Not all variations are good. Nature loves diversity. But each variation needs some care. In financial world Diversity does not make sense. Standardization is the only solution. Each vendor , company, country , state , and authority should be limited in their format demands and regulatory expectations. This diversity has created huge mess in transaction processes. Financial processes should be simple, safe and secure. It is only possible , if we have the following.
- Single Currency: If we want to clear currency mess, standard currency will be best idea. Single currency across the world won’t remain a dream longer. Bit coin are already here. At present each county is free to run printing machines. It involves huge maintenance cost, transaction cost, exchange cost etc. It is wastage of money in simple terms. Why country or state boundary should make any difference to day to day lives?
- Simple Taxation: All countries have their own taxation laws. It takes regulatory experts to make sense of each one them. Simple taxation law across the world will reduce ambiguity. It will be clear concise and more robust. Single taxation may help in reduction in paper work, digitization of processes in organizations, and simple recovery.
- Simple formats: Invoices are so different from company to company. It takes huge digitization efforts to make anything system based. CA institute should give emphasis on single format across the country. It should be same across the globe. When all invoices can be in same language like English why they can’t fix the rates, fonts and formats.
- System based/ Mobile application : Small payments are happening through mobile application. This is a welcome step. Still paper less offices are dream and regulations desire huge paper application. System integrations can’t happen without hitting this diversity problem. Systems of companies should talk to each other for faster processing. This dream is only possible if we have same form, formats and fonts.
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