The tax industry is at a tipping point. Success will become increasingly difficult, if not impossible, for firms that fail to recognize and address the bottom-line impact of new disruptive technologies. The significant changes brought by Organization for Economic Co-operation and Development (OECD)’s Base Erosion and Profit Shifting (BEPS) project to the international taxation industry compel firms to consider international tax rules and rethink investment strategies.
Tax authorities are going digital in a massive paradigm shift from e-file to e-match / audit, thus enabling real-time reconciliation, calculation and view of tax liabilities.
The continually changing accounting standards are forcing audit clients to embrace technology solutions for dealing with the new revenue recognition standards.
Apart from automating time-consuming tasks and advanced analytics, technology can be used for physical inventory observations with drones. With such holistic support, auditors can examine the more complex and higher-risk areas.
The industry is moving towards Smart / Digital / Real-time audit enabled by technologies like blockchain and drones. Auditing firms are expanding services through acquisitions of value-added resellers that sell, implement and support such software solutions.
Most of the accounting professionals believe that the development of intelligent automated accounting systems will be the most impactful force shaping the industry over the next 3-10 years, according to the Association of Chartered Certified Accountants (ACCA) study “Drivers of Change and Future Skills”.
Organizing financial information, examining data and assessing economic activity has never been simpler. Interconnected technology has made accounting both easier and more efficient. Accountants can have access to user-friendly software that can perform more complex functions.
The impact of technology on accounting is evident.
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Compliance Enablement is a primary service offered by Professional Services organizations. A humongous amount of time, effort and money are put into these manual processes, that too, with a high probability of manual error. Validation-as-a-Service (VaaS) resolves these issues by using end-to-end automation and Artificial Intelligence.
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