The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

THE BAHAMAS Institute of Chartered Accountants (BICA) president yesterday said the industry is experiencing its own version of inflation as remuneration rates.

Lawrence Lewis told Tribune Business that despite the profession’s resilience and strong post- COVID-19 rebound, in addition to a “significant number of opportunities” opening up for it, the industry still faces multiple challenges.

“So it really has been a very good time, notwithstanding the challenges, and the reason for that has been driven by the uncertainty that exists in the environment,” Mr Lewis added. “Whenever there is uncertainty businesses start to look, whether internally to their own financial experts or externally to folks that are in public practice, to help support them in navigating those challenges.

The accounting profession is experiencing inflation. I think when you look at it there having been a couple of things that have happened that has driven it. There’s sort of the general inflation that’s happening in the economy. The largest cost for most accounting firms, persons in public accounting, are the cost people and so obviously everybody’s wanting to see some level of wage movement occur relative to that.

“But because of the number of opportunities that are out there, there’s actually a shortage of persons in the accounting industry and students coming into the accounting profession, which is also creating more challenges - whether you’re an accountant in business or you’re a business owner - and you’re trying to find a good accountant to work within your business, or if you’re in public accounting, in a firm.”

As a result, Mr Lewis said the accounting profession is experiencing “wage inflation and wage pressure on all sides”. Together with accountants specialising in certain areas, and operating in the digital environment, this has caused a shortage of public accountants to meet the increased demand.