AI playing increasing important role for accountants
The role of the finance team is changing, with automation and artificial intelligence (AI) becoming more integral to their work and the way businesses operate, according to a new report.
‘Finance evolution: thriving in the next decade’, commissioned by ACCA, outlines how it will be crucial for finance teams to reinvent themselves in the coming five years.
Ayla Majid, Vice President of ACCA, said this transformation requires shifting from short-term profit maximisation towards embracing long-term value creation, deepening trust in AI-driven predictive tools, and equipping professionals with future-ready skills.
However, several challenges, including outdated technologies and misconception about the finance function’s role, continue to hinder progress for many organisations, she said.
Majid said: “Finance teams must expand their roles to provide strategic insights into areas like sustainability, innovation, and risk management. To support long-term value creation, finance teams should focus on multi-dimensional value creation, considering financial, environmental, and social outcomes—the ‘triple bottom line’. This involves considering performance across multiple dimensions, ensuring that businesses not only meet financial targets but also deliver value in terms of environmental sustainability and social impact.”
The report said that high-quality, trusted data is essential for this shift. Finance teams must strengthen their data management capabilities, ensuring data integrity and governance. This provides the foundation for generating reliable insights that guide strategic decisions and maintain stakeholder trust.
In the report, 32% of respondents view finance as a support function rather than a driver of business value. This outdated mindset stifles the full potential of finance teams to contribute strategically, it said.
Majid said: “To overcome this, finance leaders must proactively demonstrate how data-driven insights lead to more informed decision-making and support business growth. It is essential to showcase how financial intelligence can drive sustainability initiatives, foster innovation, and ensure long-term success. Integrating finance more closely with other business functions will also facilitate collaboration, enhancing finance’s role as a strategic partner in creating enterprise-wide value.”
As digital transformation accelerates, finance professionals need continuous learning and career reinvention. In the survey, 30% of respondents reported that their current technology suite is inadequate, underlining the need for both technological upgrades and the development of skills in AI, data analytics, and automation.
Majid said: “The next five years represent a crucial window for finance functions to embrace transformation and stay competitive in a world increasingly shaped by AI and automation. While challenges such as outdated perceptions and inadequate technology remain, they are surmountable with the right mindset, a commitment to continuous learning, and forward-thinking leadership.
“By embracing technological advancement, developing future-ready talent, and shifting focus towards long-term value, the finance profession has the opportunity to survive and thrive in an increasingly complex and competitive environment. The time for transformation is now, and finance professionals who seize this moment will be well-positioned to drive business success in the future.”
Wholesale and retail trade continues to thrive in Q3
Malaysia’s wholesale & retail trade sector continued to grow in the third quarter (Q3) of 2024, with the volume index rising by 4.3% year-on-year to reach 158.3 points (2015 = 100).
Figures recently released by the Department of Statistics Malaysia (DOSM) – in its Volume Index of Wholesale & Retail Trade – show that growth was largely driven by the Wholesale trade sub-sector, which saw a 4.6% increase, reaching 146.2 points. This strong performance was supported by a surge in wholesale trade on a fee or contract basis, which grew by 10%. Other contributors to the growth included Wholesale of machinery, food, agricultural raw materials, and non-specialised wholesale trade. On a quarterly basis, the volume index of Wholesale trade rose 3.7%.
Retail trade also showed healthy growth, with a 4.1% year-on-year increase in volume, supported by a strong 6.7% rise in retail sales not in stores. Retail sales of food, beverages, tobacco, and automotive fuel also saw solid gains, with increases of 6.4% and 5.4%, respectively. However, the retail sector showed only a slight 0.1% increase when compared to the previous quarter.
