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Certified Public Accountants (CPA) of Uganda have been called upon to embrace Automation of Services, to streamline and expedite services in both Public and Private Entities.
The call was made by CPA Lawrence Semakula, the Accountant General, Ministry of Finance, Planning and Economic Development at Imperial Resort Beach Hotel in Entebbe, on Wednesday, during the ongoing three days 24th Institute of Public Accountants of Uganda (ICPAU) Annual Seminar.
CPA Semakula says; Automation of services such as e- payment systems, will expedite payment for employees ‘salaries or allowances, procurement of goods and services or disbursement of funds to Districts among others.He said Government has in the past faced the challenge of late disbursement of funds to local Government entities and foreign missions, due to unnecessary bureaucracy, coupled with multiple Bank Accounts for one Institution.
Dr. Peter Kimbowa (Phd), the Team Leader of the CEO Summit Uganda has advised Professional Accountants to perceive of themselves as a solutions engineer and not as mere accountants. Dr. Kimbowa said that this can be achieved through curiosity which will enable the CFO to keep abreast with continuous environmental changes.
“CFOs should continuously have interactions with CFOs of highly successful companies, read widely, and ask intelligent questions,” Dr. Kimbowa said. “Curiosity is important because it is the avenue through which the Accountants obtain ideas aimed at providing solutions to the challenges faced by their organizations,” he added.
He also noted that curiosity also leads to fewer decision making errors and more innovation.
“The finance function is continuously evolving. In fact a future successful Chief Financial Officer (CFO) should be aware, authentic and adaptable. This will enable the finance function to remain relevant to the organization in which it operates. The CFO should have solutions for all departments every day”, he added.
Dr. Kimbowa noted that the stereotype Finance Manager who sticks to rules is no longer relevant in today’s environment. He emphasized the today’s CFO should be: open minded, driven by creativity, disciplined in the execution of duties beyond expectations, and exhibit high levels of humility.
He further advised that in order to remain relevant, the finance function of the future should be agile with the capacity to solve issues beyond their jurisdiction. He said the CFO of the future should have strong leadership qualities and mind less about titles. The Seminar was organized under the theme: maintaining a sustainable enterprise. The 24th Annual Seminar runs from 4-6 September 2019.
The Seminar is sponsored by Uganda Reinsurance Company, Stanbic Bank, Atomic Energy, Umeme Limited, Standard Chartered Bank, the National Social Security Fund (NSSF), KPMG, Ernst & Young, National Water and Sewerage Corporation, BodyWise Fitness, Nakasero Blood Bank, Statewide Insurance Company, ICEA Group, Insurance Institute of Uganda, Jubilee Insurance, Liberty Group, Uganda Insurers Association and PAX Insurance.