The accountancy profession can play an essential role in transforming the world to deliver a more equitable, green, and inclusive future.
This latest report from ACCA identifies seven key priorities for the future of the profession, where accountancy will play an indelible role looking ahead. Using case studies and personal stories to bring to life this emerging opportunity, the report outlines why the profession is central to building a more prosperous global economy and business environment.
Importance of the accountancy profession
Now, more than ever, we need to look forward and consider our responsibility to future generations. We need a better, fairer world that works for everyone. We need to reset for sustainable growth and shape a new relationship between business, policymakers, the public sector, and wider society, learning the lessons of the past few years and embracing the positives. A relationship that drives forward the critical changes the planet needs. And a relationship that leverages technology and new ways of working. The accountancy profession is critical to achieving this vision. From helping develop global standards of governance and regulations that underpin the workings of the modern economy, through to delivering assurance and financial management practices that drive trust at the heart of sustainable organisations, the profession is a cornerstone of economic and societal progress. Fundamental to this mandate is a global profession that must always operate with ethics at its core and in the public interest, wherever it discharges its responsibilities across the world.
“If all accountants learn what they are capable of doing and apply it to creating sustainable businesses and economies, then they can make a real difference. If they use their ethics, responsibility, and knowledge, they can save the world”
Anastasia Chalkidou FCCA, Accounting Director and co-founder of our company, Quantum BITS, is one of the members that shared her perspective.
Having participated as a host in numerous “Practice Rooms” held by ACCA, she is a fierce supporter of sharing knowledge and acknowledges the importance of helping each other in order to form a stronger community.
Anastasia Chalkidou: “Sharing knowledge to help SMEs survive and grow”
Small and medium sized enterprises (SMEs) are the backbone of economies, representing about 90% of businesses and 50% of employers worldwide. Even in times of economic prosperity, SMEs can find it hard to tackle the financial, business and regulatory obstacles, but the pandemic made things even tougher for many. Small and medium-sized accountancy practitioners (SMPs) have always supported SMEs as trusted advisers to business, and they help their clients grow, innovate and increase their business value. The challenge for SMPs is keeping their skills and knowledge up to date in this uncertain and fast-paced environment.
How the accountancy profession can help
In early 2021, as businesses around the world struggled through the pandemic, ACCA created ‘The Practice Room’ – a virtual space for SMPs around the world to come together and share ideas and experiences on how to help their SME clients.
Live interactive sessions, hosted by different practitioners, tackled issues ranging from cashflow and microfinance to digitalization and leadership under pressure. While economies are slowly recuperating from the pandemic, discussions have turned to growth, talent management, international trade and sustainability. Participants can continue discussions in a global LinkedIn group, and a ‘Practice Connect’ hub that gathers useful resources and case studies.
One of the hosts, Anastasia Chalkidou FCCA, co-founder of Quantum BITS in Greece, says: ‘We want participants to know that sharing knowledge doesn’t mean you’re giving up your competitive advantage. In fact, it makes us more competitive, because we can help each other identify new sectors, new markets, grow our networks – and ultimately contribute to the sustainable growth of small businesses in all our economies.’ More than 45 sessions have been held, attracting practitioners from 85 countries.
SMPs can have a huge impact on their local communities, helping their clients grow and be successful, and acting as knowledge and growth hubs. But by nature, they often work with no network of colleagues to turn to, except for the people they employ in their practices. ACCA’s Practice Room initiative has brought SMPs from across the world together at a time when sharing knowledge and ideas has never been more critical for the success and survival of SMEs.
‘ACCA’s Practice Room has taken a proactive approach in coming together to support SMPs across the globe in giving them insight and knowledge so they can support businesses and enable them to grow. We are helping to build up SMEs and the economies they operate in right across the world.’ Damien Skeete, partner, Skeete, Best & Co, Barbados.