Accountants are playing a vital role in the economic development of Fiji, ensuring financial integrity and promoting good governance essential for fostering public confidence. This observation was made by Deputy Prime Minister and Minister for Trade Manoa Kamikamica during the 52nd International Accounting Day event in Suva, organized by the Fiji Institute of Chartered Accountants (FICA).
Mr. Kamikamica highlighted the importance of the services offered by accountants, particularly to micro, small, and medium enterprises (MSMEs) and cooperatives. He noted that these services help businesses comply with regulatory demands and improve operational efficiency, especially concerning tax planning and adherence to complex tax laws, thereby avoiding penalties for non-compliance. He stressed that being tax compliant is crucial for MSMEs and cooperatives seeking financial support.
In the context of today’s digital world, Mr. Kamikamica underlined the need for accountants to engage in continuous learning, be proficient with technology, and act as reliable service providers. He pointed out that while technology continues to advance, it will serve to enhance rather than replace the roles of accountants. Staying updated with the latest accounting software, data analytical tools, and cybersecurity measures is essential for providing clients with the most accurate and timely information. The recent challenges posed by COVID-19 have further exemplified the necessity for professionals to adapt rather than fear losing their positions to technology.
Mr. Kamikamica concluded by emphasizing the importance of making accounting and financial services affordable for MSMEs and cooperatives, as their growth contributes positively to the overall economy. He acknowledged that accountants play a crucial role in navigating financial complexities, ultimately enhancing the success and sustainability of these businesses in the marketplace.
This article highlights the indispensable influence of accountants in developing nations like Fiji, where small businesses form the backbone of the economy. Their evolving role in the age of technology serves not only to streamline operations but also to support the financial health of enterprises that are essential to economic stability and growth. The optimism surrounding the future of accounting, bolstered by technology and continuous learning, signals a promising horizon for businesses and the economy as a whole.
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