Isn’t it fascinating how technology changes the way we do things? Finance is no exception.
Fintech, or financial technology, transforms how we manage money, invest, and even pay our bills. This shift is changing the future of accounting and reshaping the role of accountants.
Accountants equipped with fintech tools can achieve more in less time, enhancing their role from mere number crunchers to strategic decision-makers.
REGENT offers a Postgraduate Diploma in Accounting that equips students with key fintech skills to help them thrive in the job market.
In this article, we will look at what exactly fintech is, what skills accountants need in the age of fintech, top fintech careers, and more.
What is fintech, and how is it changing the accounting profession?
Fintech (financial technology) is software, tools, and programs that automate banking and financial services. Fintech and accounting are closely linked and will continue to grow together in the coming years.
Automation is reshaping the accounting role, but instead of replacing accountants, it transforms their work. Automating repetitive tasks like data entry and reconciliation allows accountants to focus more on strategic functions. How does this work in practice?
- Increased efficiency: Routine tasks are streamlined, freeing up time for more value-added activities.
- Enhanced accuracy: Automated processes reduce human error, improving the reliability of financial data.
- Focus on advisory roles: With less time spent on manual tasks, accountants can advise on financial strategy and decision-making.
Think of automation as a trusty sidekick, taking care of the mundane so accountants can be the strategic heroes of their organisations.
Understanding and adapting to these changes is not optional—it is essential for survival in today’s competitive environment.
Not learning fintech will put you behind in the job market since the industry keeps growing. In South Africa, the fintech industry grew by 20.6% in 2023 and shows no sign of stopping.
Top modern accountant skills
In an age of increasingly prevalent technology, you must have the following advanced accounting skills to succeed.
- Technological proficiency: You need to become adept at using advanced accounting software and technology. This will allow you to automate routine tasks, enhance accuracy, and streamline data management.
- Analytical thinking and data interpretation: The ability to analyse complex data and use findings to enhance decision-making and planning. This includes critical thinking, data visualisation, and problem-solving.
- Strong communication skills: Accountants need to communicate findings to non-technical team members and stakeholders in a way that is easy to understand. You need to articulate complex information simply and have excellent presentation abilities.
- Ethical awareness and regulatory knowledge: With the increased use of technology, there are many new ethical considerations. You must stay informed to ensure compliance and maintain client trust.
- Adaptability and lifelong learning: The fintech landscape will continue to evolve. You need to be willing to keep learning and updating your skills. This will make you more adaptable to new processes and help you continue developing your career.
Plus, if you are planning to become a finance manager, you need additional leadership skills, including organisational skills, conceptual skills, and more.
How can a PGD in Accounting help me adapt to fintech?
The financial environment requires constant adaptation to new trends and technologies. Studying for a Postgraduate Diploma in Accounting can provide you with a robust technological foundation where you:
- Learn how to use the latest accounting software
- Explore blockchains
- Master using tools for data analysis
A PGD can also help you learn advanced analytical skills to make sense of complex numbers and provide you with critical communication and presentation skills to help create detailed financial reports that enable decision-making.
Plus, this diploma can help you learn to navigate the ethical challenges fintech introduces so you can avoid legal problems and maintain trust with clients and stakeholders.
Have a look at REGENT’s Postgraduate Diploma in Accounting.
What career opportunities are available in fintech for accountants?
Fintech is not only changing how finances operate in a business, but it is also creating new career opportunities that you could pursue. Here are some of these careers.
1. Financial analysis
These roles focus on data analysis and are perfect for people who enjoy working with numbers. People in these positions will be responsible for:
- Supporting businesses with informed decision-making.
- Identifying patterns and predicting the company’s future financial performance.
- Assisting in long-term planning using insights from fintech software.
2. Compliance and risk management
As technology continues to evolve, so will laws and regulations. People in these positions need to gain a deep understanding of financial and technological frameworks — and the rules that accompany them. Some primary responsibilities include:
- Ensuring compliance with new laws.
- Evaluating financial risks and helping companies come up with preventative measures.
- Detecting fraud with the help of tools.
3. Automation and AI implementation
As companies streamline more parts of their processes, accountants who understand AI and automation will stand out in the job market. People in these positions are responsible for:
- Implementing systems that reduce manual labour.
- Leveraging AI to increase security.
- Streamlining financial systems for better productivity.
FAQ
How can I stay updated on fintech trends in accounting?
There are many different ways to stay up to date with accounting technology trends. These include, but are not limited to, the following:
- Follow industry publications
- Subscribe to fintech company newsletters
- Engage with fintech professionals
- Attend webinars and conferences
- Get formal training, such as a Postgraduate Diploma in Accounting
What are the key challenges accountants face with new technologies?
Accountants face many challenges with new technologies, even as tools streamline processes and improve accuracy. Some of the biggest challenges include:
- Data security and privacy
- Fast-changing skills requirement
- Adapting to automation
- Integration with existing systems
- And more
This is why it is crucial to gain formal training that will teach you all the skills you need and equip you with problem-solving abilities to solve any problems as soon as they arise.
Master fintech and accounting with REGENT’s PGD
To be an in-demand accountant in 2025 and beyond, you must learn to use new technologies and equip yourself with problem-solving and critical-thinking abilities.
REGENT’s Postgraduate Diploma in Accounting will teach you all these skills so you can grow a successful accounting career in fintech and remain competitive in the job market.
