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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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?
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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 > > >

How to Fly the Automation Dragon to Your Dream Practice

The 11-step plan to winning the war against accounting "bots." 

By Hitendra Patil
Accountaneur

Like a snowball rolling down a hill, the fear that automation and artificial intelligence will replace accountants with robots is rapidly gaining mass and momentum in the accounting profession.

MORE ON ENTREPRENEURIAL STRATEGY:  3 Reasons Small Firms Stay Small  | How Job Titles Can Rebrand Your Firm | 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? | Tax Season Management: Multi-Tasking Is a Myth
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But accounting is one profession that has always adapted to technological and regulatory evolution over a long period. I am sure accountants will ride the new, so-called fire-spitting-jobs-guzzling automation dragon within no time.

But first, let's think about the underground shift that will happen because of the automation in accounting. Why will automation mean more business for accountants?

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3 Reasons Small Firms Stay Small

Woman in home office looking at paperwork in front of computerPlus 5 common situations. Do you see yourself?

By Hitendra Patil
Accountaneur

When firms want to grow but can’t, the problem is neither economy nor resources.

MORE ON ENTREPRENEURIAL STRATEGY: How Job Titles Can Rebrand Your Firm | 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? | Tax Season Management: Multi-Tasking Is a Myth
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  1. There are firms that do not want to grow. As long as it is by conscious, purposeful choice, it is a decision well respected.
  2. There are firms that believe that they cannot grow beyond what they have already achieved.
  3. Then there are firms that want to grow but struggle to break the shackles of being where they are now.

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How Job Titles Can Rebrand Your Firm

Hitendra Patil: "Changing job titles to something more relevantly expressive can help rebrand your firm and even differentiate it competitively."New titles can attract more clients, talent and social visibility.

By Hitendra Patil
Accountaneur

I read with interest Ed Mendlowitz’s recent post “What’s in a Title?”

I wondered:

  1. Why are the job titles in accounting firms what they are?
  2. How did they come into existence?
  3. What was the purpose of designing the job titles currently in vogue across the accounting profession?

MORE ON ENTREPRENEURIAL STRATEGY: Your Clients Hold a Secret Key to Your Practice Growth | The New Needs of People at Accounting Firms | 4 Pillars of Future Firm Foundation | Do You Want a Practice … or a Business? | 3 Apps to Automate Business Networking | Re-Learning the Lingo of the Accounting Business
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Most likely, it is industry practice that creates the sameness in job titles. Ironically, management gurus tell us to differentiate, yet we resort to sameness!
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Your Clients Hold a Secret Key to Your Practice Growth

Chart of survey results
[Click for larger image]
Only you can discover it. Here’s how.

By Hitendra Patil
Accountaneur 

Accountants are in the business of solving clients’ problems.

MORE ON ENTREPRENEURIAL STRATEGY: The New Needs of People at Accounting Firms | Forget CPE, You Need an FPE | ‘Uberizing’ Means More Than Technology | The 5 Most Common Marketing Blunders Accountants Make
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The results of the CPA Trendlines’ “Essential Traits for Success as an Entrepreneurial Accountant” survey clearly indicate that “problem solving” is one of the top three traits of successful accountants. Join the survey, get the results.
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New Staffing Strategies for the Next-Generation Accounting Firm

Attract and retain talent by understanding this paradigm shift.

By Hitendra Patil
Accountaneur 

Topmost thought leader Ronald J. Baker said, "The World Bank reports that 80 percent of the developed world’s wealth resides in human capital, illustrating that we’ve been in a knowledge economy since the 1950s. Yet most accounting firms are utilizing a business model developed during the Industrial Era, with a relentless focus on efficiency and a 'we sell time' mentality."

MORE ON ENTREPRENEURIAL STRATEGY: Forget CPE, You Need an FPE | Seven Lessons for Accountants from Self-Driving Cars | You Don’t Think Technology Helps Get New Clients? | Tax Season Management: Multi-Tasking Is a Myth | 8 Seconds into the Future: Meet Generation Z | 5 Reasons Gen Y Will Make or Break Your Firm | Get More Done, Make More Money: Stop Doing These 17 Things
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In his succinct and soul-searching praise for "Accountaneur: The Entrepreneurial Accountant," Baker urged, “from changing your business model to focusing on developing your firm’s human capital, and more – will keep your firm relevant as we encounter an increasingly turbulent and changing marketplace.”
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Forget CPE, You Need an FPE

Business hand holding hot chart in crystal ballAn executive whose entire job is to predict future?

By Hitendra Patil
Accountaneur

Do you want to know the future of accounting?

MORE ON ENTREPRENEURIAL STRATEGY: Seven Lessons for Accountants from Self-Driving Cars | 4 Pillars of Future Firm Foundation | Do You Want a Practice … or a Business? | 3 Apps to Automate Business Networking | Relearning the Lingo of the Accounting Business | 10 Things That Accountants Didn’t Worry About 10 Years Ago | What if Accounting Firms were ‘Apps?’
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Business Insider recently published a post stating Ford has an executive whose entire job is to predict the future.
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