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: 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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The Accountaneur Difference: Eight Uncommon Success Practices of Entrepreneurial Accountants

Save the date: Wednesday, Sept. 20, 2017, 3 p.m. ET.

Join CPA Trendlines expert author Hitendra R. Patil for a one-hour webinar Wednesday, Sept. 20, 2017, 3 p.m. ET, exploring how insights from behavioral economics apply to the tax and accounting profession.

Patil, author of Accountaneur: The Entrepreneurial Accountant and AccountantsWorld Director of Practice Development, plans to reveal:

  • The critical difference between accountants and "Accountaneurs,"
  • The eight uncommon success practices of Entrepreneurial Accountants; and
  • Specific tips and tools on how accountants can leverage human behavioral insights to achieve a unique competitive advantage.

To learn more and register, click here.

How to Beat Automation in Accounting

Classic drawing/puzzleFour frustrations ... and which one to focus on.

By Hitendra Patil

Do you see an old lady or a young lady or both?

MORE ON ENTREPRENEURIAL STRATEGY: Podcast: How to Become a True ‘Accountaneur’ | How to Fly the Automation Dragon to Your Dream Practice | Your Clients Hold a Secret Key to Your Practice Growth | Seven Lessons for Accountants from Self-Driving Cars | You Don’t Think Technology Helps Get New Clients?
GoProCPA.comExclusively for PRO Members. Log in here or upgrade to PRO today.

According to brainbashers.com, this image appeared in a 1915 edition of the Puck.
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Podcast: How to Become a True ‘Accountaneur’

Automation’s effect on the accounting industry.

CPAs understandably can get weary when considering all the effects automation could have on the accounting industry. Though, according to Hitendra Patil, director of practice development for AccountantsWorld and author of Accountaneur: The Entrepreneurial Accountant, emerging technology will not only fail to harm their job prospects but also could make the CPA’s role more valuable in the long run.

Get the Podcast at the Pennsylvania Institute of CPAs > > >