In a report created by the Forbes magazine, it was found that more than 58% of the chartered accountants believe that technology can bring about great positive changes in their work today as well as in the future.
Moreover, as more number of chartered accountants step out from their conventional roles and offer other kind of services such as enterprise risk management, fraud detection, business management, international taxation and more, it is gradually become more than imperative to adopt technology in their work.
Here are some of the other ways in which the adoption of technology in their practice can lead to better customer engagement, satisfaction, and higher revenues.
Better Analysis
The foundation of any good business decision lies on meaningful extraction of data and its analysis. The more challenging the business environment, the more complex will the extraction and interpretation of the data. In such cases, advanced technology such as machine learning and artificial data can surely help in increasing the efficiency of operations. It can also help in modifying their business models and thereby reduce the risks involved.
Reduced Error Rate
The work of chartered accountants involves working with numbers all the time. These are no ordinary figures, but rather of a complex nature. In short, even the minutest of errors can have a long-term implications which can affect not just the finances but the reputation of the firm as well. The introduction of technology can not only help in detection of such irregularities but also bring down the rate of manual errors.
However, the introduction of any technologies involves a considerable monetary investment to be made. The bigger the firm, the more will be the investment needed. This is why a number of lenders including NBFCs (Non-Banking Financial Institutions) offer what is known as chartered accountant loans. These are high-value loans which are offered at competitive interest rates and at comfortable repayment tenors.
