{"id":52263,"date":"2017-07-17t08:00:08","date_gmt":"2017-07-17t12:00:08","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=52263"},"modified":"2022-01-10t13:51:31","modified_gmt":"2022-01-10t18:51:31","slug":"blockchain-extinction-event-accountants","status":"publish","type":"post","link":"\/\/www.g005e.com\/2017\/07\/17\/blockchain-extinction-event-accountants\/","title":{"rendered":"is blockchain an extinction event for accountants?"},"content":{"rendered":"

\"blockchain<\/a>the make or break question.<\/strong><\/p>\n

by hitendra patil<\/i>
\n
accountaneur: the entrepreneurial accountant<\/i><\/a><\/p>\n

till today, \u201cwork\u201d in the accounting profession involved creating and re-creating<\/strong> the accounting information and then making sense out of it.<\/p>\n

more on entrepreneurial strategy:<\/b> is blockchain a cloud killer?<\/a> | 22 ways blockchain will impact the accounting profession<\/a> | podcast: how to become a true \u2018accountaneur\u2019<\/a> | how job titles can rebrand your firm<\/a> | forget cpe, you need an fpe<\/a> | \u2018uberizing\u2019 means more than technology<\/a>
\n\"goprocpa.com\"exclusively for pro members. <\/span><\/strong>
log in here<\/a> or 2022世界杯足球排名 today<\/a>.<\/span><\/p><\/blockquote>\n

e.g., you take an invoice in a paper form \u2013 printed from the data already existing in someone else\u2019s accounting software (private ledger) \u2013 and then you re-create the same data by converting (manual data-entry, ocr, etc.) that paper info into data again.
\n
\nblockchain can and will obviate this need to \u201cre-create\u201d the same information. this is just one example of how \u201caccounting\u201d work can and will get redefined.<\/p>\n

blockchain creates a \u201cdistinct or extinct\u201d question for accountants:<\/p>\n

how will you<\/strong> organize, rather re<\/strong>-organize, what you do \u2013 your services, your practice, your firm, your life and that of your near and dear ones \u2013 if you can see this future, today?<\/p><\/blockquote>\n

that is, how will you ride the blockchain accounting train?<\/p>\n

how to get ready<\/strong><\/p>\n

in its simplest form, the analysis of the traditional accounting (and auditing and tax) work done at accounting firms today will help you assess the impact of blockchain on your practice.<\/p>\n

    \n
  1. make a list of each step of the work handled by humans in each task for each type of work.<\/li>\n
  2. then ask a question for each step \u2013 will blockchain technology actually be able to do this step automatically? hint: if it is about \u201ccreating\u201d data, then blockchain will do it, for sure.<\/li>\n
  3. if the answer is yes, or may be, cut it off from the list of \u201ctasks to be done by staff\/partners.\u201d<\/li>\n
  4. review the list and see how many tasks are now remaining on the list \u2013 to be done by staff\/partners \u2013 even after blockchain implementation.<\/li>\n
  5. repeat steps above until you come up with an emphatic, definite \u201cno\u201d i.e., no, this cannot be done by blockchain.<\/li>\n
  6. estimate the impact in terms of utilization of staff\/partners, post-blockchain.<\/li>\n
  7. then try to answer this question: \u201cpost-blockchain, what will the clients pay accountants for?\u201d<\/li>\n<\/ol>\n

    difficult to imagine?<\/p>\n

    here are some hints:<\/p>\n