From papers to laptops, classrooms to online classes, from files to hard drives and forms to online registrations. Today’s way of life seems to be path-breaking in ways more than one. Adapting to the times, every field of work is going through major transformations. The field of finance and accounting is no exception to this growing trend.
New technologies are replacing old rules and creating a world like never before. If change is pacing up, the wisest thing to do is to be prepared for the new world. While India is already introducing major reforms in its laws, practices, and regulations. Let’s see what Chartered Accounting will look like in the upcoming time.
Digital Accounting will get further automated
We’re moving towards the age of automation. New technologies are already leading the game and it is only going to grow. Subjects like Digital Accounting are embracing technology advancements. They also helps in enhancing an accountant’s ability to interpret and report data effectively.
“The world is focused on automation and therefore professional accountants need to combine digital skills with emotional intelligence. Accordingly, our efforts, initiatives and activities during 2019-20 would focus on imparting futuristic global knowledge in research and learning. ICAI will support, fund and take up research on issues that have local and global impact,” says newly-appointed president of ICAI, Prafulla P Chhajed.
Young entrepreneurs will be leading every industry
The future will see young generations taking the lead in most aspects of almost everything. This means their expectations from an accountant would be a lot more than just accounting. The passionate leaders will need their CAs to have an approach of partnership. Promptness, enhanced operations, evolving technology, transparency and personalized approach, will be of great importance in the future.
Skills beyond accounting
Those days are gone when an accountant’s expertise was limited to computing or legal knowledge concerning finance and accounting. Now, apart from these, CAs are required to have skills like good communication, relationship management, consultation and more. In the future, when the nature of demand changes, one will have to be adaptable – again a skill to be learned. These skills will help one have stronger, stable and futuristic clientele.
Protecting the sustaining ethics and values will be vital
While we would be acclimatizing to the new technologies. A challenge that we will be facing is to living up to the ethics and values that we have sustained for so long. Given the speed with which technology is changing, being highly ethical will be of great importance.
Growth in globalization will be a great opportunity to capitalize on
If you thought the scale of foreign investment has increased over the last decade, wait for the next one. The future will see many more global partnerships, mergers and acquisitions in India. It would bring new laws, regulations and operational systems. This means, at all times, as an accountant, one will have to be prepared to embrace big changes and reforms.
In a nutshell, evolving technology will be ruling the future of Chartered Accountants, and now let’s be prepared for it already!