Technology has amazed us always and with the current fast pace of changes it is easy to predict what is going to be the big hit next. Today India has 900 million people using mobile to connect, transact, consume video and other content and it is becoming a tool for making payments and receiving payments.
There are applications allowing mobile user to do accounting, generate MIS and complete their compliances as well through smart phone or using web interface. Robotic Process Automation ( RPA) as the name suggest is not something very new to us, it has been used in factories to produce, package milk , medicine and do all sorts of repetitive tasks where involvement of human can cause error.
We all know that error caused by human can be fatal if there is process failure or bad intentions are involved for cheating or fraud. Therefore large companies or even mid size companies are now adopting process automation to reduce their dependability on human resources.
How RPA will bring changes in Accounting, Auditing and Taxation Profession?
Lots of activities like vouching, reconciliation, capturing, uploading, downloading, reading and proof reading of data, reports, numbers etc require repetitive action or a set pattern of tasks followed on excel sheet, word files and dealing with remote server or cloud server of client. Many times junior staff simply process the data in certain formats to make it compliant with return formats or upload into ERP or Accounting system.
Imagine if all these activities in an organization are mapped through RPA and readymade tools are deployed to do these activities, then mere training to the staff to handle these tools will significantly FREE up their time to do more research, analysis and predictions for the client.
Audit function will change from normal ticking or categorization of working files, to more deep study like forensic Audits. Currently we have observed that forensic auditors appointed by Creditors in defaulting companies have resulted into finding more skeletons in the cupboards, which were not highlighted by statutory auditors. Of course , objective and scope could be different and therefore we cannot compare these two audits , but think about the productivity and efficiency of a normal chartered accountant can increased significantly , provided he is able to use RPA tools and look at the data from different perspective like Business owner to add value from his / her findings .
Very soon these tools will become quite popular because after GST in India , Government Is endorsing automation and de-humanization in the process of check-post , audits , assessments , input matching, tax payable , classification and dispute resolutions. Developing robust processes for your clients and leveraging the true value of RPA tools and technology will help Chartered Accountant gain lot of respect from client by adding value in terms of predictive analysis and highlighting aberration and gaps in the process.
20 Years ago when I came to Gurgaon from Hathras, a Small Town from UP, it was technology ( ERP) which excited me and I build my career by bringing technology in core practice. This is the time all young chartered accountants whether in job or in practice, should keep close watch on technology development and adopt them for your advantage before they become disadvantage.
Call me or connect with me through www.casanjay.me for any guidance on how you can increase your professional powers by networking, collaboration , technology and render better to best services to your employers and clients.
CA Sanjay Kumar Agrawal