The shock waves of the economic downturn will be felt for some time to come, with business leaders finding it harder to raise finance and consequently less likely to grant credit. So, where’s the silver lining in that?
In a recent ACCA survey of 750 accounting executives across eight countries, 63% of respondents predicted that, to enable them to cope with the tougher trading climate, more businesses would be hiring more accountants.
There is widespread concern about the future financial stability of clients and customers, 87% of respondents believing businesses will still be cautious about giving credit as far off as 2014. Ultimately, if raising finance is more difficult, accountants will need to be more resourceful in coming up with solutions.
The report suggests that accounting skills such as financial audit, management accounting and budget planning, while in demand in many emerging markets, will be taken for granted in others.
Finance professionals in these markets will be required to fill increasingly complex roles, applying their skills to the core financial reporting that is still legally required. To find their silver lining, all they have to do is demonstrate the risk management, strategic scenario planning and technical accounting skills that the environment demands.