As the years passed on, technology too grew and it has helped every aspect around the world to grow and taste the fruit of success. And now The Institute of Chartered Accountants of India has come up with initiatives of enhancing the digital expertise of CA professionals.
Chartered Accountants (CA) are no longer necessary to know solely finance and accounting. The world has become a digital landscape as technology has advanced, and the profession of Chartered Accountancy is no exception. The work of a Chartered Accountant has changed as technology has advanced, and new-generation CA practitioners must learn digital skills
Due to this reason, every professional is using technology.
Prafulla P Chhajed, President of the Institute of Chartered Accountants of India (ICAI), said that even the CA (Chartered Accountancy) professionals too must include digital skills along with emotional intelligence and this combination will result in the best of the CA.
#1. Plan
Modern And Future Based Knowledge On Research And Learning
Mr Prafulla said that the gap that is present in the expected and the acquired professional skills must be filled in order to prevent the major challenges faced by the students who want to establish a successful career in this field.
Chhajed further added “Our efforts, initiatives and activities during 2019-20 would focus on imparting futuristic global knowledge in research and learning. ICAI will support, fund, and take up research on issues that have a local and global impact”.
#2. Challenge
Lesser Interface With Proper Skill Set With In CA Field
Chhajed also said that special attention will be given to the-
- sector-specific specialization,
- ability to adapt to accounting, and
- taxation reforms and digitalization.
The CA profession is highly getting affected by technology because of changes in the dynamics, and lack of technical skills and it has turned out to be a challenge for the CA businesses in India.
ICAI wants to use technology and its tool in order to get opportunities for CA professionals.
Chhajed also added that CA professionals and practitioners must have knowledge of AI (Artificial Intelligence) and Blockchain.
He further added, “Knowledge of existing and emerging digital technologies such as artificial intelligence, blockchain, robotics, automation, and big data is extremely essential for the new-age accountants”. He also said that the role of technology as a tool will enhance the skills of professionals.
#3. Suggestions
Chhajed Gave A Few Suggestions To The CA Professionals:
- Understand and works towards industry trends.
- To meet the expectations come out of your comfort zone and move further for upgrading your skills and be a “complete business solution provider”.
- Must be an expert in the second language in order to move head-on ahead with the global market which is a requirement of today’s world.
Beginners’ level language course rolled out for CA students
As per the reports, the ICAI has launched a beginners’ level course for CA students in the languages- Spanish, French, and German. While it is expected that its advanced level course will soon be developed and launched.
Chhajed from Mumbai opted as president of the ICAI in February 2019.
Read Also: Guide To How To Become A (CA) Chartered Accountant in India
The Impact of Technology on the Profession of Chartered Accountancy
Technology has had an influence on Chartered Accountancy in a variety of ways. It has simplified several manual procedures, making labour easier and more efficient. The use of cloud technology has enabled financial data to be accessed from anywhere, at any time. It has also facilitated data cooperation across multiple stakeholders, lowering the time required to accomplish a task. Mobile apps have enabled Chartered Accountants to keep connected and up to date while on the road.
Artificial Intelligence (AI) and Machine Learning (ML) have given the profession of Chartered Accountancy a new dimension. These technologies have enabled the automation of tedious and repetitive activities, giving CA professionals more time to focus on other important areas of their job. Furthermore, the application of predictive analytics has enabled Chartered
ICAI’s Tech-Driven Executions
The Institute of Chartered Accountants of India (ICAI) has launched a number of technology-driven initiatives to assist CAs in capitalizing on the newest innovations and maintaining their professional edge.
The Dynamic CA MENTORING MECHANISM (DCMM), a digital platform introduced in 2021 to enable CAs to practice mentor, and teach the future generation of CAs, is one of the most prominent efforts. The platform enables experienced CAs to mentor and support junior CAs, resulting in professional growth and development.
Another project is the Unique Document Identification Number (UDIN) system, which was implemented in 2019 to combat document fabrication and circulation. CAs are required to digitally sign every document they issue under this method, making it easy to verify its legitimacy.
Another technology-driven project is the Digital Learning Hub, which provides online learning courses, webinars, and seminars to enable CAs to keep up with the newest innovations and retain their professional proficiency.
The ICAI is assisting the CA profession in using technology-driven advances to stay ahead of the curve by launching these projects. The use of technology has also contributed to the improvement of the quality of services given by CAs, hence increasing their reputation and reliability. The ICAI’s focus on technology-driven activities has helped guarantee that CAs stay relevant and competent in the digital era, as the corporate world has become increasingly digital.
Here’s how technology will change the way CA function.
Easier process
CAs are no longer bogged down by manual and time-consuming operations. These processes have gotten easier and more efficient as technology has been used. For example, cloud computing allows CAs to view financial data from any location, at any time. This has not only made the project work easier, but it has also enabled seamless collaboration with other stakeholders. Furthermore, the usage of mobile applications has enabled CAs to stay connected and up to date while on the road, providing them with the flexibility they require to excel in their career.
Automated Tasks
Artificial Intelligence (AI) and Machine Learning (ML) have transformed the financial and accounting industries, and Chartered Accountants are no exception. These technologies have enabled the automation of manual and repetitive processes, allowing CAs to focus on more important areas of their profession. CAs may now make data-driven choices, resulting in more informed and accurate forecasts, thanks to the application of predictive analytics. Chartered Accountants can now perform more difficult jobs and make better judgments with the aid of AI and ML, resulting in better outcomes and enhanced productivity.
Safer Transactions
The use of blockchain technology has raised the bar for security in the accounting and finance sectors. The blockchain’s immutability and transparency make it the ideal platform for safe transactions, which has created new possibilities for Chartered Accountants in the audit and assurance sectors. With the use of blockchain, CAs can now guarantee the security and transparency of financial transactions, giving their clients and the general public peace of mind.
Keep up with the competition
Chartered Accountants must keep one step ahead of the competition in today’s quick-changing and fast-paced environment. CAs may guarantee that they have the knowledge and resources necessary to stay competitive by adopting technology. CAs that incorporate technology into their practices will be better equipped to satisfy the needs of their customers and advance their careers as the world grows more and more reliant on technology.
In conclusion, technology has had a big influence on the field of chartered accounting. The benefits of technology are vast, ranging from simplified operations to safe transactions. CAS must use technology if they want to compete in the modern digital environment. The digital skills that CAs pick up now will enable them to keep up with the rapidly changing digital environment and continue to satisfy client requests.
Advanced-Data Analysis
Chartered Accountants can now perform more sophisticated data analysis because of the development of technology. With the aid of cutting-edge equipment and software, CAs can now analyze enormous volumes of data quickly and efficiently, giving them access to important patterns and insights. These insights may be utilized to pinpoint problem areas, enhance forecasts, and influence decision-making.
For instance, using business intelligence software has allowed CAs to build interactive dashboards and reports that provide them with a thorough understanding of their data. This has improved outcomes and boosted productivity by making it simpler to spot trends and patterns and enabling CAs to make well-informed decisions.
Reducing mistakes
For chartered accountants, the possibility of mistakes is a major issue, although technology has helped to reduce this risk. Automation software, for instance, lowers the possibility of mistakes brought on by human data entry and reconciliation. Cloud computing also makes it possible for teams to work together, which minimizes errors brought on by misunderstandings or incorrect data interpretation.
52% of organizations report that manual data entry mistakes are their largest accounting difficulty, according to a survey by Sage. However, by using machine learning algorithms, it is possible to spot probable inaccuracies in financial accounts and lower the likelihood of serious problems. Overall, technology contributes to increased dependability, efficiency, and accuracy, ensuring that customers receive the most precise financial advice available.
Related: Essential Skills for a Successful Career in Accounting and Finance
Technology for Improving Audit Quality
In the Chartered Accountancy profession, technology has considerably enhanced audit quality. Data analytics and AI have enabled auditors to properly analyze enormous quantities of data and swiftly detect possible problems. A KPMG poll found that 69% of audit executives believe AI and machine learning would have a substantial influence on audit quality. As technology advances, it will improve the audit process, resulting in higher-quality findings and suggestions.
Increased Customer Satisfaction
Technology has changed the way Chartered Accountants communicate with their customers, making it more efficient and smooth. Clients, for example, may access their financial data and documents remotely through web portals and mobile applications, while automated chatbots give 24/7 help to handle clients’ questions and concerns.
According to a Deloitte report, 55% of customers are prepared to spend extra for a superior customer experience. As a result, employing technology to improve customer experience can assist CAs in gaining a competitive advantage in the market.
According to an EY survey, the usage of technology has increased the quality of CA services, resulting in greater client satisfaction ratings. According to the survey, CAs that use technological tools had a 25% improvement in client retention rates.
In conclusion, the field of chartered accounting has been significantly impacted by technology. The digital capabilities CA professionals pick up today will provide them with an advantage in the rapidly changing digital environment. Chartered Accountants must accept the changes and keep improving their digital abilities to stay relevant and satisfy the needs of their customers as the world grows more and more reliant on technology.
