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COVID-19 Lockdown| How can CA firms go digital?

mansi 
on 25 May 2020

LinkedIn


Every imagined an office of a practicing Chartered Accountant without paperwork, files, or books? Every wondered someone running a CA practice with just working on a laptop.  Sounds weird right?

However due to the current challenging situation the whole world is facing, as a CA who is working somewhere or a CA  who is running his/her own firm, it is particularly important to analyze your firm’s digital quotient and make it tech-savvy. The world is changing and so are the business practices. The working style of CA practices is also taking a shift towards opting for more technological solutions instead of piling up files and papers and being dependent on them. Information Technology (IT) plays a crucial role in the Chartered Accountant profession today. CAs/CPAs require IT, irrespective of whether they practice or do jobs . Many of the tasks that CAs currently perform will soon be automated by sophisticated technology. Instead of escaping from technology, we should adopt it and create new opportunities out of it.

How can CA firms go digital

My name is Mansi Chadha and I am also a practicing CA. This is how I made my firm tech-savvy and not dependent on any manual thing. My firm’s operational efficiency was not affected at all amidst the COVID-lockdown. This is how you can also do the same:

1. DIGITAL SIGNATURE SHOULD BE YOUR ONLY SIGNATURE

Gone are those days where you sign papers through physical signature. Try to make it a practice to sign every paper digitally, this will help to reduce the physical files and will create your data accessible from anywhere.

2. PARTNER WITH SOLUTION PROVIDERS

There are a lot of cloud solution providers, customized IT software that can be accessed from anywhere keeping in mind the data security guideline. Try to incorporate these solutions to ditch the traditional way of working. A small investment can make your work more productive and easier.

For example, Ditch the traditional tally software which requires a server connected all the time for accounting and book-keeping. Instead Use Quick Books, Zoho books, Xero, Tally Cloud. This might seem a bit difficult initially, however it will increase productivity and efficiency.  One can eliminate employees’ physical presence in the office for these kinds of job areas.

3. MANAGE TEAMS BY WORKING ON GOOGLE DRIVE

I must tell you that Google Drive is a life saviour. Tracking work of employees, managing Job List, working, and reviewing together or storing important files. It is one of the most important applications to use. Easy access anywhere and everywhere. One does not have to wait to even open his/her computer to view the files. It's like an on the go thing.

4. TRY TO COLLECT DATA DIGITALLY OR CONVERT IT INTO SOFT COPIES AS SOON AS YOU RECEIVE IT.

We usually have complaints about the mode of receiving client data. Most of the times it comes in hard copies. We should try and train the clients to be digitally equipped or give them the platform to send their data digitally in a hassle-free manner. In today’s circumstances, as a Chartered Accountant we should educate our clients about how important it is to be digitally equipped and well versed with the upcoming technology.

5. DIGITAL REVIEW

Instead of calling the employees to office for reviews, try to instill a practice of digital reviewing through video conferencing, review notes, continuous tracking online. It will increase team responsiveness and work will become faster than earlier.

 
 

Although there are a lot of services and projects which still require constant physical presence and paperwork, however, we can still do a lot of work digitally which will help us save time and money. It will help us to diversify and survive in a world full of opportunities and competition.


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