The NextGen Tech-Savvy CA: Cyberjunkie Accountant

Chartered Accountants and Technology — An alienated world???

Not anymore! Chartered Accountants (CA) / Certified Public Accountants (CPA) are were aliens to technology.

Technology is heavily disrupting the finance industry. According to Klaus Schwab (Founder, World Economic Forum), “We are entering a Fourth Industrial Revolution characterized by new technologies that will fundamentally change the way in which we live, work and relate to one another.” According to Wikipedia — this revolution is marked by emerging technological breakthroughs in a number of fields, and the accounting profession is one of them.

Having said that, adopting new technologies is one of the biggest business challenges causing concern to today’s finance leaders and professionals alike. Again, the pace of technology evolution has outpaced. Even before a new technology is adopted and becomes mainstream, there a new technology knocking on the door. Leaders from the finance domain are now asking themselves: How can we prepare for digital disruption that is poised to impact our profession? How do we keep up-to-date with new technological trends and embrace new technology? How do we upskill ourselves and our teams to leverage technologies for our benefit?

Information Technology (IT) plays a crucial role in the Chartered Accountant profession today. CAs/CPAs require IT, irrespective of whether they practice or do jobs. IT increases work effectiveness and efficiency. It also brings standardization. IT can be deployed in all the areas — from operations to human resources, and revenue management/accounts to networking. Yes, networking and marketing as well. Think of WhatsApp and social media for communication broadcasts to clientele as well as initiating discussions with colleagues from the CA/CPA community.

Simply put, without technology, you will be a lone person stranded on an island.

IT is eliminating boundaries. Online collaboration tools enable cross border meetings and bring everyone on a single boardroom in seconds. This helps save time, energy and money.

Technology has changed finance professions and it has the power to transform the industry radically. The ability to adapt to rapid technological change will arguably be one of the most important attributes that CAs will need. Many of the tasks that CAs currently perform will soon be automated by sophisticated technology. For example, recording journal entries, data entry, bookkeeping, remembering accounting standards, etc., are all mundane routine work. These will be automated. John Maynard Keynes in 1930, during a talk, imagined a future 100 years from then, in which technological progress automated much of human labor. He estimated that by 2030, we could all enjoy a 15-hour working week. Of course, for the above to see the day of light and become reality, a lot is yet to happen in the coming decades. However, what was seen as impossible back then is not the same today. We are already witnessing digital technologies taking over many facets of our day-to-day work. It is due to this technology disruption and automation, accounting professionals will be required to focus on more strategic roles, like process improvement, cost control, and capital optimization. While the new generation of CAs equipped with tech tools will meet future business needs, current CA professionals will be required to hone their skills at technology.

Turn Chaos into Harmony. Get technology to work.