A Brief Overview of Accounting’s Evolution Accounting has always been central to business management, traditionally focused on recording and reporting financial transactions, providing essential compliance and monitoring capabilities. For much of its history, it was seen as a back-office function, holding valuable data without directly influencing collaboration or decision-making across the organisation. The first major transformation came with the rise of information technology (IT). Technological advancements and automation kicked off accounting's evolution, steering it from reliance on paper records toward becoming a robust data-driven discipline. These advancements improved accuracy, streamlined information, and reduced repetitive tasks, allowing finance professionals to shift their focus from routine processing to deeper analysis. This technological shift marked the beginning of accounting’s evolution from a passive…
What’s Next for Accounting? Key Shifts Defining the Next Decade Accounting has long been seen as a stable profession, but that image no longer holds. Similar to other industries, it is being reshaped by automation, artificial intelligence (AI), evolving regulatory frameworks, and shifting client expectations. The accounting field is being reshaped by four major trends, impacting how accountants work and the value they provide. Firstly, accountants are increasingly stepping into the role of strategic business advisors. The automation of repetitive and low-skill tasks enables accountants to take on more analytical and strategic responsibilities. As leaders face increasingly complex decisions, accountants are becoming partners in guiding long-term strategy. At the same time, emphasis on sustainability and integrated reporting is pushing companies…
Image by Freepik Every company strives to navigate its strategic course with the lightest possible asset footprint. Yet, finding the optimal balance can resemble solving a complex puzzle. Executives often grapple with a perplexing choice when considering the heft of their assets. On one hand, there is the allure of asset-heavy, vertically integrated models that promise unmatched control. But do they also tether too much capital and lack the nimbleness needed in today's ever-shifting business environment? On the flip side, asset-light business models offer newfound flexibility, but can they be effectively managed? Do they raise concerns with the looming risks of Intellectual Property (IP) leaks and potential depreciation in value? "The art of business lies in the ability to make…
Image provided by Adriana Calderon, Co-founder and Director of Transfer Pricing Solutions Asia Transfer pricing is like a game of chess, where every move has a financial impact. It's not just about strategy, but also about protecting your kingdom. - John Smith If you do not have the slightest clue on Transfer Pricing... You might be driving your business in a really bad direction. The next time you're at a gathering, and someone mentions 'Transfer Pricing', you might initially think it's just accountant jargon. However, despite its possible lack of humour, its importance in business profitability and your overall earnings can't be undermined. What is Transfer Pricing? Now, imagine trying to communicate a fair price for goods or services within…
Tug-of-War: Why Paradoxes Define Modern Business A clear theme is emerging across industries and countries: business leaders are navigating a level of complexity unlike anything they’ve seen before. According to a PwC Annual Global CEO Survey, 40% of CEOs believe their organisations will not be economically viable in 10 years if they stick with their existing strategies. This is a reflection of a business environment where the traditional rules no longer apply. This sense of urgency is driven by an environment characterised by rapid technological, geopolitical, and economic shifts. The dynamic nature of modern business demands decision-making models that are more adaptive, collaborative, and fast-moving than previous approaches allow. Leading a company or team is no longer about having the…
