By Andrew Lim, ACCA Maritime South-East Asia Portfolio Head
Artificial intelligence is no longer a future prospect. It is already here, shaping the way finance and accounting professionals work across Malaysia and the wider region. In my conversations with business leaders, it is clear that the change is no longer subtle. It is fundamental. And ACCA’s latest AI Monitor report confirms that the profession is entering a defining moment.
Organisations everywhere are looking at how AI can improve efficiency, reduce costs and speed up decision-making. This means the work of finance professionals is shifting fast. Much of the repetitive work that once defined the profession is being automated. Data entry, reconciliations and simple reporting are being done more quickly and accurately by machines. That opens the door for something much more valuable: using human skills to interpret, advise and lead.
The impact is visible across Malaysia and South-East Asia. Finance teams that were once focused on preparing and processing data are now sitting closer to the centre of business strategy. They are becoming partners in decision-making. They are using data to explain what is happening, why it matters and what should happen next. This evolution is not just an opportunity. It is an expectation.
ACCA’s AI Monitor highlights four clear patterns in this change: routine processing work is shrinking, advisory and strategic work is expanding, mid-level roles are being reshaped to emphasise judgement and collaboration, and new roles are emerging at the intersection of finance, data and strategy.
This shift is still at an early stage. Only 17 per cent of finance teams globally say they have fully deployed AI tools, but many more are testing and piloting. With cloud technology now widely in place, it is only a matter of time before AI becomes a standard part of the way finance functions work. Once that happens, the pace of change will be fast.
For Malaysian businesses, this brings a critical challenge. Are we ready? AI should not be seen as a threat. It is a catalyst. It allows finance professionals to spend less time on repetitive tasks and more time adding insight. But that will not happen by default. It requires deliberate investment in skills and a mindset shift.
What does this mean in practice? It means that technical knowledge on its own is no longer enough. The finance professional of the future is expected to be part analyst, part strategist, part communicator and always a strong voice on ethics and governance. These attributes will become as essential as understanding accounting standards.
The AI Monitor research also points to a widening gap between what organisations expect and the skills their teams currently have. A shortage of digital capability and data literacy is one of the biggest obstacles to getting the benefits of AI. If we do not address that gap, we will not be able to take advantage of what AI offers.
At ACCA we have already started to tackle this by placing digital and data skills at the heart of our global qualification. We are strengthening lifelong learning so that our members and future members can build skills that complement, rather than compete with, AI. These skills include critical thinking, ethical judgement and the ability to explain complex data clearly and confidently.
Because the truth is that AI can only be as good as the people who direct it. Professionals will be needed to question outputs, identify errors and make sure that decisions are not handed over to systems that nobody fully understands. Trust in AI comes from human oversight. That will not change.
For me, there are four priorities that every finance professional in Malaysia should focus on: build AI literacy, strengthen ethical judgement, develop a strategic advisory mindset, and take a leadership role in putting robust governance in place for the use of AI.
This is not simply about installing new software. It is about rethinking how teams work, setting clear responsibilities and ensuring there is accountability. Businesses that prepare their people will find that finance professionals can play a central role in guiding AI use across the organisation. Finance has always been trusted to uphold integrity. That trust will be just as vital in an AI-driven world.
The practical steps are clear. Have a plan. Involve people from across the business. Review AI outputs regularly and challenge them. Make sure your data is as diverse and representative as possible. Choose tools that allow explainable outputs. Always ensure there is a human step in the final decision.
The window to get ready is open now. Full-scale AI adoption is closer than many think. Those who wait will be forced to play catch-up. Those who act now will be able to lead.
AI is already here, and it is changing the way finance operates. The question is no longer whether it will reshape the profession. It already has. The question is how we respond, and whether we are ready to shape the future with it. If we do, we will build stronger businesses that are resilient, trusted and better prepared for a digital economy.
