How CA Profession in Digital Era Working Simultaneously?

The shift from manual to automation, from physical to digitization and from traditional to innovation has moved us from showrooms to smartphones, from the movie ticket window to mobile apps, from paper returns to digital (paperless), and from physical currency to Cryptocurrency.

This has spawned out a condition where the professionals should completely abandon the modus operandi and entune themselves with the latest inventions.

The automation, digitization, e-commerce are some well known and popularly adapted terms but cryptocurrency is something new, which only a few individuals are acquainted with.

Cryptocurrency has been given to us by the blockchain technology, a technology which has left a great and inevitable impact on our economy. Blockchain technology is envisioned as accounting technology and holds great value for any individual of any profession, especially for the CAs.

Now we will discuss why this technology is significant for CA professionals and why it is referred to as accounting technology:

Blockchain can be correlated with the transfer of ownership of assets. The accounting profession is also connected with the possession over the property as it ascertains and measures the rights and duties over the property and plans the best allocation of financial resources. So, the blockchain technology can provide clarity, over ownership of assets and obligations related to them, to the accountant and can tremendously boost their efficiency.

Blockchain has the capability to improve and refine the accounting profession by curtailing the maintenance costs and cost of ledger reconciliation.

Blockchain is helpful for accountants in ascertaining the information about the available resources and existing obligations of the organizations. In this way, blockchain can be very beneficial in abandoning the unuseful resources and let CAs focus on planning and valuation, instead of record keeping.

Blockchain helps the auditor to audit and comment upon the IFC (Internal Financial Control) of the company. If the auditors are well trained for the latest technology, he/she can easily discern and comment over the controls which are exercised by the client in the Digital Financial systems.

The stakeholders of the Company are dependent upon the reports of the auditors. An auditor who is well-acquainted with the latest technology like blockchain can give a fair view to the stakeholders. A CA professional who uses blockchain technology can increase the level of reliability of the stakeholders on the accounts reported by the Company.

In today’s digital era, the training of accountancy should be combined with blockchain technology to germinate techno-ready accountant. Blockchain is an opportunity for the newly qualified chartered accountants to ease their tasks and be full-fledged ready to survive in Digital Environment. Every professional should go hand in hand with the advance innovation to grab a win-win situation.

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