AFOVA New Letter 2 of Year 2021

Section 3 – Value Add / Special Tasks CV 2 No. 02 / 2021 Page 17 of 332 Section 3 – Value Add / Special Tasks Tally-ho, Tally-ho….AFVOA!! Is it a classical huntsman's cry to the hounds on sighting a fox? Or, is it an RAF pilot's instantaneous response when he had contact with the enemy aircraft and is going in to engage him? Or is it the simple and plain “Pip, Pip and Tally-ho”, an amiable, backslapping greeting that you read in a light hearted P G Wodehouse classic? None of these really! It is all about one more giant step that the present Managing Committee has taken towards making our Association future ready, which is a singular objective that overrides many of the standard justifications that one would find in a typical ‘Statement of Case’ that all of us are familiar with. From it’s inception, AFVOA had been using Excel for recording financial accounting transactions. While this medium of accounting met all of our requirements in general, it is fraught with risks of data loss in the absence of conformance to established, contemporary digital accounting practices that have evolved in the last decade. When future readiness is our unwavering goal, the answer to the following questions is a firm ‘NO’ for the base consideration of going digital: 1. Does an organization need a high volume of transactions? 2. Does the organization need a very high complexity level, such as GST compliance, Enterprise Resource Planning (ERP), Inventory Control etc.? After much thought and internal deliberations about the pros and cons of going digital, the M C was unanimous in deciding to go for adopting the state- of-the-art digitization approach for its financial accounting domain. The other decision point was to select from a plethora of service providers offering various products, some available for