Use of technology for professionals

1. Use of technology for professionals CA DungarChand U Jain 26-Apr-2019 | Ernakulam Branch of SIRC of ICAI Lake Palace Backwater Resort, Alleppey

3. DISCLAIMER : All products / apps mentioned in this presentation are only suggestive. The objective of this presentation is not to promote any specific product or app but only share my thoughts on how to leverage using technology.

4. Then… & Now…

5. Size • 450 million daily active users in Q2 2018. • How many to manage this ??? WhatsApp has 55 employees and 50 engineers.

6. Evolution • Digital Signature • Digital Authentication

7. Impact & future…

8. N EXT • Thin Clients • Cloud Computing • Social collaboration • Digital Service delivery • Big data • Payment systems • Cyber security • Robotics • Augmented and virtual reality • Block Chain • Artificial intelligence

9. RPA – Functional Areas • Human Resources * Payroll Administration * Benefits Enrolment * Data of Employees Management * Management of Claims * Tracking of Leave Applications * Routine Query Management • Finance & Accounting * Accounts Receivable (OTC) * Procurement/ Sourcing * Order Management * Invoice Processing * Billing Management * Records to Report (RTR) • Customer Services * Billing Support * Query Management * Compliance Management * Order Processing * Sales Management * Subscription Management

10. RPA - Areas • Accounting Close • Tax Function • Auto reconciliation of inter-company transactions • Review accounts to ensure consistency with the prior year and note changes. • Invoice Reconciliation • Management Reporting and Analytics • Streamline data preparation and sourcing for management reporting; • Time and Expense Process Streamlining

11. Evolution of Desk…

12. Computers ??? • Networking • Library • Shop • Doctor • Personal Assistant • Live Map • Camera • Music Player • Phone Book • Photo Album • Calendar • Alarm Clock • Mail • Flash Light • Taxi Services • Bills Payment • Note Pads • GPS • Scanner • Remote • Video Recorder • Game Player • Newspaper • Speaker • Health Monitors • Video Conf. • Compass • Timer • Books • Landlines

13. Interaction • Talk • Write • Electronic / Digital Email SMS Apps viz. Whatsapp, FB etc., • Chromecast – Screenshare, Video Conf – Webcast – Skype, Google Hangouts etc.,

14. Office Systems • Say NOto PIRACY, Use original Softwares – OS, MS-Office • Data / Ransomware • Thin Client – N Computing • Open Source S/w. – Open Office, 7zip • IT, TDS • GST • RoC • Computax, Genius, Winman, Reylon, Spectrum

15. App #1 Profession Shortcuts / of website • IT - AaykarSetu • GST – CBECGST, GST Rate Finder, GST Helpline • ICAI Now • SIRC App (coming shortly) • CA Updates • News – Economic Times, Business Standard, The Hindu

16. App #2 Storage - Safety • Personal Cloud – 2TD HDD – Google drive, Drop Box • CCTV • IP / Network Printer • Anti Virus

17. App #3 - Organiser Google Keep • Android | ios | web • Note-taking - Save what's on your mind • Things to do • Change order with ease • Collaborate – Share notes with specific persons • Alt – Evernote, Any.do

18. App #4 – Documents • Cam Card • Scans business cards & saves in jiffy • Cam Scanner • Scans documents instanly • Proper Alignment • Can be shared immediately

19. App #5 - Sharing • Push Bullet • Shareit • OTG (physical)

20. App #5 Simplifier • QR Code Reader, Camera • URL Shortner – bit.do, bit.ly

21. App #5 Utility • Cabs – Ola, Uber, Red Taxi • Banks - IMPS, NEFT, RTGS • Stock Market – iifl, icicidirect • Elec. Bills - TANGEDCO • Mobile, Tel. Bills, Post Paid – Airtel, Vodafon • Shopping – Amazon Prime, Amazon Business

22. App #5 Connectivity • Skype • Google Hangouts • GoToMeeting • Blue Jeans • Webex

23. App #6 Assistance • Google Assistant • Haptik • Text Scanner / OCR Reader • Photo Math / Hype Calculator

24. App #7 Knowledge • Magzter • World wide Magazines • Can Share with 4 people

25. Hard reality • In Next 5 years, every accountancy firm will give clients an app they can use to access their business/accounting data from a mobile device such as a tablet or smartphone. • The profession must develop new ways to measure and value technology costs and benefits for the world of cloud computing and social networking. • Accountancy profession will shrink as software vendors build progressively more finance expertise into self-learning products and services. • The CFO of the future will need to know as much about technology as they do about financial management. • Unless accountants embrace technology they will follow the dinosaur into extinction – individually and as a profession. • By 2020 audits may well be real-time. Regulators will conduct them automatically pulling data in from business systems and sensors embedded in everything – from stock to livestock and even human beings. • If accountants do not position themselves as subject matter experts on emerging trends such as crowd funding and new payment platforms then other professionals will. • Accountants must exploit emerging technologies to attract talent and to develop and manage existing talent. • By 2025 all digital data will be available to everybody. • Technologies like Block Chain, Artificial intelligence and Robotics will play bigger role.

26. Be Careful, Be watchful !!! • Passwords • SIM Swap Fraud • Juice Jacking • OTPs • Email / SMS - Phishing • Permissions • Photographs • Google Maps • Privacy

28. Technology – Embrace it !!! or Be embrassed !@# • CA DungarChand U Jain • dcjain@icai.org