Accountants urged to lead economic transformation
Isaac Pinielo | Wednesday August 17, 2016 15:46
Over the years, research has shown that accountants influence the behaviour of individuals, companies, not-for-profits, governments and ultimately the economy as a whole. Prominent businessman, Abel Monnakgotla said the role of accountants in the economy has since changed from a simplistic one of being mere ‘bean counters’ or ‘number crunchers’ to a sophisticated one of leading from the front.
“Today’s accountant is expected to provide strategic guidance while looking after an entity’s financial well-being,” he said.
Monnakgotla was officiating at the ninth edition of the Botswana Institute of Chartered Accountants (BICA) biennial international conference held in Gaborone last week.
Thus, he noted, it is not surprising that the modern day accountant can either be a chief executive officer, finance director, manager and company secretary as they possess the much needed but scarce skills.
Monnakgotla also added that the tenacity of accountants helps them to adapt to a situation and position.
He said as the country is grappling with new developments such as Britain’s recent exit from the European Union (EU), popularly known as Brexit, the accountancy profession should lead in unravelling the consequences of such developments. “The profession should lead us on how to mitigate the negative after tremors, which we are beginning to feel as individual countries on our financial Richter Scales, such as our stock exchanges and foreign currency exchanges,” he said.
He added that as the government is preaching economic diversification drive (EDD), public-private partnerships (PPP) and the economic stimulus package (ESP), the [accountancy] profession should lead from the front on such activities to ensure that there is return on investment to all economy players.
“We may be expecting too much, but accountants I believe are better placed to inform us as how our economy stands to benefit from the recent largest diamond discovery in Botswana of Lesedi La Rona by Lucara Diamond Mining Company,” said Monnakgotla. It has always been asserted that accountancy reaches into every corner of economic activity in the country in that it defines what is measured and then proposes how people should behave in response.
BICA president, Rudi Binedell stated that accountants possess skills that can help build the economy, adding that BICA members should assist in building the country’s economy through innovation.
“That is the kind of accounting that touches the lives and prosperity of millions,” he said.
The United Kingdom based Department for Business, Innovation and Skills found that accountants are indeed the primary source of advice for most businesses.