Revolution in Finance and Accounting with Automation Trends and Techniques

The 21^st century is known to be a pioneer in technology. Needless to say, this is the Tech-Age. And thus, with each passing moment, the cutting-edge technology is making our lives easier, comfortable, and fast as well. Technology has now been introduced in almost all sectors of human activity which has resulted in more accuracy, decreased manual efforts, cost-effectiveness, etc.

With a view to taking technology to the next level, the futuristic trends and techniques are sure to bring about sweeping changes in the field of Finance and Accounting too in the coming years. And definitely, this will transform the complete facet of this sector.

Introduction and Implementation of Automation in Finance and Accounting will not only make bookkeeping and accounting efficacious and easier but also will change the way businesses manage their finances. Furthermore, real-time business insights will accelerate the growth rate of the company.

Another reason why automation is of paramount importance is that it facilitates the utilization of the resources effectively and minimizes the lag in the flow of operations. Some of the areas where automation has brought about jaw-dropping changes are planning, budgeting and forecasting, financial reporting, operational accounting, allocations and adjustments, reconciliations, intercompany transactions, and timely closing. Simply put, the organizations are able to streamline their business processes adequately with the advanced concept of automation.

Automation leads to new opportunities.

Now, let’s take a look at how the automation trends and techniques are paving way for a simpler and novel approach to accounting.

Cross-Functional Insights

Automation helps in integrating the systems and processes of different departments of an organization. These departments may be supply chain, marketing, sales, human resources etc. Hence the employees across the organization shall become capable enough to share precise data sets and other information consistently with each other. This will help the departments keep a track of the workflow in the other department.

Risk Assessment

Having timely access to accurate information about the organization, running automation scenarios by finance experts with different sets of variables, like interest rate, inflation, or currency fluctuations; to assess both potential cum procurable risks in the existing competitive markets as well as helps them harness opportunities in nascent ones.

Enhanced Global Approach

Automated functions enable the accounting industry to abide by the regulations in different countries, provide multi-language and multi-currency support, and automatically support accounts from local subsidiaries. Thus, the organizations enjoy a real and seamless experience with an enhanced global approach for their business.

Reinforcing Finance in a large sphere

Automation and machine learning would definitely do away with the time-consuming traditional accounting in near future. In simple terms, now the finance team will be efficient enough for expending most of their precious time towards profitable ventures.

In other words, the time will be properly allocated to different tasks. The remaining hours can be devoted to other significant projects, making the finance department more proficient. Manual efforts and errors both will be completely eliminated. And ultimately things will become easier, faster, and more precise.

Inimitable Protection Proficiency

Cybersecurity has become a threat and a burning issue that is now become a major concern. In the present arena, each and every department needs to be prompt, vigilant, and proactive. Having witnessed the recent issues pertaining to data breaches, cybersecurity can’t be overlooked.

With no exaggeration, it can be easily predicted that in 2019 the finance and accounting sector will initiate the lead for strengthening its security. The organizations will be ensuring that proper financial controls with automation techniques have been placed properly and better visibility is provided for financial or accounting data.

Being endowed with finance and accounting automation, it will be possible to fight cybercrime.

Conclusion:

As computing perfection and efficiency is increasing by leaps and bounds, advanced technologies like machine learning, RPA, and huge data analytics will execute the complicated transactional tasks just within a shorter timeframe. We, in finance and accounting, will be able to explore the financial facts of pivotal significance to an organization’s accomplishment in close to real time. Eventually, the demand for specialized finance and accounting professionals to interpret the strategic value of this data will boom in the coming years, with excellent jobs being created to interpret automation insights.

We know the famous proverb that “Run with the demand of the age”. So, the context becomes relevant in terms of the future of Finance and Accounting Automation with futuristic trends and techniques in 2019. Organizations that obtain it only at the right hour will definitely win the leading positions in the highly competitive marketplace.

Kapil RANA, Author is the Founder & Chairman of Hostbooks Limited

kr@hostbooks.com

Autonomous Vehicle (Robocars) - Future of Tranportation

A Brief Discussion about Robotic Vehicles

Machines are taking over humans increasingly on every advancement technology. As mobile phones and internet technology have curtailed the requirement of travelling or posting a letter manually in order to share any piece of information.  Today, there is no human sphere that can escape from the robotic, mechanic and cyber affairs of the technology.  

Autonomous vehicle is just another attempt towards unmanned technology. Many of my readers might have experienced riding the driverless cars in their fanatic dreams as kids. Science has just made it possible as robotic car can run on its own without driver by sensing the environment and navigating.

The concept of autonomous cars is not infant as it associates a good history with it. The precursory versions of the automated cars include the "linrrican Wonder" in 1925, Navlab series by Carnegie University (1980s). ALV projects (1984) and the Eureka Prometheus Project (1987) were also about the robotic cars. Not to count the various prototypes developed by different research organizations since then.

How it works:

Tools and techniques like GPS, Radar, and computer etc. help these cars in detecting the surroundings, navigating the routes, and identifying the obstacles and different cars on the way to the desired location.

To discuss about the amazing benefits of cars going driverless:

Lower accidental death rates. Lower insurance costs and other costs associated with it. Least traffic congestion. Eliminates the cost spent on hiring a driver. A perk for those who cannot afford a driver or are naïve drivers like elderly people, specially abled people and kids. Calling a cab would turn more convenient, faster and easier. Travelling would turn a leisure with more time to do your work on the way and much more.

Concerns:

Where there are numerous benefits and perks of owning a driverless car, there are certain concerns as well. To discuss a little about the threats and fears associated with the robotic cars, what concerns me the most is the threat of hacking the computer system of these cars. Hackers may intrude the privacy of the riders, harm their life and steal their personal information. Not only this, a demon brain can even cause terror by planning a terrorist activity by hacking the system of these cars. The cyber threats haunt the virtual data and virtual life of people, but, the robotic car hacking can damage and haunt the real lives of people beyond imagination and calculations.

Then there would be a mess because of the existing manual vehicles on the roads, as the complete switch to autonomous vehicles will require quite a leap of time. Even the policy formulators will not be able to come to any clear policy in terms of driverless cars, for example, who should be actually considered at fault if there is an accident due to any technical glitch in the system. If there would be no accusation for accidents by driverless cars, it will lead to new criminal plots.

Talking about the employment creation, yes, there would be more people engaged in making of robotic cars, but, the huge number of people who are already employed with transport department in the form of drivers and assistant drivers will suffer.

I believe the life threatening areas where humans cannot approach or hesitate to approach. These cars can work fabulously as search and research can be performed, goods can be transferred to least accessible areas etc. without losing any human life. 

Talking about the 6 levels (level 0 - level 5) of categorization of automated vehicles. In case of the vehicles that fall under level 0, the system only issues the warnings when required, otherwise, everything is under the control of the driver. The level of control of the system increases and the role of the driver reduces to merely setting up the desired destination up to the sixth level of automated vehicles.

Let us just wait and watch the upcoming technology tremor in our world.

Brain Mapping

Scientists are working on brain mapping technology with great hopes. Experts believe there is a great possibility of brain mapping simplifying the brain surgeries and also, finding some not-yet-known secrets of using brain in better way. Before we discuss on if this is just another hype in technical world or a real big, let us know what it actually is.

What is Brain Mapping?
Brain mapping is drawing the maps of the human brain. With maps, we mean the diagrammatic representation of physical features, just as the maps of cities, countries and world. Geographically, the study of map can help in understanding lots of things about past and current situation. Also, it may help in predicting some future happenings. Brain mapping is being worked upon with the same aim.

Brain is made up of wiring of a huge number of neurons and cells. Studies have indicated that different neuron locations have different operations to look after. This is like: a certain group of neuron has the task of controlling the arms; within that group, some neurons have the task of controlling the movement of elbow, palm, fingers, etc.

The studies of brain maps will aim at recording the peculiarities of different locations of brain, finding the relations of the operations that they execute, and at the same time noticing the change during ailments, etc.

Why Brain Mapping?
Brain, heart and skin are the only organs that connect to whole body. Skin and heart have been greatly studied and their complexity is very much resolved now. However, brain has not been explored much. Its delicacy and lack of options for reaching it are the reasons of  this biased behavior. Now that science has developed several ways (say CAT scan, MRI, etc.) of researching the brain, the brain mapping has evolved. Considering that brain is wired connection, it becomes very important to understand the physical connections first.

Even if we do not take the future prospects in the count, one thing is for sure that brain mapping will greatly help the neurosurgeons. Wide-ranging images of activities in brain will enhance the abilities and skills of the surgeons for a longer run.

Further advancements in this study, which will aim at realtime mapping of brain for its instant responses. Using this data, scientists can track the best ways of using brain for various task. Eventually, we can expect brain mapping to be the reason of cure for many brain related ailments.

Virtual Reality Headsets: A Step Into Real Like Virtual World

“Oh my God, Oh my God, Oh my God! That tiger is about to grasp me and have me for his dinner, God please save me he is so near.”- With Virtual Reality headset, you can enjoy a real experience of a jungle safari right on your couch in the living room. Mark the words ‘real experience’. 3D videos are in trend from some years now, but Virtual Reality is a little similar and miles ahead. Let us know more about Virtual Reality headset, a gadget that is ready to hit the technology market and to take digital life to next amazing level.

Virtual Reality headset is a somewhat goggle and helmet combo gadget with the potential to take the wearer in virtual world that seems real-like because of computer-simulated environment. Through the computer, Virtual reality can recreate sensory experiences that include virtual taste, sight, smell, sound, touch, etc. Some technology big-wigs are working on creating their own virtual reality headsets for users around the world. 

 

The concept of Virtual Reality headsets was started by Oculus but with time well known giants, like- Google, Microsoft, Sony, Samsung, etc. have stormed into this industry. Most of these companies have revealed their plans on respective headsets and the launch in the market for the users is not very far either.

Moreover, in first of its kind operation, US department of defense in 2010 used virtual reality headsets in Future Immersive Training Environment (FITE), a Joint Capability Technology Demonstration (JCTD), as a three-year $36-million initiative to demonstrate the value of advanced small unit in immersible training systems. It demonstrated infantry applications of Virtual Reality headsets to train soldiers via giving them feeling of real-life environment of a war projected as in Afghanistan.

How Virtual environment works?

Most VE systems are powered by normal PCs and Graphics that run on high-tech Graphic cards originally designed for the video gaming community. VE systems use Head mounted displays (HMD), which are headsets that include two monitors, one for each eye. The images make up a stereoscopic effect, giving the illusion of depth. Earlier, HMDs used Cathode Ray Tube (CRT) monitors, which were large and expensive but provided good resolution and quality. Later arrived Liquid Crystal Display (LCD) monitors, which were much cheaper, but, incompetent against the quality of CRT displays. At present, LCD displays are much more advanced, with improved resolution and color saturation. All this makes LCD more common than CRT monitors.

With experiments taking place to improve the HMDs for better user experience, the Virtual Reality headsets arrived. They are much lighter and more comfortable to wear than HMDs. These headsets contain head tracking systems which is connected to a computer that sends signals to adjust the images seen by the wearer as they move around in virtual environment. The glasses allow the wearer to see two separate images which the brain combines into one to give the illusion of 3D depth.

What is the aim of Virtual Reality headsets?

The main aim of Virtual Reality headsets is to gift the wearer a virtual world which is realistic and behaves in a co-natural way. But any delay in response time will result in disconnection and, in some cases, user might feel motion sickness. Initially, the target users of the VR headsets will be video-gaming community, but it is expected to gradually expand itself to other sectors, like- Architecture, Movies, Health-care, etc. Microsoft’s HoloLens, which is still being worked upon, promises use of VR in communication, engineering, etc. and can really prove to be a giant leap in Virtual Reality world.

Agricultural Drones: All Set to Transform Agrarian Sector

Technology is transforming every inch of our lives. Almost every sector has witnessed technological revolution and agricultural sector is no exception. Technology has gifted agrarian sector many powers, riding on which it has been able to make close to the ever-rising demand. The latest among the powers that technology has provided to agrarian sector is - Agricultural Drone.

For a layman, utilization of the drones might be limited to just spying, surveillance and bombarding terrorists' hide-outs. However, one with slightly wider knowledge can easily state the mighty utilization of the invention of drones for agriculture sector. These will ease the work of agrarian society to a remarkable extent.

The long walk of the farmers through the farm to keep regular inspection on the crop will be shortened. Drones allow a much better inspection over crop than manual one, because:

• Drones can provide aerial view of the crop, which reveals patterns that unwrap everything from irrigation problems to soil variation, even pest and fungal infestations that can't be visible to naked eyes.
• The cameras attached with the drone can click multispectral images, capture images in the infrared as well as the normal mode, which can be combined to create a reliable data to examine the differences between healthy and distressed plants.
• A drone can be programmed to check on a crop at regular intervals like: every week, every day, or even every hour.
• Drones can be affixed with the spraying equipments to provide the fertilizers, insecticides, pesticides, etc. in the crops.
• Flying drone with sound alert promises to be a better guard to scare the attacking birds.
• Also, what may attract farmers more towards agricultural drones is its price, an agricultural drone equipped with cameras will be available for less than $1,000.

Ready to Roll but with Some Rules

Earlier when the concept of agricultural drone was inching towards the launch, a roadblock disrupted its movement as FAA (Federal Aviation Administration) banned the commercial use of drones in US airspace citing breach of privacy. But recently, FAA has exempted companies who are manufacturing agricultural drones with some guidelines to follow. The guidelines for commercial drones proposed by FAA are as follows:

• Drones must not weigh more than 55 pounds
• It must fly within the sight of remote pilots
• Drones can be flown only during daylight
• It must stay below 500 feet in the air and must fly at less than 100 mph
• The minimum age limit for a person operating the drone is 17 years and pilots have to pass an aeronautics test and must be attested by the Transportation Security Administration

After proposing the rules to fly drones, the FAA has asked public to come-up with their suggestions and set 60 days deadline for final implementation, but industry experts expect the analysis of comments could take 18 months or longer before the rules are completed.

But one thing is for sure that drones are going to get clearance for agricultural use by the FAA soon.

Finally drones may end up better known as a green-tech instrument and help the agrarian sector with saving water, pesticides and harvest healthy crops.

Internet of Things: Comforting Lives Smartly

Time has surged vast changes with the assistance of internet. From a time when writing letters was the fastest mode of distant communication to the time of realtime instant messaging applications, internet has contributed enormously. This dramatic change in connectivity, and eventually, in lives is just a hint towards Internet of Things. Internet of Things is a smart connectivity between human and electronic devices.

 Now, power companies take electricity meter readings through tele-metering systems rather than visiting individual house, a doctor can supervise the condition of the patient 24x7 using devices even when the patient is at home and doctor is in hospital, vehicle-affixed terminals automatically show the closest parking space; and the sensors in smart homes turn off utilities, close windows, proctor security, and keep homeowners updated with all on the go. The scenarios that only existed in science fictions in the past are a part of reality now because of induction of the Internet of Things. With the advancement of internet and artificial intelligence technology, things are getting smarter day by day. Internet of things is powered on this concept of ‘smartness’.

Also known as M2M or Machine to Machine, Machine to Man, Man to Machine, Machine to Mobile, the Internet of Things links humans, devices, and systems. When integrated with microchips and sensors, the devices, systems or machines can think, feel, sense, and communicate with each other. Together with the infrastructure of the Internet and mobile networks, these objects get in touch with humans and enable us to admonish and control them.

Internet of Things is providing human life a greater connectivity and a supreme functionality. There is apparently no limit over what can be connected to the Internet as technology is focusing to make almost any and every device compatible with internet. Some of the examples where Internet of things is comforting lives smartly are:

• Students at Writhlington School in Somerset (UK) have used the internet of things to watch how orchids grow
• Street lights in Barcelona dim on their own to save electricity. Also, they check traffic flow and pollution levels to give feeds to central system for betterment of the city.
• Deutsche Telekom and French IT firm Medria invented a wearable collar for cows to keep them connected to the wireless internet
• Ducks in Buckingham Palace (UK) have GPS devices attached to their legs so that their location can be tracked
• Toilets at London’s Heathrow Airport report on their usage

More than just saving the human efforts, these innovations are also much better in efficiency and productivity. Internet of Things is proving itself as a boon for mankind and making their lives smarter, faster and convenient in many ways. It will be fascinating to see what else can Internet provide us in coming future.

Mobile Collaboration

Mobile collaboration is a connection on which different users are able to connect from their individual mobile devices to work on a specific activity. Mobile devices, here, are not specified to just cellphone devices, but to all the devices that are connected on a network free from wires and location fixations.

Feel this example: I need an infographic to attract customers for my latest product. I have teams of designers and content writers to do it (make it complex with freelancers). I am going to take the final call on the infographic with some advice of my marketing manager(make it complex by sending him to Lumahai beach for an official meeting). Now, it will start with to and from of emails between designers and content writers keeping me and Mr. Marketing manager in CC. Isn’t it frustrating and less productive?

Now let us take yet another example: For the same infographic, I get designers, content writers, and Mr. Marketing manager together on one app. We maybe using different devices, like: Macbook, Windows Laptop, iPhone, Android Tablet or anything. All we would need is an internet connection to collaborate together from any where using Slingshot, Zoom, or any other collaboration software, which allows instant comments, suggestions, editing and results. Isn’t it awesome and more productive? This is mobile collaboration.

Mobile collaboration is a contribution of fast-paced internet technology, because of which realtime connectivity is a very real concept. The way internet is pacing up, it will not be a shocking thing if I wake up someday and hear about an internet connection provider that offers connections faster than realtime, maybe in ideal-time. Along with internet improvement, the Moore’s law kept getting older and it allowed multiple features, such as: videos, audio, documents, communication (most importantly), etc. shrunk within a device that can fit most human palms. Smart encryption and cloud services have deployed the much needed security as well.

Why Mobile Collaboration is the Future?

I see mobile collaboration as inevitable. It has largely stolen ground of email communication, telephone calls, and even person-to-person in person meeting. Fortunately, or unfortunately, most humans are not very willing to talk in person and they see instant messaging as a better substitute for communication. Everything seems to be moving towards the mobile devices. Most of the tech enthusiasts have already adopted laptops, smartphones and tablets as their major device, and not-so-fast-with-technology are also shifting at good pace. BYOD culture is rising fast and data security with cloud (corporate and personal) getting better.

Plus, mobile collaboration is not only a corporate affair, but it is everything. Multiplayer gaming, video conferencing in classrooms, online social gathering for various causes- there is so much that mobile collaboration can deliver. New mobile devices are offering brilliant features and getting better. Honestly, mobile collaboration is helping everyone. If there is something it fails at, then I am sure a team of developers will be collaborating (possibly mobile collaborating) to get that as well done.