India boasts a significant number of self-employed and salaried professionals, consisting of individuals working as engineers, doctors, chartered accountants, etc.
They contribute to a large portion of the nation’s workforce, with over 15% of the total 473 million professionals partaking as entrepreneurs.
Self-employed individuals often form the backbone of their respective industries, leading the trade with a head start in technology and the latest innovations.
Professionals like CAs should focus on investment in the turn of this new decade as it will allow them to reap significant benefits over the duration of their careers.
Advancement in chartered accountancy
The adoption of technology has the potential to transform the accountancy profession into a proactive stream, with customers and professionals working in collaboration to find more efficient capital management.
Businesses across India have been readily implementing these advancements, thanks to a better understanding of the matter and the availability of financial assistance in the form of a professional loan.
Chartered accountancy witnessed the introduction of several new technologies in its platform. Advanced algorithm-based analytics, the introduction of centralized networks, big data, etc. has impacted conventional methods of auditing.
These technologies are used to augment an accountant, helping him or her to go through a vast amount of data in a quicker and more accurate manner.
The introduction of several new rules regarding taxation has also required the adoption of technology.
For example, the implementation of GST was followed by the marketization of several GST software that CAs should invest in.
Why professionals should invest?
Apart from the convenience and ease of use, there are several other aspects that entice professionals to invest in the coming advancements.
Take a look –
1. To reduce errors
Every financial year, accounting firms pay substantial fees to their customers to compensate for incorrect reporting and valuations. This can snowball into a professional hazard, robbing organizations from large chunks of its working capital.
Advancement in automated data handling and implementation of the same into accounting software is likely to reduce errors by a significant margin.
Although these tools are not immune to mistakes, they can contribute to reducing man-made mistakes like double counting and ignoring certain financial statements.
There are several such tools available in India, and even the top accounting software packages come within an affordable rate to allow professionals to purchase them.
2. To pool more data
The advent of neural networks witnessed significant improvement in the methods of collecting, analyzing, and processing information. These self-learning technologies refine their analytical capabilities as they process more information and are capable of collecting data from non-traditional sources, providing a broader picture to accounting firms regarding their client’s details.
The introduction of AI has been one of the top trends for CAs. They often collaborate with data firms for this purpose, creating the necessary infrastructure with the help of financing collected from a professional loan for chartered accountant.
3. To improve customer experience
- – Studies show that brands can leave up to 20% in their annual revenue if they do not achieve customer satisfaction. The nature of operations for CA firms often requires real-time client coordination, ensuring better compliance at work and final reporting.
Firms often resort to cloud computing to create a seamless business-customer interface. This leads to the sharing of classified information in a secure manner, as well as effective data storage and management. Firms can also extend their reach with these services.
Any added cost of setting up such infrastructure can easily be undertaken with the help of a loan for chartered accountants.
These advances come with easy to meet CA loan eligibility criteria, flexible repayment tenor, and substantial loan amount, which can help bridge any financial requirements one might face.
Almost every reputed financial institution, including NBFCs like Bajaj Finserv, offers such credits.
Investing in one’s own domain can provide several benefits to professionals, helping them grow their organization’s reach by a significant margin. It allows them to cater to the increasing demand and stay ahead of their competitors with ease.