Today, technology is empowering every sector, and finance and taxation are no
exception. Reports suggest that, according to 58% of respondents, technology will
have a major impact in the next few years on how audit is done.
Consequently, it has become extremely crucial for CAs and tax experts to stay
updated with technological advancements. If you are also curious about
technological advancements in the finance sector, this blog is for you!
In this article, we’ll discuss the various benefits of technology advancement for CAs
and tax experts and what the future holds for them.
So, let’s start!
The Benefits of Technology Advancement for CAs and Tax Experts
Here are some of the key benefits of technological advancement for CAs
and tax experts —
Boosted Efficiency
Like every other profession out there, technology also makes the work so much
easier for CAs and tax professionals. Automating boring and ordinary
responsibilities like data entry and calculations frees up time and allows them to
focus on extra vital, strategic work. With tech-driven workflows, the work runs a lot
smoother. Technology helps in eliminating redundant work, leading to increased
productivity.
For example, tools like cloud accounting platforms and tax software save a lot of
time and help keep everything on the right track.
Better Accuracy
We can’t deny the fact that tech accuracy is unmatchable. Automated work systems
eliminate the probability of human error, ensuring spot-on calculations and
perfection in tax return filing. Moreover, technology also allows tax professionals to
stay up-to-date with the latest tax laws and regulations by providing accurate
information.
Improved Client Service
With technology in hand, CAs and tax experts are able to keep in touch with clients
promptly and give them proactive updates and personalised solutions, taking client
service to the next level. CA and tax professionals are able to add an extra layer of
convenience and satisfaction to their work by providing client services anytime,
anywhere.
Emerging Technological Advancements for CAs and Tax Experts
Every profession in the world is changing with emerging technologies, how come
finances are an exception? Let’s look at some emerging technologies for CAs and tax
experts that’ll change the way they work —
Advanced-Data Analytics & Machine Learning
Data analytics and machine learning, along with AI, are the core of the tech
revolution. This tech will allow tax finance experts to work smarter, increasing
efficiency.
Let’s understand this with a few examples –
● Super Accurate Tax Calculations: Tax calculation is a segment that expects
zero calculation error. With machine learning consuming huge amounts of
financial data, the chances of calculation errors become null.
● Predicting Future Tax Liabilities: With machine learning, CA and tax
experts can also help their client businesses stay ahead of the game by
predicting future tax bills.
● Spotting Fraud: A key feature of machine learning is to spot odd patterns.
This can significantly help in catching potential frauds or mistakes before they
account for a big issue.
Natural Language Processing (NLP)
Natural language processing, or NLP, effectively makes everything simpler for
finance experts.
● Tax Law Interpretation: Often, interpreting complicated tax laws takes much
time and effort for CAs and tax experts. However, NLP makes this
interpretation seamless and provides finance experts with real-time advice.
● Easier Filing: It isn’t much longer that NLP will allow CAs and tax experts to
fill taxes with just voice commands.
Internet of Things (IoT)
As we all know, IoT is the future. Well, it will also impact the finance world, for all
good reasons! IoT can make the audit process quite fast and accurate by sending
real-time info to tax authorities.
As a CA or tax expert, you might be facing difficulties in reminding your clients about
different deadlines.
So, KarrTax has recently launched a solution to this problem, i.e., “Magicc Tax.”
Read on to learn more about its features more!
Features of Magicc Tax
● Magicc Tax will create a customised message that’ll be automatically sent to
your client three days before every due date. Plus, there are two templates
available, i.e., an Email template and an SMS template. You can select the one
that suits your preferences.
● The best part is that you get a 14-day free trial to explore the tool’s unique
features.
● Some of you might be concerned about security as the tool will use your
client’s personal data. But rest assured! It is made with top-notch
cybersecurity best practices to protect your personal data from unauthorized
entities.
● Magicc Tax pricing is super affordable because we want this tool to be
accessible to every tax professional out there.
1) Email Reminders: Rs. 1.5 per month for a single client.
2) Email + SMS Reminders: Rs. 2.5 per month for a single client.
● You can manage all your clients, whether it’s GST or Income Tax ones, all on a
single dashboard.
If these reasons are convincing enough, click here to get started for free or write to magicc@karrtax.in to get in touch with our team, and they’ll help you get started with Magicc Tax.
Conclusion
There you have it – a complete guide to the benefits of technology advancement for
CAs and tax experts.
We certainly hope that this blog made you understand the importance of staying
up-to-date with technological advancements in order to ace the profession.
After all, technological advancement won’t replace you, but people adapting to technological advancement will!
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