AS a small practitioner in the public accountancy profession in the Philippines, I am faced with numerous challenges that constantly test my dedication and commitment to my profession.
The looming Quality Assurance Review adds pressure to an already demanding career, making me question if the sacrifices are still worth it. Despite the challenges, I continue to persevere because being a public practitioner is not just a job — it is a calling that requires passion and dedication.
One of the most significant challenges that public practitioners encounter in the Philippines pertains to the obligatory accumulation of 120 continuous professional development units for the renewal of our Board of Accountancy accreditation. This particular requirement is known for its stringent nature, necessitating a substantial dedication of both time and financial resources. The responsibility to stay well-versed in the ever-evolving taxation laws further compounds our workload, given the inherent demand of our profession for ongoing education and adaptability to maintain current industry relevance.
Moreover, within our industry, the prevalence of bookkeepers can sometimes result in clients misjudging the worth of the work and services delivered by public practitioners. It is common for clients to draw comparisons between practitioners and bookkeepers, often focusing on the differences in professional fees. This tendency to solely consider cost can be discouraging as it fails to acknowledge the specialized knowledge and significant value that practitioners bring to every engagement.
Consequently, the discrepancy in perception underscores the crucial need to enlighten clients about the distinctive skills and comprehensive services that public practitioners are equipped to provide. By effectively communicating the unique expertise and superior offerings of practitioners, we can reshape perceptions and ensure that clients fully appreciate the depth of value they receive when engaging with our professionals. This emphasis on education is pivotal in establishing a mutual understanding of the exceptional capabilities and benefits that come from partnering with public practitioners, ultimately fostering stronger client relationships built on trust, respect, and a profound acknowledgment of the remarkable contributions practitioners make within the industry.
Another pressing challenge is the hiring and retaining of skilled staff. The allure of higher pay abroad, coupled with the increasing popularity of internet and social media platforms, has made it difficult to attract and retain talented professionals. Big auditing firms, in particular, often opt to hire non-accountants to fill the gap left by skilled accountants who seek opportunities overseas.
The generational differences in work ethics and skill sets, especially among millennials, further complicate the recruitment and retention process. The public practice profession is also facing unparalleled challenges due to the rapid pace of change, fierce competition, and the continuous evolution of technology. These pressures are especially felt by individuals belonging to Generation X, like many of us, who possess a certain level of familiarity with common software such as Microsoft Word and Excel. However, adapting to the newer technologies of our time, such as artificial intelligence, cloud computing, cybersecurity measures, and the sheer variety of accounting software and mobile applications available, requires a significant investment of time and hands-on experience.
Unfortunately, the transition to these advanced technologies is a struggle for many in our generation. Successfully navigating this technological revolution is crucial for our profession’s sustainability and growth. Staying current and being able to adeptly handle the ongoing changes in technology has emerged as one of the primary challenges we face. It is imperative that we not only familiarize ourselves with these emerging technologies but also learn to leverage them effectively to enhance our workflow, improve efficiency, and deliver better services to our clients.
Despite these challenges, I remain committed to being a public practitioner because every obstacle we face strengthens us and molds us into better professionals. The daily grind of meeting deadlines, working overtime during tax season, and handling unforeseen situations test our resilience and determination. The experiences gained from overcoming these challenges not only make us better accountants but also shape us into more understanding and deliberate individuals.
Choosing to be a public practitioner is not just a career choice, it is a decision to uphold the oath we took to serve our clients and country with integrity and dedication. The pride and satisfaction that comes from knowing that we have given our best and maintained our integrity is immeasurable. The contributions we make to our clients and our country go beyond financial audits and tax preparations; we play a vital role in upholding the financial integrity of our nation.
In conclusion, the challenges faced by small practitioners in public practice in the Philippines are numerous and demanding, but they are also the very obstacles that shape us into resilient and dedicated professionals. Despite the pressures and difficulties, the satisfaction and purpose that come from serving our clients and country make every challenge worth it. As public practitioners, we play a crucial role in upholding the standards of our profession and making meaningful contributions to our society.
Be the first to comment