Artificial intelligence is a technology that takes over low-profile jobs. It is understood from the job market that it improves employee experience and analytics. The accounting transactions are in the computer inside a software. In future, experts perceive that artificial intelligence take over the process of accounting transactions. The generic question is whether it is a threat or an opportunity. Recently, ICAI revamped the chartered accountancy course. In this new syllabus, new subjects have been introduced by the experts. ERP technology has become an outdated technology. Data analytics and artificial intelligence dominate the space of new technology. The world of technology is bringing in new technologies to make the process accurate and fast. In the CMA course, the institute added the data analytics subject. All these changes show that the future is with technology. Digitalisation is all about technological change. Companies manage the changes with technology and domain experts. The blog is creating a visualisation of the real-time scenario with valid discussion. Professional courses are adding digital transformation as part of their syllabus. Technology and money create dynamic scenarios. The finance professionals are trained to manage the dynamic aspects.
What are the steps in digital transformation?
Companies think about technologies, strategic planning, creativity, client communication, and data management during the digital transformation process. These aspects form the process of digital transformation. The first query is about the technology requirement. After analysing the technology requirement, planning, creativity, communication, and management follows.
Cybersecurity tools, cloud environment, automation process and speed check, reducing the complexities with integrated systems, and networking are the technologies used by companies to adopt digital transformation. The barrier to artificial intelligence technology is the infrastructure, poor data management and cost. Finance professionals understand the fundamental operations and functional difficulties. The technology used should improve functionality and enhance performance. Chartered accountants make digital transformation beneficial.
Big data analysis predicts industry trends. Digital strategies analyse strengths and weaknesses, create objectives, plan timescale, test the plan and track your metrics. Digital transformation saves time and reduces mistakes. Digitalisation improves the quality standards of the company. The auditing professionals recommend the best technology and transformation plan depending on the domain and business size. Digital transformation increases the speed, agility and data-driven plans. The changes because of digital transformation affect the day-to-day activities, marketing process, risk, short–term goals, and work culture. Chartered accountants plan the activity, risk, and marketing process and work according to the digital transformation. The strategic plan helps companies to implement technological changes.
Accounting firms want professionals with creativity to manage the competition and cost strategies. The digital transformation allows for an audit trail. The audit trail uses all the data and not the sample data. The advancement of technology is at a rapid speed. Auditors should spend time and apply creativity to understand the financial reports and strategies. The creativity and potential idea of chartered accountants improve price strategies, product sales and competition.
Collaborate with clients:
Client communication through digital channels helps for faster work management and client satisfaction. In modern days, the Ledger books, colour pencils, pens and calculators are repositioned by computers. Chartered accountants are bloated with voluminous data and struggle to find actionable insights. Chartered accountants need to be proactive. Chartered accountants check the things that are under control and out of control. Chartered accountants communicate with clients with an understanding of the financial misstatement and risk elements. Chartered accountants communicate digital transformation and its implications to the client in an efficient manner.
Recently, ICAI said that industries with large amounts of data should use audit trial software. The software clearly explains the data and changed data. Data management is the aspect that is given more importance in the auditing process. The mistakes and fraud activities are reduced using technology and skilled chartered accountants.
How do accounting firms see the digital transformation?
Digital transformation helps companies to thrive and survive. Competitors use digital products to promote the product. Accounting firms use digital innovations to achieve business sustainability. Data analytics improve audit quality. Artificial intelligence is part of strategic decision-making. Accounting redesigns the finance operations using RPA. RPA performs repetitive tasks with a high level of thinking. RPA technology helps to store customer information with data security, Chabot for an immediate response, invoice processing and data mining. The company should identify the department with errors and complex processes. Software companies or accounting firms use artificial intelligence and RPA to understand the different processes and bottlenecks in the organisation. To move forward and handle business development companies need digital transformation. Tools are available for digital forensic processes. Accountants should know about the latest technology available before doing forensic investigations.
ATMs, apps and websites eradicated the job roles like travel agents and bank tellers. The innovations move the job industry. For accounting firms’ technology is not a barrier but a boon. Finance industry benefits because of digital transformation. SAP, Oracle, Microsoft, FIS Global, NCR Corporation, and Fiserv are software companies working for the banking and finance industry. The IT industry is working for the betterment of the finance industry. Digital transformation is not a threat to accounting firms. It takes time for experts to adapt to the technology. Digital transformation is not a threat to accounting firms, it is a learning opportunity. The professional courses chartered accountancy, cost accountancy, company secretary ship, and MBA is changing the syllabus to prepare the professionals with a competitive element. Technology is the reason for the increasing competition in all sectors. Learning technology is useful for finance professionals.