The future of accounting in Hong Kong

The landscape of accounting is changing. According to the Intuit 2013 Future of Accountancy Report, newly simplified and automated finance-related products and services are making it easier for companies to manage or outsource their accounting needs, limiting traditional single-note accountancy services. However, this shift provides new opportunities for those positioned to take advantage of them, especially in China where the cost of labour is appealing for those countries and companies looking to outsource. Hong Kong is among the top six markets in which more than two-thirds of companies are anticipating this trend and are paying their finance and accounting employees more, according to the latest Robert Half recruitment survey, which highlights the bright future of accounting in Hong Kong.

An accounting manager is typically broadly skilled, combining strengths in accounting, finance, and management. Managers establish and oversee systems for gathering, analysing and reporting financial details, in addition to managing the accounting staff. This position requires strength in soft skill areas, such as training, coaching, counselling and communication. Accounting manager jobs may be ideal for those with an affinity for accounting, but who also have leadership skills and are not attracted by the idea of sitting in front of a computer all day staring at numbers. Strong accounting managers are attentive to detail and budget management, while also able to inform, coordinate and motivate a team.

In the past, financial controllers were primarily focused on financial reporting, processes, and deadlines. But in recent years, the role has gained responsibility, importance, and influence. After all, they directly inform the CFO on financial matters and this is where company decisions are made. The financial controller is expected to handle various aspects outside the traditional accounting issues, including company-wide consulting, advising, and constant awareness of legal, regulatory, and economic changes. This necessitates strong interpersonal and communication skills, strength in decision making, and the ability to manage unexpected financial issues. Fluency in English, Cantonese and Mandarin is all but required for those interested in financial controller jobs in Hong Kong.

Auditing has become a crucial ingredient for a company’s growth and long-term success. An audit manager is a high-level position and functions fairly independently in an organisation, taking a wide-lens approach to objectively evaluate operations. This requires an in-depth knowledge of the company and also the regulations and best-practices in the industry. Audit managers are typically found at larger companies where there is an auditing team to oversee. Analytical and organisational skills are mandatory for those seeing audit manager jobs, and successful managers also have excellent communication and delivery skills, as auditors are not often the bearers of easy or upbeat news.