The knowledge in IT based cost management is crucial for professionals specially for chartered accountants as they need to support top management in making decisions by providing cost reports like cost of various products, profitability, breakdown, variance analysis etc., said speakers at a virtual discussion on Wednesday.
They opined that Digital Business Process can produce accurate data through resource planning, demand planning along with marketing, production and sale mix analysis.
The webinar on ‘Digital Business Process for Cost Management" was organized by The Institute of Chartered Accountants of Bangladesh(ICAB) by using Zoom online application.
Mustafa Jabbar, Minister, Ministry of Posts, Telecommunications &. Information Technology, GoB joined the webinar as the chief guest while ICAB President Md. Shahadat Hossain FCA delivered address of welcome.
Speakers also pointed out that with the rapid pace at which technology is developing, finance & accounting professionals will have to find ways to capitalise the opportunities or risk being left behind with digital innovations.
The present democratic government declared the “Digital Bangladesh” which comprises ensuring people’s democracy and rights, transparency, accountability, establishing justice and ensuring delivery of government services in each door through maximum use of technology.
All these have ultimate goal to improve the lifestyle of general people. Now “Digital Bangladesh” not a dream, it is a reality and become an integral part of our day to day activities.
Khondkar Atique-e- Rabbani FCA, Managing Director, the Computers Ltd moderated the session. Birendra Nath Adhikari, Chief Executive Officer, Information and Communication Technology Industry Skills Council, also joined as guest speaker.
Sheikh Tareq Zahir FCA, Partner, Ahmed Sheikh Roy & Co, Chartered Accountants presented the keynote paper. ICAB Vice President Sidhartha Barua FCA and CEO Shubhashish Bose also spoke on the occasion.
ICAB President Md. Shahadat Hossain FCA said, in today’s technology fusion world, Chartered Accountants, from the frontier of management, are successfully leading the business, trade, and commerce. They can advise on everything from profit growth to saving money.
He also said, business entities need precise data and explanation for cost management. Accounting and Costing is a data Management’ exercise, which is now being extensively influenced by IT. So, everyone must have to have knowledge on IT and need to be engaged in this changed data management process, he added.
The keynote paper presenter Sheikh Tareq Zahir FCA, Partner, Ahmed Sheikh Roy & Co, Chartered Accountants, said, If ERP is implemented successfully, entity will get quicker and easier data for decisions to attain sustainable and drive growth.
Professionals must have these data ready for boards’ decisions. They are facing with an increasing efficiency pressure to deliver data ever faster, ensuring sufficient liquidity and adding much more value to the company, said Sheikh Tareq Zahir.
