Leveraging IT for CA Profession

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This is a presentation made by me at a National Conference organised by the Southern India Regional Council of the Institute of Chartered Accountants of India in Mangalore in Feb 2013. I have tried to bring out some ways in which Information Technology can/should be harnessed by Chartered Accountants.

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Leveraging IT for CA Profession

  1. 1. Mangalore Branch of Southern India Regional Council of ICAI NATIONAL CONFERENCE ON DIRECT TAXES 6th February, 2013 Mangalore Leveraging Information Technology for CA Profession By Ameet Patel Ameet Patel
  2. 2. SIRC OF ICAI - What IT can and can’t do If you have the commitment and mind- set, IT is a terrific enablerMANGALORE BRANCH IT can dramatically improve the efficiency and effectiveness of your existing practices But if you don’t have any practices, IT is not a magic wand that will do it for you
  3. 3. Whether you are in Industry or inSIRC OF ICAI - Practice, you need IT because • It increases effectiveness and economy at workMANGALORE BRANCH • Profitability is important • Time is precious, we do not have more than 24 hours per day • It brings standardisation
  4. 4. SIRC OF ICAI - Care to be taken while implementing IT • Ensure that the IT solution should suit your entityMANGALORE BRANCH • Remember that you should marry a solution and not the technology • Do not become a slave of your technology • IT is supposed to be an enabler and not your slave master
  5. 5. SIRC OF ICAI - Alternatives available to you An integrated Practice Simple standalone Management solution –MANGALORE BRANCH applications to start with commonly used abroad and then move onto (UK, Australia, US) more robust and integrated systems
  6. 6. Ameet Patel BENEFITSSIRC OF ICAI - MANGALORE BRANCH
  7. 7. SIRC OF ICAI - Benefits (examples) Use of databases so whatever isMANGALORE BRANCH recorded can be leveraged Data for generating reports/dashboards to help you manage better Enhance efficiency
  8. 8. SIRC OF ICAI - Benefits (examples) Shorter turnarounds on invoiceMANGALORE BRANCH generation and collection Work smart rather than hard Reduce/ eliminate paperwork
  9. 9. SIRC OF ICAI - Benefits (examples) Reduce dependence on individuals – flexibility in dealingMANGALORE BRANCH with client issues – better response times
  10. 10. SIRC OF ICAI -MANGALORE BRANCH AREAS WHERE IT CAN BE DEPLOYED Ameet Patel
  11. 11. SIRC OF ICAI - Areas where you can deploy IT in PM OperationsMANGALORE BRANCH HR Revenue Management PR & Networking
  12. 12. Ameet Patel IT IN OPERATIONSSIRC OF ICAI - MANGALORE BRANCH
  13. 13. SIRC OF ICAI - How can IT help in Operations? ExecutionMANGALORE BRANCH Planning and scheduling Resourcing Document management Research
  14. 14. SIRC OF ICAI - Execution of work (instead of workers) Task management - helps in tracking work – avoiding “surprises”, last minute stress, betterMANGALORE BRANCH time management. In today’s context, we are living with hundreds of deadlines. We need to ensure that we don’t miss out on even one of them Error logs - helps in tracking errors - helps in identifying areas for improvement – helps in identifying areas in which training is required. This is not about finding mistakes but about learning from them
  15. 15. SIRC OF ICAI - DOCUMENT MANAGEMENT  Various software available  Even ICAI has provided free software toMANGALORE BRANCH members  Helps in standardising the way data files are created, stored and retrieved  Reinventing of the wheel can be avoided  Use of templates for standard types of correspondence  Use of tags and other features of software helps in Knowledge Management  E-library
  16. 16. SIRC OF ICAI - RESEARCH  Various software are now available which give various case laws at the click of theMANGALORE BRANCH mouse  Ease of reference  Ease of search  No need to keep physical books  The initial search for case laws can be done by a junior – saves your time  Most such software are portable and can be accessed on phones, tablets, laptops etc.
  17. 17. Ameet Patel IT IN HRSIRC OF ICAI - MANGALORE BRANCH
  18. 18. SIRC OF ICAI - How can IT help in HR? RecruitmentMANGALORE BRANCH Leave management Employee records Work from home/remote working
  19. 19. SIRC OF ICAI - Recruitment Sourcing staff Sourcing through traditional methods v/s. SourcingMANGALORE BRANCH through online sites like Naukri.com and Monster.com Advantage of registering as an employer with such sites – you can track your own employees Using networking sites like LinkedIn for sourcing
  20. 20. Leave Management & EmployeeSIRC OF ICAI - Records Biometric recordsMANGALORE BRANCH  No tinkering possible;  Accurate;  Connected to computer so you can get MIS reports;  Connected to payroll systems  Facilitates flexi timings
  21. 21. SIRC OF ICAI - Working from home Cloud ComputingMANGALORE BRANCH Once clear role matrix is in place, processes are in place, document creation is standardised and staff is trained, the supervisor can be more confident and can rely on the work output. This can enable a person to work from anywhere and anytime. Allows users to collaborate on same document – e.g. google docs
  22. 22. SIRC OF ICAI -MANGALORE BRANCH IT IN REVENUE MANAGEMENT Ameet Patel
  23. 23. SIRC OF ICAI - How can IT help in Revenue Management? Billing and collectionsMANGALORE BRANCH Efficiency
  24. 24. SIRC OF ICAI - Billing & Collections Using basic accounting software like Tally to generate MIS reports which can be exported to spreadsheetsMANGALORE BRANCH Generating pivot tables to give you various reports:  Partnerwise billing  Client wise billing  Practice wise billing  Debtors analysis (ageing) – helps in recovery of debts and avoiding bad debts and also disputes with clients on fees and out of pocket expenses
  25. 25. SIRC OF ICAI -MANGALORE BRANCH IT IN PR & NETWORKING Ameet Patel
  26. 26. SIRC OF ICAI - PR & NETWORKING (Subject to Code of Conduct) Your firm’s websiteMANGALORE BRANCH Your presence and contribution on networking sites Webinars for clients, staff and others E-Newsletters
  27. 27. SIRC OF ICAI - Your firm’s website  Today, internet is the preferred source ofMANGALORE BRANCH information for anyone;  Users simply google what they are looking out for;  Do you have a website?  Does your website come high up in any search?  Have you paid attention to SEO (Search Engine Optimisation)?  Can you use it for sourcing staff?
  28. 28. SIRC OF ICAI - Networking Sites  Launched in 2004, as of JanuaryMANGALORE BRANCH 2013, Facebook has more than 1.01 billion active users  Since being launched in July 2006, Twitter has gained popularity worldwide and is estimated to have more than 500 million active users as of January 2013  Youtube has more than 800 million active users worldwide as of January 2013
  29. 29. SIRC OF ICAI - Networking Sites - LinkedIn  As of January, 2013, LinkedIn reportsMANGALORE BRANCH more than 200 million registered users, spanning more than 200 countries and territories worldwide. The site is available in English, French, German, Italian, Portugu ese,Spanish, Dutch, Swedish, Romanian, R ussian, Turkese etc.  Learn more about all these sites on http://en.wikipedia.org
  30. 30. SIRC OF ICAI - Networking Sites - LinkedIn  Large number of active groups in LinkedInMANGALORE BRANCH  Very interesting discussions take place  Enables members to develop thought leadership  Sharing of presentations via SlideShare  Allows you to put up staff sourcing requirements  Even travel related info is available
  31. 31. SIRC OF ICAI - Networking Sites - Blogs  Several blogging sitesMANGALORE BRANCH  Blogger can share views with others  Fantastic features available  Allow bloggers to develop thought leadership  If you want, you may put up your articles on a blog
  32. 32. SIRC OF ICAI - Networking Sites – Can you afford to stay away?MANGALORE BRANCH 38% of 9 to 12 year olds use social networks. 20% use Facebook despite being below its minimum age limit Future generations (who will work for / with you) will be networked. You will be an alien if you don’t network
  33. 33. SIRC OF ICAI - Webinars  Travelling physical distances is becoming aMANGALORE BRANCH problem today – waste of time, energy and money  Technology allows collaborators across boundaries to meet online  All kinds of tools available to conduct online meetings and seminars  ICAI has already started conducting webinars and webcasts
  34. 34. SIRC OF ICAI - Webinar – how is it useful to you?  Instead of phone calls, talk to your partners in other cities over a webinarMANGALORE BRANCH  Train your staff using webinars  Inform your clients about important changes using webinars  Today, many Indian firms conduct webinars  Use e-learning modules for imparting training to staff
  35. 35. SIRC OF ICAI - E-newslettersMANGALORE BRANCH  Very popular mode of sharing information  Helps in improving drafting skills  Most larger firms now send out in-house as well as external newsletters  Very easy to convert to various formats that can be easily sent over emails or put up on websites
  36. 36. Ameet Patel SECURITY ISSUESSIRC OF ICAI - MANGALORE BRANCH
  37. 37. SIRC OF ICAI - SECURITY IS AN ISSUE Website, Cloud, Server – all have security issuesMANGALORE BRANCH Remember Pentagon’s website was also hacked once Go with reliable IT partners. Don’t compromise on quality over price Buy only licensed software or use open sourced software
  38. 38. Ameet Patel REFERENCE MATERIALSIRC OF ICAI - MANGALORE BRANCH
  39. 39. SIRC OF ICAI - Useful websites www.Credenzasoft.com http://www.accountancyage.com/category/accoun ting-firmsMANGALORE BRANCH www.linkedin.com www.wordpress.com http://www.accountingweb.com/topic/technology/ http://www.cpamarketingtips.com/ http://www.nixonadvantage.com/
  40. 40. Ameet Patel IN CONCLUSIONSIRC OF ICAI - MANGALORE BRANCH
  41. 41. SIRC OF ICAI - The world is same for all of usMANGALORE BRANCH But how it appears to each of us depends on how one looks at it
  42. 42. Through closed windowsSIRC OF ICAI - MANGALORE BRANCH
  43. 43. SIRC OF ICAI -MANGALORE BRANCH Or without the boundaries of any windows
  44. 44. SIRC OF ICAI - We are all CAs. We have all got the same training. We are all in the sameMANGALORE BRANCH profession. Where you will be tomorrow depends on you
  45. 45. SIRC OF ICAI -MANGALORE BRANCH Do you want to remain where you are?
  46. 46. SIRC OF ICAI -MANGALORE BRANCH Or do you see yourself as part of a bigger picture?
  47. 47. SIRC OF ICAI - The ChoiceMANGALORE BRANCH Is Yours Thank you ! Hope IT was useful!

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