A recent Intuit survey shows that US accountants recognize the impact that technology has on their business. Almost half of those surveyed are ready to splash blockchain and artificial intelligence (AI) solutions to help them grow and serve their clients better.
Accountants are professional technology
In a press release on March 29th, Intuit QuickBooks Accountant Technology Surveygathering feedback from 2,000 US accountants to reveal that accountants know how technology can impact growth. They then want to prioritize technology investments to drive their business forward.
Of the 1,073 accounts surveyed, 48% said they aim to use AI to invest and adopt automation tools and software. Another 47% said they are also considering blockchain technology.
Following the explosive popularity of ChatGPT, there have been concerns that technology will affect many users, especially in chat and calculations, leading to mass unemployment.
Goldman Sachs, a global investment bank Reportpredicted that generative AI could replace up to 7% of all US jobs, causing major disruption to the labour market. While losses can occur, most users will look at this technology to complement their work.
The labour market can face major disruptions if the generator AI provides the promised capabilities. The impact of AI on the labor market is likely to be significant, but most jobs and industries are partially exposed to automation, and therefore likely to be complemented rather than replaced by AI.
Artificial intelligence for the use of blockchain and growth
Findings from the survey show that most accountants recognize that technology will see significant growth in future growth and expansion.
In addition to AI, blockchain technology relies on a distributed network of users for greater reliability and self-audit, can disrupt work. For example, an existing network allows users to send transactions without an accounting intermediary.
Additionally, some blockchains support smart contracts, which can be used to automate and optimize the resulting workflow to audit, consolidate bookkeeping, and reduce documentary.
By complementing the work with technology, accounting firms increase revenue and serve clients, particularly as their financial needs increase.
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Technology is a key contributor to this bullish view, with 41% citing the increase in revenue as a result of previously implemented improvements to technology. Accountants also say that providing better value to their clients, updating their workflows and adding new services is all a result of leveraging technology.
Deloitte, report I said The emergence of blockchain applications, specifically new accounting technologies, may utilize distributed ledger technology (DLT), which can shape auditor engagement.
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