We all know that blockchain has some massive bouts of potential in it. It is said that blockchain could solve a lot of the world's issues but it hasn’t got to the stage of mainstream adoption.
Now, the revolutionary technology has the capability to change the role of accountants which means they will become, according to industry speaker and author Ian Khan, “the digital detectives of tomorrow.”
“This is the next frontier,” he said, speaking in London at the Accountex event. “Technology is the next frontier. If you don’t know about technology, don’t know what it does, then how will you be able to succeed in this era that’s powered by technology?”
He went on to add,
“there’s still space in this era for accountants. But accountants have to be more tech-savvy.”
The emerging technologies was a major theme at this year’s Accountex. As reported by AccountancyAge, speakers like FreeAgent CEO Ed Molyneux warned that many of the traditional roles of accountants were starting to become automated and that the accountant’s role could become increasingly advisory.
“Traditional sources of information can be inaccurate. Today we work with Excel sheets, printed documents and receipts. [Accountants] handle so much paperwork, there’s got to be some inaccuracies. Excel sheets are great, but I don’t think they are the best or the most secure medium of exchanging information, Excel sheets are not secure at all.”
Khan was determined that new technology such as blockchain presents an opportunity to grow and should not be considered a threat.
“Accounting firm professionals need to step into technology. If you really want to succeed as a firm or a professional, you need to start learning. I would say in the next five to 10 years the role of accountants will change from being financial accountants to technology accountants. Rather than the pen and the spreadsheet, you will be using blockchain and smart contracts.”