Scotland's accounting sector held back by 'dearth' of blockchain and AI specialists

A “dearth” of blockchain and artificial intelligence specialists is holding back Scotland’s accounting sector, a new study suggests.

Businesses are struggling to recruit accountants with the high-level expertise in blockchain technologies and AI that can “supercharge C-suite decision making and increase profitability”, according to the latest annual salary guide from specialist recruiter Core-Asset Consulting.

The report is a forensic review of current salary levels and is seen as a useful guide to the major developments that professionals need to be aware of.

The accounting and finance section underlines the crucial contribution that blockchain, AI, and BI - business intelligence - can make in meeting expectations of internal and external stakeholders.

Rachael O’Neill, associate director, accounting and finance at Edinburgh-based Core-Asset.

Rachael O’Neill, associate director, accounting and finance at Edinburgh-based Core-Asset, said: “Businesses run on information and the faster the information is received and the more accurate it is, the better.

“What started out as a daring experiment, blockchains now operate with accounting technology at their core, centring on the transfer of assets while maintaining a ledger on financial information.

“The technology is now making a significant impact on the sector - and being able to react nimbly to increased automation of financial information and market trends gives companies an edge.

“The results give both employees and managers the power to accelerate and improve decision making, increasing operational efficiency, pinpointing new revenue potential and identifying market trends, providing real time analytics and financial metrics to internal shareholders or external clients at the click of a button.”

But the report questions whether accountancy professionals are staying ahead - or at least abreast - of advances in technology.

It states: “As we move forward in 2022 and beyond, the accounting and finance market will need individuals that can think internationally, understand complex technical accounting issues and have sound industry reporting standards knowledge, with business analytics and automation skills.

“Many firms already operate with lean finance teams, and this, coupled with arguably an even greater requirement for insightful analysis and reporting, will result in increased workloads for many teams and individuals.

“High on the agenda for many CFOs and CEOs in 2022 will be how to better harness and interpret financial data and there will be a drive towards more strategically-based data analysis positions as firms look to stabilise post-pandemic, plan organic growth or consider sector acquisitions.”

The firm’s seventh annual salary guide acknowledges the value of “highly portable and transferable” skill sets across key sectors.

O’Neill added: “Tax, financial reporting and audit can be relied upon to be hiring pressure points in most years, and in 2022 this will be no different. A small number of professional practice firms are now offering retention bonuses to staff in these areas with the aim of reducing attrition levels.

“Many firms will struggle to attract applicants with the desired level of technical expertise, and therefore, strategically-focused recruitment strategies will be critical to successfully navigate the candidate-driven market.

“Businesses which operate in financial services will benefit from considering applicants with skill sets outside of financial services, assuming they can demonstrate exposure to a strong generic accountancy background.”

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