“The actions of a public accountant have evolved a lot. My father was a public accountant and (his activity) was totally different from when I studied and began to practice the career. Of six brothers, five are accountants, the career has so many specialties that each one took different paths. In addition, it is notable that one has to update oneself to continue contributing,” explains Virginia Ríos, managing partner of VR Consultores Asociados.
Changes are frequent and are incentives on the accountant’s path. Every year there are modifications and updates to the Income Law, the collection of taxes, general rules are published that apply in a short time and it is common for new provisions to be revealed in the Official Gazette of the Federation and on the portal of the Tax Administration Service (SAT). Not being aware can lead to breaches with authority.
“Since you leave the degree, there is a constant update of information. I left the Accounting degree at UNAM in 2010, and in 2012 I finished the specialization in Tax, I did my social service at the SAT, I quickly realized that specialization and being updated are keys to survival,” says Ernesto Antonio, an academic in the Accounting degree at the Insurgentes University.
And the update includes other areas. “We are not lawyers, but there are more and more responsibilities for us. If you do not know the laws, at a given moment, you may have a problem, a fine, or even something criminal. It is one of the topics that we have increased in our training,” adds Héctor Amaya, president of the Mexican Institute of Public Accountants (IMCP).
The changes have been diverse, but there are some of great significance and that affect the profession. Since 2022, it was included in the Federal Tax Code that accountants who rule on taxes for companies have the obligation to notify the tax authority if their review finds the possible commission of a crime. If it is not detected, the person who may face criminal proceedings is the accountant.
With the recently reformed Anti-Money Laundering Law, accountants, lawyers, notaries and public notaries are in charge of checking that there are no behavioral problems. “It is a great responsibility, if you are an accountant in a company where there is a money laundering problem, the accountant is the one who has to raise the flag,” explains Amaya.
Threat or impulse?
If you compare the photo of an accounting firm from 10 years ago with that of the same firm today, technological advancement marks a large part of the changes. Landlines versus a tablet or cell phone. Files and accounting notebooks on a desk at tables with laptops, without papers.
Many processes have been automated and digitalized, there are new tools for SMEs. Invoices are digital, accounts are kept in real time. AI automates processes and data crossings, the SAT applies it to its processes and accountants do too, says Ríos.
At one point, the tax authority implied that with digitalization everything was going to be so easy that even accountants would no longer be necessary, but that was not the case. Now they offer more specialized services, technology freed up their time.
“The firm that takes advantage of technological tools offers services with veracity, timeliness and reliability. It provides specialized services, electronic accounting and report automation, strategic tax planning, predictive analysis, financial and business consulting, ESG and risk consulting, implementation of information systems for businesses,” says Raúl Vaca Castro, president of the Business Sector Technical Commission for Internal Audit of the College of Public Accountants of Mexico (CCPM). “Millions of data are handled in real time, which contributes to decision making.”
Unlike an AI, accountants have several unique human capabilities, such as professional judgment, judgment, ethics, understanding the context of a financial, environmental or legal situation, understanding a political situation, detecting conflicts of interest or solving problems creatively.
These peculiarities have pushed them to join committees and councils in organizations. “It is one of the new competencies of the accountant. As they develop in the company, they know if they can financially make an investment, if their products have the correct utility. They are also an advisor on the audit, finance, evaluation, compliance, and ESG committees. They are advisors on the boards of directors,” explains the president of the IMCP.
Reduce gaps
The changes also reach the educational institutions that prepare the new generations of the third university degree with the largest number of professionals, according to the Mexican Institute for Competitiveness (IMCO). The need to update and specialize remains, as does the need to reduce the gap between what is learned in school and what is applied. “Academic preparation in the new generations is advancing, certainly, but they still face important challenges to fully align the demands of the labor field,” says Vaca, who is also an academic at the Faculty of Accounting and Administration (FCA) of the UNAM.
