Technology for Chartered accountants

Smart Technology for

Finance Professionals

CA Mitesh Katira

What has changed ?Before

Working is not correct

People are not trained

Too much of the queue

Termite has spoiled the Record

After

Software is not updated

Server is slow

Website is not working

Virus as corrupted the data

Are we at the “Whatsapp” Movement30 Bn Whatsapp per day v/s. 20 Bn SMS

Run by 40 people team

Digital Authentication made easy

Jandhan Yojana 20 Cr. Bank Accounts 30 K Cr. of fresh Deposits

1 Bn Adhar Cards - > 1 Bn Bank Accounts - >

11 Payment Banks Licensed

Mobile Wallets

Highest no. of e-commerce transactions are happening in India

40% of the e-commerce transactions happening on Mobile Phone

E-Commerce is expected to grow 4 times in next 5 years

IF an IITan can Disrupt

What is stopping a CA from doing so?

It’s the MindSet NOT the Skillset

Internet of Things

Is This the END??NO

It’s The DAWN of the GenNxt CA

“THE CYBER ACCOUNTANT”

In TECHNOLOGICAL matters TODAY’s Technology is OUTDATED

Tomorrow's Technology is PRESENTAND

THE Future TECHNOLOGY SAYS

“LOOK TO THE FUTURE”……..

What’s Cloud ComputingStorage at external location Processing from the external place (Devise agnostic)From anywhere (location agnostic)Pooling of resourceAt generally on “Pay as You Go” ModelBuilding a niche for management of infrastructure

Cloud benefits - For an userSaves Upfront costSaves Upgradation costManagement bandwidthPlug and Play modelAllows Quick Scalability

The Cell Phone is much More thanCall, Mails and Massages

It’s a A Networking Ground

A LibraryA Collaborator

A ShopEven A Doctor

A Personal Assistant A live Map

Must know Useful Mobile AppsVarious Acts and RulesICAI AppComputation of TaxCase Laws and JudgmentsAccounting and recording

Tips for Social MediaHave a effective Linkedin ProfilePost your views on the right forumsCreate a KIT BroadcastLike and Share interesting stuffStart a Blog

Optimization

Predictive Modeling/Forecasting

Randomized Testing

Statistical Analysis

“What’s the best that can happen?”

“What will happen next?”

“What happens if we try this?”

“Why is this happening?”

“What actions are needed?”

“What exactly is the problem?”

“How many, how often, where?”

“Why did it happen?”

Alerts

Query/Drill down

Ad-hoc reports

Standard reports

Predictive and Prescriptive Analysis (the “so what”)

DescriptiveAnalysis(the “what”)

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The Value of Information

Software & Hardware history of typical CA firm

Year 2005 2006 2009 2012 2014  Tax Base Gmail Google Calender Drop Box Papilio    Advanced Excel  Google Docs IPRO Canvass    ST Easy     CMS website          KDK

Just because we can afford somethingWe can’t Steel it.

Paying for License is to give credit to those who have made the brilliant piece of Software

Software Piracy is a Crime!!

Ideal Configuration• Pentium Dual Core Processors• Ram – 2GB• Sturdy Body• Cost ~ Rs 25,000Laptops

• IBM • RAID• For 5 to 15 users – 4 Core• For 15 to 25 Users – 6 Core• For 25 + users – 8 core

Server

Thin Clients are Frugal way of working on the network and cost ~ Rs 6,000

Tips to avoid tangles•Whenever you buy the hardware, make sure you install proper licensed software – Make sure you use commercial license for office•Buy license from authorized dealer only•Never install unnecessary software•Put a sticker on PC for the license details

OpportunitiesFinance Process OutsourcingProcess ConsultingIntegration ConsultingTransaction AdvisoryData AnalyticeForensic AccountingIS Audit