Accountants urged to embrace technology to remain relevant

Accountants in Uganda have been urged to embrace technology and innovation to improve efficiency, strengthen accountability and remain relevant in the rapidly changing accounting landscape.

The call was made as accounting professionals reflected on emerging issues in the profession and their role in supporting economic and financial decision-making.

Speaking during the 31st annual seminar of the Institute of Certified Public Accountants of Uganda (ICPAU) at Imperial Resort Beach Hotel in Entebbe on August 2, the Minister of Finance, Planning and Economic Development, Henry Musasizi, said technology was increasingly shaping the profession.

As the world moves towards greater digitalisation, Mr Musasizi said accountants must be prepared to adopt new technologies and innovative ways of working.

“Digital financial management systems, blockchain, artificial intelligence, and other emerging technologies are changing the way financial information is generated, managed, analysed, and used,” he said.

“I therefore encourage the accounting profession to adopt and effectively use modern technologies to improve efficiency, strengthen controls, enhance transparency, and remain relevant in an increasingly technology-driven environment.”

Accountants key to 10-fold growth

Mr Musasizi said the accounting profession has an important role to play in the implementation of Uganda’s 10-Fold Growth Strategy, which seeks to expand the size of the country’s economy to $500 billion by 2040.

The strategy targets key sectors and growth drivers, including agro-industrialisation, tourism, mineral development, science, technology and innovation, alongside other critical enablers of economic transformation.

“Regular assessment of progress will be essential to realising these objectives, and accountants will inevitably play a crucial role in monitoring performance, evaluating results, and providing reliable evidence for decision-making,” Mr Musasizi said.

He commended ICPAU for its contribution to raising professional standards and building capacity to support Uganda’s economic development.

“The preparation of financial statements in accordance with international accounting standards also enables meaningful comparison of economic and financial performance across countries, businesses, and investments,” he said.

ICPAU President, Mr Timothy Ediomu, urged accountants and auditors from both the public and private sectors to broaden their perspective and embrace the changing role of the profession.

He said accountants could no longer focus solely on recording and reporting financial information but should increasingly position themselves as strategic advisers.

“As accounting professionals, I would like to emphasise the need to harness technology, continuously build relevant skills, uphold integrity and provide trusted, strategic advice as the business environment evolves,” Mr Ediomu said.