Automation in Finance features: Chartered Accountants our bodies of India and UK releases Report

The Institute of Chartered Accountant of India (ICAI) got here up with a analysis report on Automation in finance features has been carried out in collaboration with the Institute of Chartered Accountants in England and Wales (ICAEW) and is the primary piece of joint working of this type between the 2 institutes.

The President of ICAI, Atul Kumar Gupta highlighted three essential and constant messages from the report.

Firstly, automation is important to the way forward for finance features. Far from destroying finance jobs, it takes over repetitive duties and permits accountants to spend extra time on extra worthwhile duties similar to evaluation, enterprise partnering, and technique. Automation additionally underpins entry to high-quality and well timed knowledge and subsequently is a key enabler to wider digital transformation in finance.

Secondly, to attain finest outcomes automation ought to be carefully aligned with course of enchancment actions and applied in an agile method. The examples shared by the businesses used quite a lot of automation instruments and applied sciences had been usually extremely focused and led by finance workers.

Thirdly, perspective and tradition are as essential as abilities on the subject of the impression of automation on individuals. There is a variety of effort and concentrate on upskilling accountants with extra know-how and knowledge abilities, in addition to the softer abilities to assist extra advisory or analytical roles.

However, the analysis emphasised the significance of perspective for instance, being open to alter, keen to study and check out issues out, and at all times on the lookout for higher methods of doing issues.

The CA. Atul Kumar Gupta, President, ICAI mentioned, “technology is changing by leaps and bounds and transforming the world around us. The accountancy profession is no exception and with the introduction of Artificial Intelligence, Robotic Process Automation, Blockchain Technology, IoT among others it becomes imperative for all to be vigilant and respond to the technological innovations to continuously improve business operations. Automation raises particular concerns about the future of jobs, and the report emphasizes the importance of upskilling and training finance teams in a range of areas, including data and technology, in order to thrive in this new environment. Automation, in most of our research examples, was reshaping rather than replacing jobs.” 

“Empowering staff to use automation technologies themselves, to generate ideas for automation, or to deliver more analytical tasks, was a key element of successful change. This was reinforced by the need for finance staff to have the right attitude, embrace change and be open to learning new skills. We are thankful to ICAEW for joining hands with ICAI and working jointly on this project,” he added.

Mr. David Matthews, President, ICAEW mentioned, “ICAEW is delighted to collaborate with ICAI on this report. Technology is transforming our profession, and automation technologies in particular raise profound questions about the future role of chartered accountants. However, automation also creates tremendous opportunities and helps finance functions to deliver more value to their businesses. Professional bodies such as ours can and must play a key role in sharing the practical experience of using these technologies and thereby help our members to thrive in a digital world.”

“We would like to thank ICAI for their partnership on this project. We believe that such collaborations between chartered accountancy bodies demonstrate the value of international co-operation and knowledge-sharing and showcase the depth and breadth of our member’s experience. This project has also given us a unique opportunity to learn from major companies based both in India and the UK, and we look forward to further collaborations with ICAI in the future,” he added.

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