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Technology for Chartered accountants

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Learning Technology is now a must for the everyone. This presentation is for building an overview as to what the CA should be aware of as changes in the technology? How Information Technology impacts the accountings and tax consulting profession? What are the upcoming opportunities for the Accountants due to emerging technology?

The idea is to sensitise the profession with the need and importance of technology in the day to day professional practice.

This is based on the session delivered at Valsad amongst the Accounting community. This was organised by the jointly by the esteemed bodies Valsad Industrial Association, The Chamber of Tax Consultants and the WIRC of the ICAI.

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Technology for Chartered accountants

  1. 1. What has changed ? Before Working is not correct People are not trained Too much of the queue Termite has spoiled the Record After Software is not updated Server is slow Website is not working Virus as corrupted the data
  2. 2. Are we at the “Whatsapp” Movement 30 Bn Whatsapp per day v/s. 20 Bn SMS Run by 40 people team
  3. 3. Digital Authentication made easy
  4. 4. Jandhan Yojana 20 Cr. Bank Accounts  30 K Cr. of fresh Deposits 1 Bn Adhar Cards - > 1 Bn Bank Accounts - > 11 Payment Banks Licensed Mobile Wallets
  5. 5. Highest no. of e-commerce transactions are happening in India 40% of the e-commerce transactions happening on Mobile Phone
  6. 6. E-Commerce is expected to grow 4 times in next 5 years
  7. 7. IF an IITan can Disrupt What is stopping a CA from doing so? It’s the MindSet NOT the Skillset
  8. 8. Internet of Things
  9. 9. Is This the END?? NO It’s The DAWN of the GenNxt CA “THE CYBER ACCOUNTANT”
  10. 10. What’s Cloud Computing Storage at external location Processing from the external place (Devise agnostic) From anywhere (location agnostic) Pooling of resource At generally on “Pay as You Go” Model Building a niche for management of infrastructure
  11. 11. Cloud benefits - For an user Saves Upfront cost Saves Upgradation cost Management bandwidth Plug and Play model Allows Quick Scalability
  12. 12. The Cell Phone is much More than Call, Mails and Massages It’s a A Networking Ground A Library A Collaborator A Shop Even A Doctor A Personal Assistant A live Map
  13. 13. Must know Useful Mobile Apps Various Acts and Rules ICAI App Computation of Tax Case Laws and Judgments Accounting and recording
  14. 14. Tips for Social Media Have a effective Linkedin Profile Post your views on the right forums Create a KIT Broadcast Like and Share interesting stuff Start a Blog
  15. 15. Optimization Predictive Modeling/Forecasting Randomized Testing Statistical Analysis “What’s the best that can happen?” “What will happen next?” “What happens if we try this?” “Why is this happening?” “What actions are needed?” “What exactly is the problem?” “How many, how often, where?” “Why did it happen?” Alerts Query/Drill down Ad-hoc reports Standard reports Predictive and Prescriptive Analysis (the “so what”) Descriptive Analysis (the “what”) DegreeofIntelligence The Value of Information
  16. 16. Software & Hardware history of typical CA firm Year 2005 2006 2009 2012 2014 Tax Base Gmail Google Calender Drop Box Papilio Advanced Excel Google Docs IPRO Canvass ST Easy CMS website KDK
  17. 17. Just because we can afford something We can’t Steel it. Paying for License is to give credit to those who have made the brilliant piece of Software Software Piracy is a Crime!!
  18. 18. Ideal Configuration • Pentium Dual Core Processors • Ram – 2GB • Sturdy Body • Cost ~ Rs 25,000 Laptops • IBM • RAID • For 5 to 15 users – 4 Core • For 15 to 25 Users – 6 Core • For 25 + users – 8 core Server Thin Clients are Frugal way of working on the network and cost ~ Rs 6,000
  19. 19. Tips to avoid tangles •Whenever you buy the hardware, make sure you install proper licensed software – Make sure you use commercial license for office •Buy license from authorized dealer only •Never install unnecessary software •Put a sticker on PC for the license details
  20. 20. Opportunities Finance Process Outsourcing Process Consulting Integration Consulting Transaction Advisory Data Analytice Forensic Accounting IS Audit

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