Insights from a Deloitte Partner on AI, Technology, and Finance | CA Nitin Shingala

Insights from a Deloitte partner on AI, technology, and finance

How does one craft a diverse and successful career in an industry as demanding as finance? What’s it like to juggle multiple roles—accountant, teacher, author, and entrepreneur—while staying ahead in a technology-driven world?

In this episode of Coffee with CA, Nitin Shingala, a CA from Deloitte, shares his fascinating journey in finance and technology with host Geena Bharwani. From starting small with retail clients to climbing corporate ladders and eventually advising on AI and robotic automation, Shingala’s insights offer a roadmap for navigating accounting’s future.

Enhancing a family legacy with chartered accountancy

Shingala’s early inclination towards finance can be traced back to his father, who spent his life working in finance despite not being able to complete his CA certification due to difficult family circumstances. That finance-first mindset found its way to Shingala, whose articleship was secured while he was still in school—a sign that his path in the world of numbers was almost predetermined.

Having a strong love for mathematics made this journey feel natural for him. Yet, as much as his story starts on familiar ground, his career quickly veered into uncharted territory.

Entering practice: Balancing tradition and entrepreneurship

Shingala’s transition from the accounting firm where he completed his articleship to setting up his own practice was anything but straightforward. After working briefly in management consulting, he hesitated about going into a more traditional practice route until a cousin nudged him toward entrepreneurship.

Yet the initial years didn’t offer the creative fulfillment Shingala craved. Moving from big corporate clients to working with regular retail clients turned out to be a mismatch for him. Teaching part-time helped him stay afloat during this period, but he soon realized that his true passion lay in offering services to larger corporate clients.

However, success never comes overnight. It took years of grinding through part-time teaching gigs and a gradually expanding practice. Consistency paid off, paving the way for some exciting opportunities down the road.

Liberalization and global ventures

The wave of liberalization in the Indian economy during the 1990s opened doors for Shingala. Foreign companies were flocking into India, seeking skilled local advisors to navigate complex Indian financial landscapes. In a chance opportunity, Shingala found himself providing accounting services to a global client. That experience proved transformational.

Going global, for Shingala, meant stepping into a whole new realm of corporate outsourcing. This was a pivotal shift in his practice that drove him toward specialization in outsourced accounting services for multinationals.

The lesson? Seizing unforeseen opportunities and tailoring services for niche markets is where a professional can find both growth and satisfaction.

Selling a “roadside café” to Starbucks

An amusing metaphor Shingala uses to describe his career is the moment he “sold his roadside café to Starbucks.” He joined forces with a well-established global accounting firm, introducing them to the Indian market. The experience taught him how global private equity-backed firms operate, shedding light on scaling and strategy that smaller firms don’t always have the resources to adopt.

In just seven and a half years, his team expanded from 25 to nearly 300 employees. Having built something substantial, watching it grow exponentially was both professionally and personally rewarding.

Joining Deloitte: A new chapter

The next logical step for many CAs is joining a Big 4 firm, but Shingala didn’t pursue Deloitte because of its prestige alone. He was drawn to their multidisciplinary model, which allowed him to solve diverse and complex client problems beyond just accounting. The opportunity to work alongside professionals from various fields and offer comprehensive solutions to clients’ needs pushed him to make the jump.

At Deloitte, Shingala saw another major career boost. He went from being the first dedicated partner in his field of practice to building a team of five partners, with a staff of over 350 people. Growth is one thing, but doing it from scratch is arguably more satisfying.

SEBI and corporate governance involvement

Shingala’s connection with SEBI provided another layer to his professional development. As a member of an SEBI committee, chaired by N.R. Narayana Murthy, his role was to assist in reviewing corporate governance standards in light of the Sarbanes-Oxley Act in the US.

Though he humbly admits his contributions were minimal compared to more senior committee members, the experience was invaluable. Observing how such high-level, time-bound committees function further honed his decision-making and leadership skills.

Bombay Chartered Accountants’ Society: A professional community that guides growth

Further broadening his professional scope, Shingala has been actively involved in the Bombay Chartered Accountants’ Society (BCAS). BCAS plays a crucial role in ensuring chartered accountants stay sharp and ethical, offering continuous professional education and advocating for fair laws.

Shingala believes this community’s collective wisdom has enriched his personal and professional growth, contributing greatly to his journey. It’s not just about staying current; the BCAS, for him, is an essential vehicle for keeping chartered accountants grounded in purpose and principle.

The future of AI and tech in accounting

When asked about emerging technologies, especially AI, Shingala’s outlook was both realistic and forward-thinking. AI, he said, will definitely disrupt how accountancy operates by automating routine tasks and allowing professionals to focus more on high-value strategic services like business advisory and data analytics.

Firms that fail to adapt will face significant challenges, especially as governments increasingly use AI themselves to stay one step ahead of the game. On the flip side, those who embrace AI can cut costs and increase efficiency.

For smaller firms, the key will be finding a niche. Unlike large firms, they won’t survive by trying to be everything to everyone. Specialization will become even more critical as AI reshapes the landscape of services provided.

Advice to aspiring chartered accountants

With years of experience behind him, Shingala knows what matters most for success. He shares what he calls the KASH Model: Knowledge, Attitude, Skills, and Habit. According to Shingala, you need all these four pillars working in tandem to build a well-rounded career.

Developing technical abilities is important, but so is maintaining the right attitude and forming good habits. In a world overloaded with tech distractions, learning how to prioritize becomes vital. Remember, at the end of the day, make sure your personal “balance sheet” is tallied!

Reflections on a dynamic career

Looking back, Shingala likens his career to whitewater rafting—unpredictable, sometimes chaotic, but always thrilling. Each decision he made wasn’t always part of a master plan, but rather an opportunistic response to changing circumstances.

His advice to young professionals? Be agile. You don’t need to map out every detail of your career, but know where your strengths lie and don’t shy away from taking risks. Not everything can (or needs to) be predicted.

Conclusion: Nation builders and lifelong learners

Shingala wraps up the interview by emphasizing the role chartered accountants can play in nation-building, especially as India continues to expand its global reach. Accountants have an unparalleled understanding of the financial and regulatory workings of businesses, which means they can impact the nation’s economic policies and success.

With a career spanning teaching, corporate consulting, and now leadership at Deloitte, Shingala’s story inspires both current and aspiring professionals. He’s living proof that a willingness to adapt, learn, and grow is the secret to long-term success in a changing industry.

Stay tuned to hear from more professionals in future episodes of Coffee with CA.