AN Institute of Chartered Accountants of Zimbabwe (Icaz) member, Edmore Matanganyidze, says artificial intelligence (AI) powered tools are now capable of performing many core accounting functions, necessitating professionals to evolve.
In an opinion piece, Matanganyidze said the integration of AI-powered tools into the accounting profession was no longer a possibility, but now a reality.
“The integration of artificial intelligence into finance and accounting is no longer a futuristic concept but a present-day force transforming the way businesses operate all over the world, including in Zimbabwe,” he said.
“From automating routine reconciliations in big companies to providing real-time insights for small-to-medium enterprises, AI is revolutionising the accounting and finance function.”
He said while this transformation promised greater efficiency and accuracy, it also raised pressing questions about the future of accounting jobs and the role of Zimbabwe’s educational institutions in preparing future-ready professionals.
“AI-powered tools such as Robotic Process Automation and machine learning are now capable of performing many core accounting functions — data entry, bank reconciliations, invoice processing, compliance checks, and even cash flow forecasting,” Matanganyidze said.
“These tools are already being piloted in local banks, insurance firms and large retail companies. One local commercial bank, for example, significantly downsized its reconciliation team after automating the process using an AI-based platform. This allowed the remaining staff to focus more on strategic analysis and fraud detection.”
As automation assumes responsibility for routine tasks, the role of Zimbabwean accounting and finance professionals is evolving, according to Icaz.
- Harvest hay to prevent veldfires: Ema
- Public relations: How artificial intelligence is changing the face of PR
- Queen Lozikeyi singer preaches peace
- Public relations: How artificial intelligence is changing the face of PR
Keep Reading
“The profession is shifting from number crunching to strategic insight generation. Accountants are now expected to interpret complex datasets, advise on risk and ensure ethical deployment of digital systems,” Matanganyidze said.
“This demands a new skill set in data literacy, critical thinking, digital fluency, and an understanding of AI’s capabilities and constraints.
“Future finance professionals must not only understand IFRS [International Financial Reporting Standards] and Zimra [Zimbabwe Revenue Authority] regulations, but also be comfortable with automating some tasks through coding in languages like Python and being able to present financial data in visualisation applications like Tableau.”
However, he was quick to add that this shift came with its own set of challenges.
“In a country already facing high unemployment, the fear of job losses in clerical and junior accounting roles is legitimate. Data privacy, cybersecurity risks, and the lack of a robust regulatory framework for digital finance also remain concerns,” Matanganyidze said.
“Yet these issues present an opportunity; Zimbabwe’s finance professionals can reposition themselves as strategic partners rather than transactional processors by embracing digital tools and acquiring skills in AI governance and analytics.”
To prepare graduates for this emerging landscape, Icaz has called on Zimbabwean universities to reimagine their finance and accounting curricula.
“Institutions like the University of Zimbabwe, Midlands State University and National University of Science and Technology should embed data science, AI automation and fintech courses into accounting and finance undergraduate and postgraduate programmes,” Matanganyidze said.
“For accounting professional qualifications under Icaz could make some of these key digital skills, such as AI, data analytics and data visualisation, a core part of its training programme.”
