Digital Transformation

A practical guide for leaders facing the challenge of transforming their organizations through digital technology.

Today’s leaders have been bombarded by a lifetime’s worth of advice about digital transformation. If they’re not sold on the merits1 of always-on, continuous digital reinvention, they may never be.2 Most have also heard they need to be personally involved.3 The big question is how? As a leader, how do you figure out your exact role in digital transformation, and where should you be focusing your limited time and energy to best help your company succeed on its digital journey?

Seize the Technological Advantage: Why Digitally Mature Companies Perform Better

The federal government recently launched a program called Canada Digital Adoption Program that pays 90 per cent of the costs up to $15,000 for a digital adviser to develop a digital adoption program. As well, BDC has a new loan program offering no interest on a loan of up to $100,000 to facilitate a digital adoption plan. To be eligible for the loan, a company has to have a plan in place.

Key findings from the BDC study are:

1. In 2021, 91% of Canadian small and medium-sized enterprises (SMEs) invested in technology with an average investment of approximatively $118,000
2. Despite an increase in investments, it seems only one in 20 businesses use digital technologies effectively. There is still a long way to go, as only over half of businesses (60%) have a website and one-third (34%) analyze customer data
3. Indigenous- and youth-owned businesses, technology and retail businesses and large SMEs are more likely to be digitally advanced, whereas a majority of women-owned businesses are more likely to show a digital delay
4. Digitally advanced businesses perform better: they grow faster, are better able to adapt to a changing environment, get the financing they need, and are more likely to export
5. Digital maturity is unevenly distributed across industries; the retail sector went completely digital during the COVID-19 pandemic, while the construction and services to individual sectors had the least investment in 2021

PAO Digital Transformation Series

The COVID-19 pandemic and resulting current environment accelerated the need for PAOs use digital technologies to create new, or modify existing, business processes, including member and student experiences. But having adequate technology is only one part of the story.

How tech savvy do you need to be as a CPA?

A baseline knowledge of technology, combined with an enduring curiosity and eagerness to learn, will be key for success in the years ahead.

Technology is a double-edged sword: Opportunities and challenges for the accountancy profession

Professional accountants play a key role in helping organizations navigate technological changes in an ethical manner. To do so, they must understand how to respect technology’s double-edged sword—actively pursuing opportunities while safeguarding against challenges.

Canada’s economy and society are becoming more digital

With digitization becoming the new norm, organizations should plan their transition to the digital economy. Learn how you can play a leading role as a CPA.

Building a digitization strategy for your company

A digitization strategy is a crucial part of your organization’s success. Let us show you how to use digital technologies and data management to improve business outcomes.

Making sense of data value chains

Learn how CPAs can play a role in the creation of a data value chain, which is the process of collecting and analyzing data for actionable insights.

One tech ahead: digital trends for CPAs in the know

The pandemic has sped up digital adoption in many organizations-which means it has also affected the tools CPAs use to do their work.

Technology Futures Report 2021

The World Economic Forum and Deloitte present this first-of-its-kind report, equipping today’s readers with the insights and foresight critical to tomorrow’s leaders. We project historical technology and socioeconomic trends through a new foresight tool and add speculative fiction to bring the possibilities (and personalities) of the future to life.

Business technology report 2021 (CPA Australia)

This report analyses data from CPA Australia’s survey of technology usage by businesses. The survey was conducted from 28 May to 1 July 2021. A total of 725 responses were received from accounting and finance professionals in Australia (120), Mainland China (173), Hong Kong and Macau (157), Malaysia (155) and Singapore (120).

Coding: as a professional accountant, why you should be interested (Association of Chartered Certified Accountants)

Coding can be a valuable skillset and there are various levels at which you can get involved. From just a high-level awareness of what it is, to involvement as a user who can partner with specialists to more hands-on development of code itself.

Enabling Purpose Driven Organizations

PAIBs leading sustainability and digital transformation summarizes key insights on global trends affecting the future readiness of the accounting profession. Based on discussions at a meeting of the International Federation of Accountant’s Professional Accountants in Business Advisory Group, the report discusses:

• the accountant’s role in value creation, sustainability and tackling climate change
• rapid changes to role of finance functions due to accelerated digitization in procurement and supply chains
• the evolving nature of work and virtual finance teams
• Generation Z and the future of accountancy; and public sector priorities to support COVID-19 recovery

Published by International Federation of Accountants.

Road to digital for SMEs and SMPs

Road to Digital: What are the obstacles for SMEs and SMPs? asserts that digitalized business models can foster resilience among small and medium enterprises. The report explores the main challenges in this area for SMEs in Europe and what small and medium practitioners can do to help their SME clients digitalize their businesses.

Published by Accountancy Europe.

The Professional Accountants Role in Data

ABOUT CPA CANADA
Chartered Professional Accountants of Canada (CPA Canada) works collaboratively with the provincial, territorial and Bermudian CPA bodies, as it represents the Canadian accounting profession, both nationally and internationally. This collaboration allows the Canadian profession to champion best practices that benefit business and society, as well as prepare its members for an ever-evolving operating environment featuring unprecedented change. Representing more than 220,000 members, CPA Canada is one of the largest national accounting bodies worldwide. cpacanada.ca

ABOUT IFAC
IFAC (the International Federation of Accountants) is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. Comprised of 180 members and associates in more than 130 countries and jurisdictions, IFAC represents more than 3 million accountants in public practice, education, government service, industry and commerce. Over four decades, IFAC has represented the global profession and supported the development, adoption, and implementation of international standards that underpin the contributions of today’s global accountancy profession. IFAC has maintained a long-term approach to building and strengthening a global accountancy profession that supports transparent, accountable, and sustainable organizations, financial markets, and economies. ifac.org

Technology resources for CPAs

COVID-19 has accelerated the need for organizations to become more digital. Many have adopted new software and tools to enable digital workflows and maintain business operations. As a CPA, to effectively respond, you must have a strong understanding of these technologies and be able to harness data to drive better decision making. Our free, practical resources will help you build the important skills of the digital age so that you can adapt and thrive in this new reality.

How could automation and AI change the CPA’s role? Resources for CPAs

Explore our resources covering the potential impact of automation and AI on the accounting profession, how it could affect the audit and finance functions, and ways it could transform the way you work.

Finance Functions and Technology

From Mirage to Reality: Bringing Finance into Focus in a Digital World - details how advanced technologies contribute to evolving finance functions and what new skills finance professionals must gain to remain relevant. The report provides insights on how technologies, such as automation, analytics and visualizations, can improve how work is performed and how finance teams can use technologies to optimize their work.

Moving Internal Audit Deeper Into the Digital Age

Moving Internal Audit Deeper Into the Digital Age: Part 3, Beyond Theory - Scaling Automation Capabilities in Internal Auditing outlines a six-step approach to help internal auditors overcome common hurdles in implementing analytics and automation, and for scaling up digital capabilities to transform the audit lifecycle. This is the final report in a three-part series. Part 1 describes a methodology for leveraging automation in internal audit and Part 2 discussed what internal audit needs to think about when auditing automation. Published by Internal Audit Foundation and Deloitte.

Technology Spotlights - Learn About Technology Trends

Are you interested in learning more about technology trends? The Technology Spotlights series identifies technology trends and provides an overview of the benefits, risks and possible risk-mitigation strategies for your business.

Actions Needed to Adopt Technology and Enhance the Value of the Audit

The assurance profession needs to evolve in order to address challenges, seize opportunities and lead change in this era of ongoing disruption. Find recommended actions from experts to help advance the value and relevance of audit.

Six Tools to "Be the Disruption"

If the saying "organizations don't disrupt, people do" holds true, what are you doing to experience the benefits of acting differently?

Audit and Assurance in the Future

The world is going through a period of unprecedented change. The audit and assurance profession must innovate, collaborate, educate, adapt and experiment to evolve and advance the audit going forward.

Roundtable Report: Positioning Canada to Lead in a Digital and Data-driven Economy

Canada needs an overarching framework for responsible data use, according to participants at CPA Canada's roundtable on the government's consultation on digital and data transformation. Read our report for additional ideas raised by business leaders.