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Digitalization of accounting

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Digitalization of accounting

  1. 1. Digitization of Accounting and Assurances CA. Dhruv Seth dhruv@sethspro.com www.sethspro.com
  2. 2. DISRUPTION
  3. 3. Impact of Disruption - Augmented reality might make aircrafts redundant - Taxi’s are already today called Ola / Uber - Retail now mean Flipkart / Amazon - Consumers are now producers (Ebay / Olx) - Paper currency to Math currency - 3D printing to replace construction - Algorithm based stock trading
  4. 4. Impact on Accounts - BOT’s to automate accounting - Documents would turn into Meta data - IOT to automate supply chain - Receipts would become redundant - API’s would become the mechanism through which business communicates - Crowd funding to replace staple finance Lower investments in Auditing
  5. 5. INSIGHT KNOWLEDGE INFORMATION DATA
  6. 6. BUSINESS Artificial Intelligence TRANSFORMATION Currency Customer Analytics Supply Chain
  7. 7. Bot’s in Accounting Reduction in human intervention Automated Statutory compliances Interaction through voice recognition Automated financial statements validation Automated process based on triggers
  8. 8. 1 2 3 4 6 5 Developing AI Geography redundant Data to Insight True & Correct ASSURANCE Bot’s in Assurance 100% coverage Real Time audit
  9. 9. Analytic STEP 1 Evaluate Trend STEP 3 Data Validation STEP 5 Query Records STEP 2 Ratio Analysis STEP 4 DEPLOYMENT of AUDIT PROCESS Red Flagging and reporting STEP 6
  10. 10. FUTURE ASSURANCES Future Cybersecurity IOT Data Mobility
  11. 11. FUTURE PROOF Future Big Data Continuous Predictive Agility
  12. 12. CAPACITY BUILDING Digital Quotient Adopting Artificial Intelligence Developing Products Understanding Digital Trade
  13. 13. CRYPTOCURRENCY ??? PGBP v. Capital Gains ? Cash & Cash Equivalents OR Other Assets ? Treatment – AS-3 or AS-13 or AS-26 or AS-30 Currency v. Property v. Software Is it liable to GST ?
  14. 14. The fight would not be of the big and small …… It would be of the fast and slow
  15. 15. THANK YOU ! CA Dhruv Seth Partner dhruv@sethspro.com Offices New Delhi Lucknow C-7, Sector A Ground Floor, AI Apartments, Vasant Kunj – 110070 Jopling Road - 226001 Connect with us Seth & Associates Chartered Accountants www.sethspro.com This document is solely for the circulation to the clients of Seth & Associates and should not be construed as an solicitation of any kind. Any forward to anyone who is not our client is not intended by us and we shall not be liable for the same. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

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