CMAs in a New Digital World: Trying to Keep Pace with Changing Tech Trends

Accounting has evolved over the years, but there is little that could be called groundbreaking since the onset of double-entry around 500 years ago. Nevertheless, as Industry 4.0 has begun making inroads into the industry with adaptive intelligence and mini bots, certified management accountants (CMA) are no more an exception.

These tech-driven advances are rapid and taking accounting up by notches. In many ways, the ongoing global health events have further spurred the transformation.

Whether you are a seasoned US CMA looking to stay on top of the industry or an aspiring rookie, you will want to understand how accounting professionals are adapting to a new digital world.

Data Analytics

Accounting and finance functions are becoming considerably more analytical — and data analytics and visualization tools will help push US CMAs from transactional and reactionary to analytical and proactive.

For instance, a retail point-of-sale (POS) computer generates data of purchases, sales, and profitability on every product and transaction. For a more accounting-focused job, CMAs can use the data to simulate scenarios and project business/customer patterns to plan accordingly.

Blockchain

While blockchain might have gathered attention due to bitcoin, the technology has advanced significantly. Blockchain’s attractiveness for CMA US lies in the probability of a new kind of accounting ledger — one that can be constantly updated and authenticated without the risk of being compromised.

The technology allows users to access ledgers in real-time, as well as make smart contracts and record transactions. No doubt, blockchain-based systems are catching the eyeballs of CMAs. Indeed, several accounting firms already deploy blockchain, including the Big Four — Deloitte, EY, KPMG, and PwC.

Cloud Computing

The cloud grants instant access to critical resources, including data and computing capabilities. Thanks to the cloud-based system’s continuous updating of information, CMA US and clients can assess data and make informed decisions. Also, the cloud ensures constant monitoring instead of intermittent analysis whenever information on the system is updated.

Artificial Intelligence

Numerous accounting firms use artificial intelligence (AI) and robotic process automation (RPA) to automate labor- and time-intensive tasks like tax preparation, audits, and banking. As such, CMA US can channel their time on higher value and higher impact jobs. With AI-powered self-learning systems increasingly integrating into accounting activities, they will take up mundane and repetitive jobs, leaving managerial and analytical tasks to CMAs.

Preparing for the Race for Relevance

It is no surprise that the CMA USA, in a new digital world, will need to be tech-savvy to keep up with the ever-evolving industry. For instance, CMAs who want to leverage blockchain will need to be privy to relevant software and how to establish data transfer for contracts, ledgers, and records.

Despite various accounting jobs being automated, technology can never replace CMA USA. Technology cannot — and will never be able to — solve the clients’ issues on its own. In fact, CMAs in the future will have the opportunity to build more advanced skills to serve as strategic partners and business consultants compared to simply financial experts.

Besides, as automation frees up time dedicated to tedious tasks, CMA USA can focus on these higher-level analytical skills.

Miles Education is India’s best CPA/CMA training institute for finance & accounting professionals. Since its inception in 2010, the mission has been to create an ecosystem of CPAs and CMAs for F&A in India. Since its inception, Miles Education has transformed the lives of tens of thousands of F&A students and working professionals by preparing them for the future and enabling their career progression through the US CPA/CMA qualification.

Please visit mileseducation.com/cma for more information

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Created on Feb 2nd 2022 01:30. Viewed 271 times.

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