Who Wants to Be a Comptometrist?

Dinosaur talking on a rotary phoneHint: You shouldn't. Here's why.

By Hitendra Patil
Accountaneur: The Entrepreneurial Accountant

(With sincere respect to the erstwhile comptometrists.)

Only 16 out of over 500 million users of LinkedIn have “comptometrist” as the “past” title. And they held those positions from anywhere between 25 to 55 years ago!

MORE ON ENTREPRE-NEURIAL STRATEGY: Blockchain: Questions Are the Answer | The 7 Experiences Millennials Want from Your Firm | 22 Ways Blockchain Will Impact the Accounting Profession | Forget CPE, You Need an FPE | ‘Uberizing’ Means More Than Technology
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There are exactly zero comptometrists on LinkedIn today – and likely, in the world.
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Blockchain: Questions Are the Answer

Blockchain will find answers. But you need to know the right questions.

By Hitendra Patil
Accountaneur: The Entrepreneurial Accountant

If blockchain were human, here’s what it would say to you: “Dear accountant, your intelligence is far more powerful than my algorithmic intelligence. I can do the math, audit the authenticity of transactions incredibly faster than you can. But that’s not the point. The point is: I can provide you answers much faster than was ever possible. But only if you ask me great questions!”

MORE ON ENTREPRENEURIAL STRATEGY:  The 7 Experiences Millennials Want from Your Firm | Is Blockchain an Extinction Event for Accountants? | Is Blockchain a Cloud Killer? | How to Beat Automation in Accounting | 3 Reasons Small Firms Stay Small | The New Needs of People at Accounting Firms

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We are just about starting to see what Pablo Picasso saw way back in 1964 about “the enormous new mechanical brains” and “calculating machines.” They are “useless," he said. "They can only give you answers.”

If the mechanical brains “can only give you answers,” it is imperative that someone asks those brains the right questions. That someone had better be you.

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The 7 Experiences Millennials Want from Your Firm

Young businesswoman4 ways to motivate millennial staff ... plus how to impress millennial clients.

By Hitendra Patil
Accountaneur: The Entrepreneurial Accountant

“I never believed that millennials is an issue my firm needs to address.”

MORE ON ENTREPRENEURIAL STRATEGY: Is Blockchain an Extinction Event for Accountants? | Is Blockchain a Cloud Killer? | How to Beat Automation in Accounting | 3 Reasons Small Firms Stay Small | The New Needs of People at Accounting Firms
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When the owner of a fast-growing firm that is 100 percent on the cloud expressed this to me, I was surprised. No, astonished.
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Is Blockchain an Extinction Event for Accountants?

Blockchain illustration using train carsThe make or break question.

By Hitendra Patil
Accountaneur: The Entrepreneurial Accountant

Till today, “work” in the accounting profession involved creating and re-creating the accounting information and then making sense out of it.

MORE ON ENTREPRENEURIAL STRATEGY: Is Blockchain a Cloud Killer? | 22 Ways Blockchain Will Impact the Accounting Profession | Podcast: How to Become a True ‘Accountaneur’ | How Job Titles Can Rebrand Your Firm | Forget CPE, You Need an FPE | ‘Uberizing’ Means More Than Technology
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E.g., you take an invoice in a paper form – printed from the data already existing in someone else’s accounting software (private ledger) – and then you re-create the same data by converting (manual data-entry, OCR, etc.) that paper info into data again.
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Is Blockchain a Cloud Killer?

Computer monitors morph into chain linksWelcome to an accounting model that's predictive and always on.

By Hitendra Patil
Accountaneur: The Entrepreneurial Accountant

Let's talk about the technology behind blockchain.

MORE ON ENTREPRENEURIAL STRATEGY: 22 Ways Blockchain Will Impact the Accounting Profession | Blockchain Accounting Is an Oncoming Train | How to Fly the Automation Dragon to Your Dream Practice | Your Clients Hold a Secret Key to Your Practice Growth
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You have accessed information from the Internet for quite a few years. Now you have started accessing information on the cloud.
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22 Ways Blockchain Will Change the Accounting Profession Forever

Illustration of network with city backgroundWill you be ready?

By Hitendra Patil
Accountaneur: The Entrepreneurial Accountant

Stock exchanges and banking systems have worked on similar fundamentals in handling and creating what are known as “non-repudiable” transaction records: straight-through processing (STP), electronically connected networks of intermediaries in their “ecosystem,” etc.  But unlike bitcoin, the stock exchange and banking systems are highly regulated and centrally owned.

MORE: Blockchain Accounting Is an Oncoming Train | How to Beat Automation in Accounting | 3 Reasons Small Firms Stay Small | The New Needs of People at Accounting Firms | 4 Pillars of Future Firm Foundation
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More recently, bitcoin technology has created a similar “distributed shared ledger” ecosystem.
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That Oncoming Train Is Blockchain Accounting

Old steam train pulling into a tunnel belching steam and smokeBut you CAN ride it to the new destiny of your practice.

By Hitendra Patil

WARNING: This is NOT fiction. This is NOT sci-fi.

MORE ON ENTREPRENEURIAL STRATEGY:  Is Blockchain a Cloud Killer?  |  Is Blockchain an Extinction Event for Accountants?  |  Blockchain: Questions Are the Answer 22 Ways Blockchain Will Impact the Accounting Profession  |  How to Beat Automation in Accounting | Podcast: How to Become a True ‘Accountaneur’ | How Job Titles Can Rebrand Your Firm | Forget CPE, You Need an FPE | ‘Uberizing’ Means More Than Technology | NEW SURVEY RESULTS: ‘Decisiveness’ Rated Top Trait for Success in Accounting Business | The 5 Most Common Marketing Blunders Accountants Make | How the “1099 Economy” Will Transform Accounting | Four Signs the Uberization of Accounting Has Already Begun
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When the best brains in the payments systems and regulatory organizations across the world sit and take serious note of the possible impact of blockchain on the entire financial sector, the accounting and tax profession cannot afford to ignore blockchain.
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