Experts ask accountants to expand their roles beyond traditional financial reporting

The Chief Executive Officer of the Institute of Certified Public Accountants of Uganda (ICPAU),Derrick Nkajja,has urged accountants to broaden their roles beyond traditional financial reporting, advocating for greater involvement in leadership, mentorship, and skill development.

Nkajja highlighted the importance of accountants taking on leadership positions and contributing to policy development in the sector.

He outlined two key approaches to accountancy: the performing contract, which focuses on value creation, and the conforming contract, centered around reporting and compliance.

These remarks were made during the Women in Accountancy Forum organized by ICPAU, where female accountants gathered to discuss career growth and opportunities within the field.

Nkajja observed that many accountants limit themselves to the latter, urging them to explore wider roles in business strategy and operations.

“We often restrict ourselves by focusing solely on the two facets of accountancy. Many accountants are fixated on reporting and auditing, yet there are significant opportunities in planning, value creation, and leadership roles,” Nkajja explained.

He also encouraged young accountants to actively seek mentorship and hands-on training, even outside formal employment.

He advised them to gain experience through volunteer work, internships, and involvement in community institutions such as churches and mosques.

“You don’t have to wait for a paid job to gain experience. Organize financial records in your community, document your work, and have it reviewed by a professional. That counts as experience,” he emphasised.

Nkajja further urged ICPAU members to strengthen professional networks and engage more in mentorship programs.

He encouraged members to enroll in the CFO Academy, a leadership program designed to equip accountants with executive management skills.

Additionally, he stressed the importance of accountants engaging in policy discussions and advocating for industry improvements to help shape the profession.

“If you see a need for change in the profession, don’t wait until retirement to speak up. Engage with the institute while still active and contribute to driving transformation,” Nkajja said.

He challenged accountants to apply for top executive roles, noting that many shy away from CEO and operations positions despite being well-qualified.

“The limit is not the sky; it’s you,” Nkajja emphasised.

Nancy Owino Amuge, Finance Manager at the Uganda Civil Aviation Authority (UCAA), encouraged women to recognize their worth and explore diverse career paths, including entrepreneurship.

According to Amuge, self-confidence and adaptability are key to professional growth.

“If your organization doesn’t appreciate your role, try somewhere else. Explore other businesses. When you know your value, think outside the box,” she advised.

Amuge acknowledged that fear of venturing into unfamiliar territory has held many women back from realizing their full potential.

She urged them to be bold in making career shifts and to seize leadership, business, and innovation opportunities.

She also stressed the importance of mentorship, recalling how her career growth was significantly shaped by mentors who pushed her to reach her potential.

“I have been fortunate to have mentors throughout my career. They didn’t approach me to mentor me I saw something in them that I aspired to,” Amuge shared.

Freda Anne Namatovu, Director of Frontier Advisory Partners Limited, encouraged women to focus on self-discovery, mentorship, and maintaining a balance in all areas of life.

She emphasised that those who find their purpose are less likely to engage in unhealthy workplace competition.

“If you can help others discover their purpose, you reduce rivalry and create a more supportive environment,” Namatovu said