Monthly Poll

We are asking our readers to contribute to our topic conversation and share a little about what they do in their firms.

Last month, we asked about blockchain and here is how you answered:

Q1: What is your current level of blockchain understanding?

None

23.08%

Beginner

65.38%

I can talk a good game

11.54%

Ninja

0.00%

Q2: Is your firm positioning itself for the technology disruption of blockchain and AI?

Yes, our firm is excitedly embracing the consulting model.

7.69%

Kind of, my accountants still have a death grip on their 10-keys though.

69.23%

Its dark ages over here and my accountants are still asking about MySpace.

23.08%

Q3: What is the approx. investment your organization will make in the next calendar year in this area? 

$1M or More

3.85%

$500 – $999K

0.00%

Less than $500K

19.23%

No Investment is planned

76.92%

Q3 Comments:

 

  • Transition to AI — being ready and making the change at the right time
  • Knowing and understanding what is available right now and how to begin using it
  • Getting buy-in from leadership


Looking at the responses to our survey, we can see many of you are starting to learn more and more about blockchain and your accountants are doing the same. However, not many of you are planning to really dig in with investing in this area. You might need to rethink that and start squirreling away some funds in your budget.

A report by the World Economic Forum suggests that 10% of global GDP will be stored on blockchain-related technology by 2025. This implies that the way transactions are recorded and communicated will completely transform accounting and audit processes between now and then.

It is easy to see why accountants of the future will need to educate themselves about blockchain technologies if they are to account for transactions denominated in it. The profession will evolve and adapt massively over the coming years. The Big 4 made announcements last year about their development of auditing technology for firms using cryptocurrency, such as Bitcoin, as payments. Top 25 US firm, Armanino, just launched their blockchain practice this past February. 

In order for all our firms to keep up with the times, we will need to start making investments in education and certifications for our staff as well as development of thought leadership in this fast growing arena.

But first, we ask that you please take a minute for the minute and answer this month’s poll questions about how your firm is expanding into consulting and advisory services.