Accounting and Auditing Profession has gone through many changes in the past but the Questions comes in the mind of every CA are
- 1. How Technology will impact me ?
- 2. How Structural reforms in India will impact me ?
- 3. Can I increase my professional status by embracing technology ?
- 4. Can I increase my income levels by learning new laws ?
In this article I , CA Sanjay Kumar Agrawal is going to tell you how you can leverage the change for your maximum benefit. It does not matter whether you are in practice or in employment or self employed , when it comes to impact of technology , it is going to create new opportunities for everyone.
Till now , we used to see Artificial Intelligence (AI) and Machine learning (ML) in Hollywood movies and as a fiction. But today it has become part of our daily life with use of google, amazon, facebook , e-commerce apps and sites. Use of science on data will make job of reconciliation, tallying up , creating analysis , developing reports etc less significant , thus people are worried that AI and Machine learning will eat up lots of jobs which are existing today
Now , let’s assume many jobs will go off the board , but then what new will emerge is more important if you are targeting growth and success in your career as chartered accountant.
20 years ago I personally embraced ERP learning as a young chartered accountant and being from small town of Hathras, it was very odd for my other friends who were struggling with manual vouching and accounting. ERP opened up opportunities for me in Gurgaon, an emerging hub for Multinationals and enabled me to develop my professional practice with large companies.
Technology will not replace human values, our thinking abilities and application of experience to practical situation. This is more of human technology and with the help of using proficient tools like AI and ML, we can only expect professionals like Chartered Accountant of future will become more smarter, more productive and more efficient. They will be able to take up more clients, more tasks and help business with much improved quality of advice backed up with strong data analytics, instead of just mashing up numbers, reports and reconciling figures.
AIM here stands for Artificial Intelligence (AI), Internet of things (IOT) and Machine learning (ML). You can google to find out tons of material available on these terminology, but in short following changes are bound to happen in future for all Chartered Accountants –
Services will be high in demand:
- 1. Process Improvement
- 2. Cost Control
- 3. Profit Optimization or Capital Optimization
Services will go out of flavor:
- 1. Repetitive Tasks , Filling forms , Data Entry and Keyword based legal research
- 2. Data Reconciliation & Data based reporting , accounting and communication
- 3. Hiring Non-Tech people in accounting / auditing teams
So friend, my honest take is that we should AIM for AIM , instead of aiming against technology, let’s create enough scope for technology in our continuous learning program as professionals.
We, Chartered Accountants, are highly respected by Business owners and Top Management for our ability to think through complex business scenario and strong command over financial fundamentals. In today’s world technology is replacing human jobs very fast and as per world economic forum report, more than 35% of jobs of the future do not exist today.
You can learn about AIM from various platforms, websites, LinkedIN Lynda and EdX which are almost free and at ICAI level our initiatives will be to create enabling platform and trainers in these areas who can guide professionals who are interested to raise their level of expertise to cope with this change.
Contact me at email@example.com for any help you require professionally. Will be happy to support and connect you with relevant guidance.
#MrCA #MsCA #CAsanjay