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Accounting Knowledge and Skills and the challenges of a global business environment.


Emerging globalization, new economic challenges, rapid advancements in information technologies (IT), and the requirements of multi-facet skills are only some of the challenges facing businesses today. These rapid challenges, means that the environments for which Accountants are prepared for change. The question is: Are the accountants capable enough to cope with these challenges and changes?

To understand the accounting challenges in a business environment, it is necessary to understand the business processes and its competitive advantage.

One of the major driving forces for challenges in the business environment, is the rapid advancements of technology, specially information technology (IT), whether in the hardware that produces information quickly, less costly, and easily or in the software that facilitates the preparation, dissemination, and communication of data. These developments in technology have reduced, and in many cases eliminated, different constraints to information.

Integrated Business Processes

Integrated business processes help organisations to gain a competitive advantage. Finance and Accounting system forms part of that business processes. Accountants gather data from all areas of the organisation, ensure accuracy and prepares financial management reports, in accordance with the accounting standards, such as GAAP/IFRS. These reports help top management oversee the organisational financial performance and the development of strategic financial plans

Global Market & the Required Accountants Skills

With the rapid increase in globalization trends and innovations in information technology, it becomes necessary for Accountants, to survive in the global market environment. Therefore, an accountant has to constantly improve hisher current skills and acquire new ones (Continual learning & Developments).

The twenty-first century skills require the acquisition and evaluation of data, the organization and maintenance of files, and the interpretation, communication and use of computerized information. An understanding of social, organizational, and technological systems; monitoring and correcting performance, and designing or improving financial systems, are the skills that vitalize an evolving workforce. Technology has become unavoidable, applying technology to specific tasks, such as Managerial Finance, are necessary skills for an average accountants.

Accountants vs. Communication skills

Communication skills are seen as a must for a successful accountant. It includes presenting and defending views orally and in writing, listening effectively, and locating and organizing information from both human and electronic sources “(Simmons and Higgins, 1993)”.

The ability to effectively communicate in common global languages, display negotiation skills, work in team environments using new communication technologies, have all become a necessity. This requires an accountant to understand the psychology of people learning at different ages and different learning stages, and counsel them through listening and encouraging. This also calls for accountants to be open minded to new ideas, new technologies, new cultures and the willingness to change and adapt.

More info on Peter Masegare


A list of Accountant Qualifications in South Africa

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Peter Masegare,he is an accounting practitioner of Boikano Accountants Incorporated, contactable on 011 422-4083/4 or