HOW BLOCKCHAIN AND AI WILL REVOLUTIONISE ACCOUNTING
BY 12handz Team
The prospect of new technologies can at times seem daunting, the stuff of science fiction and a far-away future where life as we know it is replaced by robots and general chaos! But for accountants, new technologies like block chain and Artificial Intelligence (AI) actually herald a new and exciting reality in which business practices and customer service are made easier and more efficient.
So, what exactly are these innovative forces?
Blockchain is essentially a tool for decentralized record-keeping that enables the tracking of transactions – anything from financial exchanges to contracts– stored in batches called ‘blocks’. These blocks are linked, with an imbedded, unchangeable history that can be shared and distributed – so they do not rely on a central authority, and they are also impossible to forge or destroy. Blockchain’s use is growing across multiple industries, with exceptional potential for many more applications. In short, it is the record-keeping of the future, and that means more and more accountants will need to be able to integrate blockchain records into their overall work. This can be learned over time or even in an online course.
AI refers to machine learning models capable of carrying out tasks that would typically require human intelligence, like sorting through records, analysing data, and drawing conclusions. AI systems like these can accomplish all this with superhuman speed, efficiency, and meticulousness – in a fraction of the time a human needs.
No one is saying that anything could ever replace the nuance, judgment, and heart of a flesh-and-blood accountant. However, with blockchain and AI we can create smarter, more streamlined, and transparent systems. Here is how:
Throw Off Your Shackles
Embracing blockchain and AI can free you up from the mundane and repetitive tasks of your workload. When record-keeping, data input, and processing information happen seamlessly, without human micro-management, youare then able to give your attention to other elements of your business that may need more personal attention, like staff management, customer service, and marketing.
Pioneer New Horizons
Think of it this way: when your upgraded systems accomplish the initial heavy-lifting of connecting the dots, your energy and sophisticated human eye can be used towards the more fine-tuned brush strokes, to suggest potential impacts and future strategies. With the numbers seamlessly crunched by your technology, you will be better positioned to analyse and interpret the information, find hidden insights, and build more refined predictions. You may even find yourself in new and exciting territory, like working with cryptocurrency, the decentralized currency which relies on the blockchain model.
Build and Bond
Perhaps the most fundamental benefit of upgraded blockchain and AI systems has to do with the reason clients come to you in the first place – trust. People want a relationship with an accountant who they can rely on for full compliance, risk or fraud prevention, and minimal accounting errors. When clients see time and again that your operating systems run smoothly, accurately, and efficiently, you enhance the trust that underpins the very essence of your business – human relationships.
Accountancy may not be thought of as the most thrilling of professions, but in fact, accountants have historically been trailblazers, leading civilizations into the future with new inventions like writing, counting, and money. Embrace this new chapter in the accountancy story, with up-and-coming technologies like blockchain and AI. Not only will your systems be smoother and more reliable, but you will find exciting new dimensions in how you serve your clients.
for your business
(not anybody else’s)