This month, our lead interview is with Cyprus-based Odysseas Christodoulou FCCA, CEO of Globaltraining. Christodoulou believes we may be on the cusp of an evolution that transforms the length of time it takes to train finance professionals. And our young new friend AI is set to be at the centre of this revolution. ‘I believe people will spend less time in training and education, which itself will be supplemented by AI in a way that means there will be no need to spend so much time studying for an accounting qualification,’ he says.
Staying on the subject of digital transformation, we hear from Patric Mure of Unit4, who argues that there is a real need for ‘consistency of vision’ between finance, IT and HR. He says: ‘It’s critical CIOs and CFOs work together to understand respective opportunities and obstacles and how they define their terms.’ Digital progress requires collaboration and fewer silos.
In the US, the slump in demand for commercial office space could be a blessing in disguise for CFOs, allowing them to pick up bargain space or renegotiate the rent of existing office/retail estate. This could become increasingly important if rumours of the death of ‘working from the office’ turn out to be exaggerated after all.
Meanwhile, in Europe, changes to VAT are set to come in between 2024 and 2028. VAT in the Digital Age, or ViDA as it is more widely known, aims to make the EU’s VAT system more compatible with the digital world. While that means finance professionals will need to learn new technology and digital processes, it should also result in a saving of about €51bn in VAT administrative costs for taxpayers between 2023 and 2032, according to a KPMG study.
Also, don’t forget that registration for ACCA’s annual virtual conference ‘Accounting for the Future’ is now open. Find out about the topics under discussion over the three days (with 21 CPD units on offer), and register to watch live on 21-23 November or on demand.
Finally, Europe and America account for seven of the top 10 most popular locations for digitally footloose senior executives. While Dubai is the most popular destination, in second place is the Spanish city of Malaga, followed by Miami. Portugal’s Lisbon is fifth, behind Abu Dhabi, with Barbados, Barcelona, Palma, the Algarve and St Lucia rounding out the top 10.
Bons voyages!
