1.

The writer is the finance director or head of finance dept

Hi Mr XYZ(CFO),
I have received a request from my team to implement
automation in the department and its also very useful for the
organisation as it will reduce the cost of organisation. To the extent of
our operations and scale I highly recommend to use cloud computing
and data visualization. These two technologies will be highly useful for
our organisation and before we go for it we need to know there are
various benefits in installing the technologies such as:-
Cloud computing :- cloud computing is the use of third party service
provider for storage of different files and documents also it is the
control of the activities of the organisation and this technology has
eroded the ownership of physical assets and has led to cost savings in
the setup and maintenance of the files and assets. This technology has
also eroded the idea of fixed working times as anybody can work from
any where and contribute towards the work. Cloud computing can also
increase the security by restricting the access and authority of the
employees. It also maintains up to date systems as the third party
provides all the needs according to the technology. Cloud computing
also allows easier integration with other software such as CRM and
provides accurate work. Cloud computing is the main factor which
contribute s to the savings of the organisation as it removes the need
of a fixed working place and also reduces the effort of the organisation
in maintenance of important files. Cloud computing generates
intangible assets and eradicates the idea of physical assets. In
accountancy firm , the major useful technology would be cloud
computing as it will help in providing safe and reliable services to the
clients.
Data visualisation :- it is the technology used for displaying complex
and huge information in a simple manner which is understandable to
the person viewing it.
In our firm we can use data visualisation can be used for displaying the
financial information in the AGM for easy understanding to the
shareholders and can be used in dashboards for displaying the key
performance indicators of an organisation. The organisation will be
benefitted by using this technology by as it is accessible by all the
persons and need not to be a finance expert. It provides real time data
and provides insight to act further. It helps in performance
optimisation as it will help in identifying KPIs and giving solutions to
improve on the KPIs. At last this technology will lead to time saving and
that time can be used for some other value adding activities by the
management.
By looking in the above points its highly useful and needed investment
in the organisation which can generate more revenue and reduce the
management time in routine works.

2. RSF (finance director)

Hi Mr CFO,
As we are looking for expansion in the coming financial year. I
have come up with many technologies which can be useful in our
expansion process. Some of them are cloud computing, process
automation, blockchain, big data and data analytics, data visualisation,
and AI and machine learning. The most useful technologies are big data
and data analytics, and cloud computing
Cloud computing is the use of third party service providers for the
storage of the files and uploading of documents. And it enables the
firm to reduce its cost by eroding the physical ownership of the assets
and storage of files.
Big data and data analytics is the new software useful for the present
day technology and as per the size of the organisation it is a necessary
software to install as it collects huge sets of data and then analyses it
to give preliminary insight on what the data says. It can be used in all
the roles and levels in the organisation from business partnering to
performing the routine works. Business partnering is the role of
professional in the organisation but due to big data finance
professionals acts as an interface between the data scientist and
business. In the field if internal audit big data can play an important
role as the major drawback of audit was it only tests sample
transactions but big data enable us to test all the transaction in
auditing and helps in identifying easily any abnomalies and fraud. Also
it helps in providing more reliable evidence. In the field of
management accounting it helps in providing more accurate forecasts
and in financial accounting it helps in increasing the transparency and
quality of the statements and also helps in improving the standards as
it develop more system and technology oriented transactions. At last
the big data software helps in improving the budgeting process by
providing accurate estimates.
Apart from these technologies we can implement the others to as we
expand more but as of now these two are the most important and
necessary to implement.
3.
Hi Mr CFO
As decided in the AGM our firm is implementing big data in its
operations but many are unaware about its value in the online retail
sector. I would like to explain the value and benefits of big data
Big data is huge sets of data generated from various sources like social
media, TV, humans, devices, etc but in the retail sector big data acts as
an integral and necessary part as the sales information, market trend,
customer taste, are all complex and in huge volume which can be
processed easily and accurately by big data. Next, online sales generate
many y different variety of data forms which are difficult by a human
to process and assemble which can be easily handled by big data
software. Then online sales can be very volatile and hence the data
generated needs to be processed quickly and without any
error(velocity). And the data provided by the software is reliable than
any human processed data.
Big data software helps in internal audit function by improving the
reliability of the evidence and testing the full population than sampling
and its easily identifies any abnomalies and fraud. Big data helps in
management accounting by providing accurate forecast and budgets.
The increasing use of big data in the reporting function has lead to
increased quality of the standards and more transparent and fair
reports. Hence, big data is the core technology to be used in the online
retail marketing as it does many of the routine works and frees up the
management on other activities such as value and revenue creation.
4.
Hi Mr XYZ
The other day, as the company CEO has enquired about the benefits of
adopting AI. I have concluded with the following points:-
AI is also known as artificial intelligence which is software which tries to
act and react like human beings. Its main feature is that it develops a
feeling like human and tries to make decision. AI is most widely used in
the scientific and medical field but it can also be used in the
accountancy field. There are many benefits in the adoption of AI which
include fraud detection, using regular behaviour patterns the AI can
sense any differences in the human behaviour and which can lead to
fraud in future. This software is also used in predictive models where
the forecast for sales is required the system can give an accurate
forecast and it carefully observes the difference between the actual
and the planned forecast and tries to reduce the gap. AI is also used to
aid in decision making while it can help human in decision making. It
enables greater automation by creating a record of the rules and
following it for recording transactions. AI also helps in the analysis of
the unstructured data which is difficult for the humans to perform. AI
also uses machine learning. It is a subset of AI the major difference
between AI and machine learning is that AI works according to the
coding or instruction of humans but machine learning eradicate human
intervention and tries do the process on it own.
Hence, I conclude that AI and machine learning can improve the
existing systems and add in the value generation as well as it help in
decision making to humans as the more basic and routine work will be
done by the AI by which humans will be free to concentrate on other
value adding services.
KSF – a retail firm
Hi Mr xyz,
As the company has decided to implement data visualisation for presenting
annual reports in the AGM. The directors had asked me the issues and
advantages in implementing the software and how it can help us to achieve our
mission and vision. So, let’s start
Data visualisation, is a software which helps in presenting complex data in a
simple and meaningful manner which is understandable by anyone easily other
than data scientists. It does many of the complex extraction and analysis work
and presents the data in an understandable way. Data visualisation is also used
in dashboards for displaying the performance of the employees and it provides
real time data of the current performance and employees can know where they
are going wrong. Software’s such as Qlik and tableau provide much of the data
visualisation.
Advantages of data visualisation :-
 Data visualisation is accessible by everyone and a person need not be an
expert or data scientist in reading the data provided.
 It provides real time data upon which the employees can work.
 It gives performance optimisation by correcting the employees wherever
they are going wrong.
 It gives meaningful insight about the information.
Disadvantages :-
 The initial installation process can be expensive.
 It gives assessment not absolute insight.
 The data mining process breaches the data privacy rule
 The data involved may be crucial and confidential which is at risk.
Mission and vision statement:-
Mission ; to expand 10 outlets in 5 years
The mission of the organisation can be achieved as data visualisation
provides the complex and routine work of data analysis which means
that the professionals are free to concentrate on other value adding
services such as expansion and management of the business.
Vision:- to become one of the biggest retail seller
To do that data visualisation add ups to a large extent, data
visualisation displays the KPI’s and CSF’s in dashboards which provide
the real time data and can used to assess the current performance of
the employees and it can be corrected then and there which helps us
to improve our quality and productivity of our employees. And this can
become a competitive edge and can add to revenue generation.
Hence, I can conclude that investing on data visualisation software can
be valuing adding to our services and improves the transparency in the
financial statements as it is more accurate and error less .
KSF – an accounting firm
Hi Mr xyz (CEO)
Hope you are doing well, the other day you wanted to know about
blockchain and how it can improve our services.
Blockchain:- blockchain is a digital distributed ledger which records
every transactions and maintains it. The ledger creates nodes and it is
linked with each and every transaction and trying to change any
transaction becomes virtually impossible as all the other transactions
or subsets of the transaction needs to be changed.
It aims to remove the intermediaries such as banks which maintain
only single ledger for a transaction.
Blockchain can be very useful for the accountancy firm as there are
many uses such as
 Financial reporting: - the new technologies have brought many
changes to the reporting of the statements such as adding digital
currencies (cryptocurrency ) which is not yet decided to be
considered an asset or even an intangible asset.
 Cross border transactions : - distributed ledgers have made the
process of international transactions much more easier and cheap
and also within few seconds we can transfer digital currency
anywhere in the world (bitcoin)
 Smart contracts:- the blockchain technology uses cryptography,
which makes the process of recording transactions more accurate.
For instance, a transaction is created, then it is verified by the
distributed ledger and it is authorised and if any incorrect entry is
made then the system rejects the transaction and update the
issue in all the transactions
 Security and traceability :- it uses cryptography, digital signatures
and computation which makes it difficult to amend the
 transaction as all the other subsets of the transactions need to be
changed .
Mission and vision :-
Mission :- to provide errorless accounting services
To achieve our mission, blockchain can be very useful as it provides a
record of all the transactions and every similar transaction is linked
with each other this makes the recording process errorless and it
also provides high security and absolute ownership of the
transactions
Vision :- to become one of the biggest service provider
Blockchain can add to our competitive edge as this technology
provides accurate and fast transfer of transactions and the routine
recording process is done by blockchain which makes the finance
professionals free to concentrate on other value adding services and
Therefore it helps in achieving our mission and vision
To conclude there are 4 main advantages of blockchain, by seeing
the advantages we can take the decision of implementing the
software: -
 It reduces the cost and maintenance of the physical ledgers
 It provides absolute ownership and record of the transactions
 Helps accountants gain clarity over the available resources
 Freeing up resources to other value adding services and other
than record keeping .