Question

do you think the Blockchain technology would really have an impact on the accounting profession?

Answer 1

Blockchain in accounting:

Yes, There is impact of Block Chain Technology On Accounting Proffesion.

Blockchain technology has the potential to impact all recordkeeping processes, including the way transactions are initiated, processed, authorized, recorded, and reported.

Changes in business models and business processes may impact back-office activities such as financial reporting and tax preparation.

The power of Block Chain technology promises a wealth of advantages for accounting firms large and small. Here are a few of the ways Block Chain Technology will benefit the Accounting Profession:

1. Improved Efficiency

Well-designed blockchains are fast and powerful databases. Getting data into and out of the system can be done more efficiently than interacting with legacy accounting software applications.

2. Reduced Errors

The greatest opportunity for error using blockchain is on data entry. Once data is in the chain, smart contracts will make many accounting functions automatic, reducing human error.

3. Easier Reconciliation

By utilizing smart contracts, accountants can automate many of the tasks associated with reconciliation, making this end-of-month chore less of a burden.

4. Reduced Cost

An increase in efficiency and reduction in errors in any system translates into reduced cost. Following initial adoption cost, accounting firms can expect to see rapid cost savings over conventional accounting systems.

5. Reduced Fraud

The immutability of blockchains make it extremely difficult to perpetrate fraud using such a platform. In order to modify a record, the same change would have to be made on all copies of the distribute