Automation of the trade has been looming for a long time; people seem almost excited to see technology phase out one of the oldest professions. The deduction that goes into accounting will ensure that it will not be replaced completely due to these new advances in technology. The profession may seem archaic at first glance, but there is so much technology used in today’s accounting; no longer are we caricatures of bland colored shirts and old counting machines.
Accountants, instead, will be one of the first groups to take advantage and use the quality information large corporations may use from the blockchain. It will be increasingly important for tax and other financial service professionals to become not only familiar, but comfortable with cryptocurrencies.
The fact that nothing can be changed on the blockchain is definitely going to make audit procedures and other accounting processes smoother and easier to trust. Fraud and other issues that arise from human input will soon fall away as more and more corporations buy into the cryptocurrencies. And through this increased efficiency, there is bound to be some sort of reaction that could very well shrink the accounting industry.
Though, as all new technology brings new jobs with it, I am sure that the accountants displaced by the blockchain efficiencies will find a new role within the new climate we are approaching.
I am extremely excited to see how cryptocurrencies continue to impact the accounting field, and how large corporations can utilize the technology and improve the industry.