzies, Welsh Government, PwC and Sage – was attended by accountants from all over the UK, representing all sectors of the economy, from SMEs to large corporates, as well as accountants in practice who support businesses of all sizes.
Lucia Real-Martin, executive director, relationships at ACCA, told the conference: “Be bold and curious. We have to seize this fantastic opportunity to discuss the challenges and opportunities facing the accountancy profession. It is important to recognise the enormous value accountants create for organisations and for national economies, but we also need to shift how the public views the role of accountants.
“Only by analysing clearly how the role of accountants is changing – such as our contribution to building a sustainable world – will we explain the immense contribution we make to economies and society.”
Delegates at the Parkgate Hotel discussed how technology is changing the nature of work. They looked at the challenges of cybersecurity threats and how to manage these, as well as the opportunities presented through advances in Artificial Intelligence, automation and big data.
Technology is transforming accountants’ work, freeing them from routine tasks to add more value to their businesses and clients with greater insight using their intuition, insight and experience. That requires ethically trained professionals, with strong technical accounting skills as well as new skills in sustainability and digital – and strong, collaboration, communication skills as well as emotional intelligence.
ACCA’s commitment to equipping accountants with the skills required to face the latest challenges can be seen in the recent launch of the pioneering Professional Diploma in Sustainability. Designed for finance professionals at all levels, the diploma provides a comprehensive understanding of sustainability and accreditation to prove it.
In order to attract and retain the best talent in a fast-changing world, delegates were reminded of the crucial importance of training and upskilling – to adapt and to support their organisations, businesses and the economy. Employers were reminded that providing a supportive working environment and seeing businesses clearly demonstrating (‘living’) their organisational values were now a key factor in attracting and retaining the best staff.
Lloyd Powell, head of ACCA Cymru/Wales, 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.
“ACCA’s partnerships in Wales, across the UK and globally with governments, universities and employers illustrates how as a profession we’re working hard to have a positive impact on the economy, society and the planet.”
