The digital transformation has an impact on different businesses and it is just a matter of degree. Transformation is not just about automation. It also includes the applications of cloud computing, blockchain, artificial intelligence, etc. In other words, accounting practitioners have to be tech-savvy and competent enough in using different tools and online platforms to communicate and serve clients. Practitioners are required to know how to leverage those new technologies. The digital transformation is about adaption but not replacement.

When tedious and time-consuming tasks are expedited by the adoption of automation, accounting professionals will be freed to handle tasks requiring a high level of analytical skill, critical thinking, creativity, and ingenuity. Businesses may also seek advice from the accounting profession on how to integrate new technologies into their own operations, leading those professionals to take on a new role by offering advisory services in a particular area. Future accountants will assume a more strategic and creative role in the business world. They will also play different roles by leveraging on their technical expertise as building blocks.

For front-line accounting practitioners, they should upskill themselves so that they will be able to grasp the opportunities brought forth by the potential influx of Mainland enterprises to go public in Hong Kong. Accounting practitioners are required to embrace the rapid advancement in accounting technology. While digital acumen is imperative, accounting practitioners should also possess soft skills like good business acumen, agility, adaptability, sound problem solving skills, data analytical skills, judgmental skills, presentation skills, etc. in order to enable them to provide professional judgement and advice to modern businesses. Also, one must not forget about the importance of behavioural competence which includes integrity and the ethical use of data.

In a competitive business city like Hong Kong, work-life balance is a challenging issue to be dealt with. Employees, especially the millennials and Generation Z, are looking for better working conditions with more concerns for both physical and mental health. From the perspectives of employers, having a pool of staff with a healthy work-life balance is able to enhance productivity. With the availability of cloud computing and online video teleconferencing platforms, there is no need to stress the necessity of commuting to the office on a daily basis. The promotion of flexible work arrangements also helps strike a balance of work and life.