How industry leaders are investing in the future of accounting in Cyprus

Prominent figures in the sector shared their market overview and predictions regarding the future of accounting firms in Cyprus during a panel discussion at the 8th Cyprus Professional Services Conference, presented by the Bank of Cyprus.

A theme that emerged during the 29 June discussion is that AI seems to be making a big difference in the sector.

Changes in priorities when recruiting new talent in the professional services sector in Cyprus were also one of the topics discussed by Ronald Attard, Country Managing Partner, EY Cyprus & Malta, Strategy and Transactions Leader for CESA region, George Pantelides, Chief Strategy Officer, Deloitte , Philippos Soseilos , CEO and Chairman of PwC Cyprus, George Themistocleous , Managing Partner, CEO, RSM Cyprus Ltd and Christos Vasiliou, Managing Director of KPMG Limited.

Ronald Attard opened the discussion by sharing a position focusing on new technologies. “We are focusing on AI and other technologies. We are also paying attention to the issues of compliance and sanctions," he said. The approach taken by the modern professional in the field is also different to the past.

"We are changing and playing a more important role. Our purpose is to help the country in its progress. We have a greater responsibility to bring in the positive elements of technology", he said, going on to comment that there are "many opportunities for us in the new era."

George Pantelides, Deloitte's Chief Strategy Officer, said it is important for the sector to move faster using AI and attracting talent with content they care about. "That way, our people will focus on value-added services," he said, and called on market players to look at "how to use data to our advantage."

He talked about ESG and the ways through which it can become a competitive advantage. "We need to educate our customers to see them as opportunities and added value rather than compliance," he explained.

Philippos Soseilos spoke about the role of people within the industry. "We see ourselves as professionals who support society in the face of its big issues. Accountants are advisors and provide confidence in financial information and more," he said.

Therefore, he indicated, “organisations in our field are hiring new talent and looking for diversity in skills. We are looking for people who want to change the world for the better and who have the ability to reinvent themselves," he noted.

George Themistocleous agreed with his fellow panelists, also emphasising the employment of new talents. For accountants in the traditional sense of the profession, the aim is for them to be provided with the right tools to reach high levels and acquire new skills.

As Themistocleous explained, these are some elements that modern customers are looking for and that they expect from the services of the sector to provide them. He also said that the company attaches great importance to providing better service to the customer through the high-level knowledge and skills that it offers to the staff.

Christos Vasiliou explained that the sector has seen great changes. "Auditing uses AI, which means there is a great need for tech-savvy staff," he said. According to Vasiliou, technologies are also important for analysing the past.

The collection of data from customers serves the prediction of the future, he added. "Data helps us identify tomorrow's trends," he explained, re-emphasising the importance of investing in the human resources that process and analyse this data.

The discussion was moderated by the Chairman of the Fiscal Council, Michalis Persianis.

(Source: InBusinessNews)