Is Blockchain Changing Accounting?

The accounting and finance sphere is buzzing about blockchain technology, and for good reason. As technology evolves, blockchain is changing accounting, and accountants and financial professionals need to be prepared for its impact, though its potential impact remains relatively unknown.

What is blockchain

Blockchain, often associated with bitcoin, is a digital ledger of transactions that is stored publically. There is no centralized data hub; rather, it is hosted by millions of computers and is accessible to all internet users.

This technology presents an opportunity for accountants to create and use a new kind of ledger. Unlike traditional accounting software, blockchain is secure and cannot be hacked or corrupted. Blockchain is durable, transparent, and decentralized.

Blockchain and accounting

Like with all new technology introduced to the accounting realm, some are concerned that blockchain will eventually beat out human accountants, rendering traditional accountants useless. It’s unlikely that blockchain will have such devastating effects on the workforce, but that isn’t to say that accountants shouldn’t learn all they can about blockchain and prepare to evolve alongside the technology.

In fact, much like with the onslaught of cloud-based technologies, accountants who embrace blockchain will be viewed as superior in the workforce, having the knowledge, training, and experience to guide clients in making software decisions, in addition to other strategic and advisory services. The arrival of blockchain on the scene is simply changing the role of the accountant, in the same ways that technology and automation is changing roles in all industries.

The future

The future of blockchain is uncertain and unmapped, but you should definitely plan for it to make a splash. Blockchain presents a new frontier to accountants, and the technology can be used in myriad ways, potentially in ways we haven’t yet considered. The Big Four accounting firms are already embracing blockchain and bitcoin.

Flexi for your future

As accounting evolves, so should you and your business. Flexi provides flexible solutions to keep you apprised of the new frontier.

Trusted by enterprises for 25+ years, Flexi has deployed thousands of implementations around the globe and gained experience in providing you with important capabilities to grow your business, like the need for:

  • Workflow automation with superior speed, performance, and security.
  • Continuous close capabilities and easy consolidations of financials and/or currencies.
  • Flexible software that can quickly adapt to changing business needs or market requirements.

Learn more about Flexi accounting software solutions, or call 800-353-9492 to set up a demo today.