EACOA - Regional accountants redefine innovation by engaging in AI readiness discussions

Imagine an event close to full of accountants, often unfairly pegged as the poster children for all things dull and dreary, discussing recent trends in digital technology and how it could affect their profession.

Gone are the days of drab discussions about balance sheets and tax codes. Today, these ‘numbers-wizards’ are diving headfirst into current trends, a discussion about artificial intelligence (AI) notwithstanding, not being as dull as perceived.

Over the years, the East African Congress of Accountants (EACOA) has emerged as a crucial platform for discussing the evolving trends and challenges in the accounting profession. The most recent edition hosted in Kigali (late April 2024) by the Institute of Certified Public Accountants Rwanda (ICPAR) sparked significant interest in the conversation around AI and its ability to disrupt accounting.

Listening to various experts talking about this subject, it was acknowledged that AI technology, with its ability to automate repetitive tasks, is already analysing large volumes of data and providing insights for decision-making, a potential to revolutionise accountants' work.

Traditionally, accountants have been responsible for tasks such as data entry, reconciliations, and financial reporting, which are often time-consuming and prone to human error. However, some AI-powered tools and algorithms can now perform these tasks faster and more accurately, allowing accountants to focus on more strategic and value-added activities.

One delegate pointed out that the profession’s most prominent firms, such as Ernst & Young and PricewaterhouseCoopers (PwC), are already deploying AI technology in their auditing and financial review procedures to identify irregular inconsistencies.

“AI technology could perform a much deeper level of auditing analysis, which can offer readers of financial statements a more accurate picture of a company's finance at a more affordable cost,” he said.

Accounting software provider SAP recently released its AI assistant, Joule. Like Microsoft Copilot and similar offerings from Salesforce, Joule promises to "provide customers with contextualised information and assistance when performing tasks in SAP applications."

Rather than viewing AI as a threat to traditional accounting practices, participants at EACOA were encouraged to embrace it as an opportunity for growth and innovation. As consumed by other industries and professionals, AI is an enabler, not a competitor. 

Another participant, Noah Baalessanvu, Head of Technology at Savanna Group (Uganda), feels the industry needs to make the much-needed effort. Quoted by The East African, Baalessanvu says, “We are not doing enough to integrate AI tools into our accounting and financial management systems. If it’s not a tool one switches on and uses regularly, we shall continue to lag.”

At EACOA, panel discussions around AI are mainly centered on exploring how these advancements can enhance the role of regional accountants, particularly those from the integrated EAC region.

In his opening remarks, Richard Tusabe, Rwanda’s State Minister (in charge of the national treasury), said

The public sector is reforming rapidly to cope with the increasing demand to achieve more with limited resources.
Accountants, especially professional accountancy organisations, are expected to work hand in hand with their respective governments as they embark on complex reforms as digital transformation, including blockchain technology, AI, and other recent technologies

Rwanda is already working with her neighbours to harmonise financial systems. AI's ability to enhance collaboration and knowledge-sharing among regional accountants was also noted. Cloud-based accounting platforms and tools will enable accountants to collaborate seamlessly, sharing innovative solutions in real-time. This collaborative approach improves efficiency and fosters community and camaraderie among regional accountants.

Technology can easily be a jittery topic of discussion. Don't be fooled by the monotone voices the next time you find yourself in a room full of accountants.  They can easily make it enjoyable for a layman. 

David Kezio-Musoke is a PR Practitioner who specialises in reputation management. You can follow him on Twitter/ X or LinkedIn. You can also check out his website or other work here.