Malaysia: accounting works to keep up with technological changes

Kuala Lumpur (VNA) - As Malaysia speeds forward in its digital transformation journey, the accounting sector is no stranger to the influence of technology by replacing analogue tools with digital equivalents, said Associate Professor Dr Nor Shaipah Abdul Wahab, Acting Head of School for the School of Accounting & Finance at the Malaysian Taylor’s Business School.

According to the expert, the nation’s rapid acceleration in digitisation is further validated through MyDigital, its Digital Economy Blueprint that charts the growth trajectory of the economy.

She said the introduction of tools like blockchain are set to elevate the accounting profession by being able to offer strong protection of client’s information, thus making fraud and the lack of trust a thing in a past.

Although technologies like this may still be new to some, it is crucial to note that accountants can rely greatly on blockchain, to keep up with the demands of clients and offer a wider range of services, she added.

Matching the intensity of this rapid acceleration with the nation’s mission towards international competitiveness, the accounting sector will need to adopt emerging technologies like cloud computing, artificial intelligence, data analytics and cognitive technology.

According to her, it is important to ensure they have sufficient knowledge of information technology as the Asia-Pacific region is home to more than 6,000 fintech start-ups.

Through fintech, accountants of today can greatly impact the business and lives of clients while also ensuring the business is profitable./.