In a recent Intuit survey, accountants in the United States have recognized the impact of technology on their businesses. Nearly half of those surveyed are ready to splash on blockchain and artificial intelligence (AI) solutions to grow and serve their clients better.
Accountants Are Pro-Technology
In a press release on March 29, The Intuit QuickBooks Accountant Technology Survey, collecting feedback from 2,000 accountants in the United States, revealed that accountants know how technology can influence growth. Subsequently, they are keen to prioritize technology investment to move their business forward.
Of the 1,073 accounts surveyed, 48% said they aim to invest and adopt automation tools and software using AI. Another 47% said they are also looking at blockchain technology.
Following the exploding popularity of ChatGPT, an AI-powered chatbot that does, among other things, chat and computation, there has been concern that technology will impact many users leading to massive job losses.
Goldman Sachs, a global investment bank, in a report, predicted that Generative AI could end up replacing up to 7% of all US jobs, causing significant disruptions in the labor markets. While there could be losses, most users would look at this technology to complement their work.
If generative AI delivers on its promised capabilities, the labor market could face significant disruption. Although the impact of AI on the labor market is likely to be significant, most jobs and industries are only partially exposed to automation and are thus more likely to be complemented rather than substituted by AI.
Leveraging Blockchain, Artificial Intelligence For Growth
Findings from the survey indicate that most accountants recognize that technology would play a significant growth in their growth and expansion in the year ahead.
Besides AI, blockchain technology, which relies on a distributed network of users for higher reliability and self-auditing, could disrupt work. Existing networks, for example, Bitcoin, allow users to send transactions without an accounting intermediary.
Moreover, since some blockchains support smart contracts, the resulting automation and optimization of workflow can be used to standardize auditing, consolidate bookkeeping, and reduce paperwork.
By complementing their work with technology, accounting firms will drive up their revenue and better serve clients, especially as clients’ financial needs increase.
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Technology is a key contributor to this bullish view, with 41% citing that their increased revenue is a result of technology improvements they previously implemented. Accountants also state that providing better value to their clients, updating workflows, and adding new services are all a result of leveraging technology.
Deloitte, in a report, said blockchain applications and, specifically, the emergence of new accounting technologies, some of which leverage distributed ledger technologies (DLTs), could shape how auditors engage.
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