Digitising your Practise – The mantra for today!
Due to the rapid advancement of technology, the accounting profession is experiencing a profound transformation. Chartered Accountants (CAs) are no longer restricted to manual accounting and number crunching. The advent of technology has created new opportunities for CAs to extend their services, improve their operations, and provide clients with more value. There are several advantages to implementing technology in a CA office, including greater productivity, accuracy, improved efficiency, data security, and customer interaction. This article will cover how CAs may utilise technology to enhance their profession and remain competitive. Whether you are a seasoned practitioner or a newcomer to the industry, this article will give you valuable insights into how technology may elevate CA offices.
Modernising the accounting profession via digitisation has the potential to automate the way CAs do their tasks and provides various advantages. Digitising a CA practice involves utilising technology to automate various aspects of the practice. This can include automating data entry and bookkeeping, using analytics to provide financial insights, automating tax-related documentation etc. While these can provide several benefits, such as increased efficiency, accuracy, and cost savings, one should know how to get started carefully. Here are some steps to digitise a CA practice:
1. Identify areas that can be digitised.
Mundane and repetitive tasks are the most common tasks that can get automated. Similarly, tasks performed for multiple clients with minor variations in process can be automated. In a CA office, the most popular tasks include automating data entry or record keeping, sending auto alerts/reminders, using pre-defined templates for gathering data etc. One should also consider the importance of obtaining digital documents such as digitised versions of bank statements or syncing client bank accounts with accounting software, etc.
2. Selection of the right tool
The avenue for digitisation should be followed by choosing the right tool. For instance, Zoho Books automatically syncs customers’ bank accounts and imports bank transactions. This eliminates the need for manual data entry and reduces the chances of errors. The accountant’s focus is to ensure the appropriate classification of those transactions. Similarly, Zoho Invoice can generate invoices automatically from estimates, recurring invoices, and timesheets. It also has features of integrating with payment gateway and receivable management, such as payment reminders. Zoho Expense is an expense/reimbursement management tool that can help automate the process of tracking and submitting expenses along with a pre-defined workflow. Zoho Payroll can process payroll for employees or clients and generate instant payslips and tax deductions.
3. Adopt a cloud-based solution:
Cloud-based solutions provide various options, including anywhere, anytime access, a secure authentication process and the ability to collaborate. Many solutions also have mobile apps, thereby giving flexibility in operations. Zoho’s solutions are cloud hosted and available across multi-devices and operating systems and can be accessed from anywhere.
4. Utilize digital communication channels:
Collaborating and communicating digitally using channels like email, chat, and video conferencing to share with clients and office colleagues reduces the need for face-to-face meetings and improvises efficiency. Zoho Cliq streamlines team communication to make work happen anywhere. Interestingly Zoho Cliq was awarded by the Indian Govt. as the best Indian App for Office productivity, and its basic features are free.
5. Training the Team
Building and training teams ensure there is continued momentum in the digitisation journey. This is the make-or-break action that could upkeep your digitisation journey. How effectively teams adjust to the new technology will determine the success of the digitisation journey. Ensuring that team members have received sufficient training in using any new software or technologies is essential. Fortunately, Zoho video resources and blogs are rich in content and help users quickly grasp the basics and Zoho support can be reached in case of necessity.
6. Invest in cybersecurity:
While everything is digitised, it is crucial to ensure that data is safeguarded. Financial information is the most popularly targeted domain in today’s world of cyber-attacks. Investing in cybersecurity is critical to protect client data and maintain confidentiality with the increasing amount of sensitive data being stored and transmitted online. At the same time, defending clients’ privacy using a reliable data management system is also required. Zoho Suite of products is developed in mind keeping the Security and Privacy of the data while ensuring compliance with data localisation regulations of each geography.
7. Implement workflow management tools:
Workflow management tools can help streamline the workflow, increase productivity, and reduce errors. They can automate client onboarding, document management, and reporting tasks. Zoho payroll, Zoho Books and Zoho Invoice can create customised workflows, maker checker controls and approval hierarchies.
Below is an illustrative list of Zoho tools that can be adopted in the CA office:
| Zoho Product | What is it? | How can it be used in CA offices? |
|---|---|---|
| Zoho Books | Cloud-based accounting software | Automate accounting, invoicing, follow-up, expense tracking, bank reconciliation, GST reporting etc. |
| Zoho Payroll | Payroll solution | Simplified payroll processing and managing statutory compliance with built-in integrations with Books, HRMS, expense etc. |
| Zoho Expense | Expense Management | Expense/reimbursement management tool that can help automate the process of tracking and submitting expenses, including approvals, payments, and reports. |
| Zoho Email | Email Solution | Secure email solutions for CA offices |
| Zoho Cliq | Chat / Communication solution | Communicate within the team and collaborate, meet and share |
| Zoho Sign | Digital signature tool | Helps in document signing and verification, client onboarding, contract signing etc. |
| Zoho Analytics | Powerful analytics engine | Business intelligence and reporting tools that can help with data analysis and visualisation. It can also help with financial analysis, performance tracking, and other reporting requirements. |
Zoho ICAI MOU:
Under the MOU with ICAI, Zoho Finance Suite of products offers accounting, expense reporting, and payroll apps for FREE for three years to Chartered Accountants. With Zoho’s powerful financial tools, digitising the CA office and one can collaborate with staff effortlessly.
For more details, visit https://www.zoho.com/lp/books/chartered-accountants/
In conclusion, digitising a CA practice requires the right approach and tools, and it can provide significant benefits in terms of increased efficiency, accuracy, and cost savings. The key is to choose the right software, adopt cloud computing, utilise digital communication channels, invest in cybersecurity, implement workflow management tools, and train employees to use the new system effectively.
Author
The author CA Narasimhan Elangovan, is a practising CA and partner KEN & Co. He is a GRC Professional, a Digital transformation catalyst and an author. He believes in the power of technology to solve everyday problems. He can be reached at narasimhan@ken-co.in
