The Tribune

By FAY SIMMONS

TRIBUNE Business Reporter

jsimmons@tribunemedia.net

ARTIFICIAL intelligence (AI) should be viewed as a tool to make accountants more efficient rather than a threat to their jobs, with the Bahamas Institute of Chartered Accountants' (BICA) yesterday urging members to adapt their skill sets as technology reshapes the industry.

Donillo Culmer, BICA’s president-elect and co-chair of its legislative reform committee, said the emergence of new technology has often prompted concerns about job displacement, but accountants should instead focus on how AI can improve their day-to-day work.

“It's always a knee-jerk reaction, so to speak, with technology, where a new technology arises and people believe it's going to take jobs. But actually, what we need to do is change our skill-set to allow us to be more efficient in the day-to-day tasks of an accountant,” he added.

Mr Culmer said AI should not be viewed as a replacement for accounting professionals, but as a means of reducing the time spent on routine work and allowing them to concentrate on more meaningful responsibilities.

“It's not taking it away, but we just need to make sure we adapt to whatever AI brings and use that to our advantage, so we can focus on more meaningful things as accountants and not the mundane month-to-month tasks,” he said.

Mr Culmer encouraged both practicing accountants and those considering entering the profession to embrace the technology rather than become concerned about its potential impact on employment.

“It's here to help if you look at it from that perspective. I think all accountants or aspiring accountants should think about it that way and not as a threat to the profession,” said Mr Culmer.

His comments come as the accounting profession faces a global shortage of professionals, despite concerns that technology advances could reduce the need for accountants.

Mr Culmer said accounting remains one of the most essential professions because of its role across businesses and industries.

“The world is evolving, so there are different professions that arise, and accounting is almost the longest-lasting profession and the most needed because every business needs an accountant,” he said.

He added that the institute and the wider accounting profession must continue to promote the career and its importance to the business community. “Accounting is the language of business,” said Mr Culmer

The Institute's efforts to attract new members come as the accounting profession faces a shortage of professionals locally and internationally, with firms experiencing recruitment challenges and university enrolment numbers remaining low.

Taneisha Dean-Hall, BICA’s current president, said the profession was not attracting enough people partly because many youngsters do not fully understand the range of career opportunities available to accountants.

“There is. If you look at UB (University of The Bahamas) North, we don't have the numbers from an enrolment perspective. Even when we look at the firms I work for, professional services firms, recruitment is a challenge because people are not finding the career as attractive,” she said.

Ms Hall said BICA is seeking to address the shortage through greater engagement with high school students, and by educating them about the breadth of the profession.

“Right now, globally, we're facing a shortage of accountants, and so our aim and objective is to get into the high schools, get into the places and spaces where we can educate about what a career in accounting looks like, and educate on the breadth and depth of the profession,” said Ms Hall.

She added that accounting extends beyond the traditional perception of professionals keeping books and records, with accountants working across industries and sectors.

“People know what doctors, lawyers and other professions do because you can touch and feel that. But accountants sit across the nation in different capacities, not necessarily keeping track of books and records,” she said.