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i For Technology

A presentation made by me at the annual Residential Refresher Course of Bombay Chartered Accountants' Society on 10th January, 2014

Ameet Patel

on 15 January 2014

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Transcript of i For Technology

i For Technology
Social Media For Professionals
Social Media –
what do you know about it?
Think again !
Time to reach 50 mn users
It helped Dell
It helps sell T-shirts..rather, it RUNS a large T-shirt business!
And it helped this plumber
Technology for CAs
Social Media
Mobile Technology
Cloud Technology
Other Issues

Social Media is all about building “Relationships”
Power of LinkedIn ..
.. at a click
It helped one of these car companies
Network with existing relationships
Leverage existing relationships to build new ones
Find new relationship opportunities
Convert “contacts” into “contracts”

For professionals like CAs,
Social Media can be very useful
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Bombay Chartered Accountants' Society
47th Residential Refresher Course - January, 2014

Ameet Patel
Car purchase decided, not by the size of Xylo ads,
but by the 22 recommendations here!!
A tool for creating a brand (without advertising)
You Tube
Talk about issues and your opinion on those issues
Similar to writing articles in the Institute’s or BCA journals
Except now you are trying to address your potential customers and not just fellow CAs
Create Thought Leadership
Build relationships
Yahoo Answers
Google Groups
Build your network…bigger the better
Participate in conversations
Q and A
Generate Leads
For large firms
For “well known” individuals
Online reputation management
What are people talking about
Responding to issues right away
Reputation Monitoring

Social Media is not about shouting out loud. It is about quiet conversations
You have to learn to listen, before you start talking
It is about creating “shareable” content. Your users (consumers) are also your content distributors
It is about lighting up a forest with a match stick
General Tips

Using LinkedIn for sourcing staff
Can Social Media help in selling?
How to use social media – see how Big 4 do it

How to use social media
– see how Big 4 do it
Power of Twitter – No. of followers
(as on 28th December, 2013)

Power of Facebook Pages –
No. of Likes (as on 28th December, 2013)
Power of Twitter – And where are CAs?
Foursquare is becoming popular
“Listening” is the in thing. Companies are spending lot of time, money and efforts in analysing what others are writing, sharing on SM
CAs will also need to “listen” on SM
Social Media – What’s new?

Ever changing
Gives massive power to the user
Can easily replace laptops and computers
Younger generation is always stuck to their mobile phones
Mobile Technology –
Growing Importance
Mobile Technology
Mobile Technology
Bendable Technology
Flexible screens
Malleable phones
Bendable phones that can be rolled up the sleeves or wrapped around our wrists
Phones that can be moulded into any shape that we want
Future Mobile Technology
Wearable technology
Google Glass
Activated by looking up
Can be controlled through voice and touch
GPS enabled and Wifi enabled
Projects a screen into our field of vision allowing us to view information while engaging with apps
Future Technology
Wearable Mobile Phones
Bendable mobile phones
360 Degree Screen
Facial recognition
Retina recognition
DNA identification
Future phones - security
Smart phones enable doctors to go mobile thereby allowing them to diagnose and treat illnesses from anywhere in the world
Future phones could:
Monitor hearbeat
Check blood sugar levels
Measure blood pressure
Send out auto alerts to doctors in case of problems
Smart Phones and Doctors
Mobile technology is fast changing and is extremely exciting. Almost every week, we see an advertisement of a new model of a phone being launched either by Apple or by Samsung or by Nokia or any of the other manufacturers. Most people are now buying smart phones and phablets. As people spend more and more time on their phones and phablets, what is it that we CAs can do in terms of using this technology?
Smart phones can easily replace your personal secretary (if you want)
Who will remind you about whom to call and when
Who will remind you where you are supposed to be at what time
Who will learn your routine and suggest ways to improve your day
Smart phones will be able to project interactive touch screens onto any surface
Smart phones & CAs
Instead of sending out emails, send out SMS or Whatsapp or BBM messages to clients / staff by way of reminders for various due dates
Creating apps for routine matters and encouraging clients to use the same. For example, bank summary or capital gains details. If a simple to use app is created and clients are encouraged to put in their data into the same and submit to the CA's office by way of an email, it would reduce the burden on the CA, do away with routine and monotonous work for the CA's staff and improve profitability
Instead of sending out tax alerts and newsletters, one could update the firm's app and the app could send out auto alerts to users that something new has come up on the app.
Mobile Technology & CAs
With wearable and bendable phones and many such innovative technologies available, we don’t need to tie ourselves to our offices or desks
We can work on anything in any place
We can access anything anywhere
In ITAT / Court / Arbitration / Meetings / Seminars / Hearings – everywhere, we can access contents stored either in the cloud or on the internet or in a server
Mobile Technology & CAs
Google Wallet allows users to store all their credit cards in one place and use the phone as a wireless wallet
Send money to any one in the US with an email address. It's easy, fast and free to send from your bank account or Google Wallet Balance.
If this facility is available in India too, what does it mean for CAs?
Contactless payments
Will you accept fees from a client via this facility?
Will your website / app permit such a payment to be made by a client?
If your client accepts payments from its customers, how would that affect the audit trail and how will you verify such transactions?
Contactless payments
Customer Relations Management
Version Management
DSC Management
XML Management
Other Issues
In a firm, various members have hundreds of contacts
In a year, large number of mailers go out to different sets of people
Maintaining a single database of clients / contacts etc is the need of the hour
Customer Relations Management
Version Management
DSC Management
XML Management
Other Issues
They have all migrated from their traditional places. And settled in a new land and the land is called…….
Convergence of technology
What lessons can we CAs draw from this?
More and more people desire to get wide range of services under one roof
Younger generation insists on convergence
Are you part of a one stop shop?
Are you an old Nokia phone or a smart Samsung phone?
Technology is telling us that its time for us to pause and think

Ball is in our court
for Technology
nformation Technology
for Technology
nnovative Technology
for Technology
nclination for Technology
for Technology
But most importantly

for Technology
ready for Technology?
keen on using Technology?
eager to move with the times?
have an eye for technology?
CA Samir Kapadia, Mumbai
CA Sachin BP, Bangalore
CA Ninad Karpe, Mumbai
CA Vaibhav Manek, Mumbai
(Future CA) Bharath Rao, Mangalore
Hareesh Tibrewala, Mumbai
Thank you
Thank you
Thank you
Sorry. It's this
diotic Technology
Thank for your patience
Cloud Technology
SaaS ≠ Mother in Law
PaaS ≠ Hindi translation of “near”
IaaS ≠ admission of the fact that
I am an ass
NaaS ≠ Hindi translation of steam
Cloud Technology
Challenges exist
Advantages exist
Choice is yours
Full transcript