US accountants ready to invest in blockchain, AI tools like ChatGPT
In a recent Intuit survey, accountants in the US have recognized the impact of technology on their businesses. Almost half of respondents are ready to invest in blockchain and artificial intelligence (AI) solutions to grow and better serve their customers.
Accountants are pro-technology
In a press release on March 29, Intuit QuickBooks Accountant Technology Surveywhich collected feedback from 2,000 accountants in the US, revealed that accountants know how technology can affect growth. They are then concerned with prioritizing technology investments to move the business forward.
Of the 1,073 accounts surveyed, 48% said they aim to invest in and adopt automation tools and software using AI. Another 47% said they are also looking at blockchain technology.
After the exploding popularity of ChatGPT, an AI-powered chatbot that does chat and calculation, among other things, there have been concerns that the technology will affect many users and lead 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 disruption to labor markets. Although there may be losses, most users will look to this technology to complement their work.
If generative artificial intelligence delivers on its promised capabilities, the job 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 therefore more likely to be supplemented rather than replaced by AI.
Harnessing blockchain, artificial intelligence for growth
Findings from the survey indicate that most accountants recognize that technology will play a significant role in their growth and expansion in the coming year.
Besides AI, blockchain technology, which relies on a distributed network of users for higher reliability and self-auditing, could disrupt work. Existing networks, such as Bitcoin, allow users to send transactions without an accounting intermediary.
Additionally, since some blockchains support smart contracts, the resulting automation and workflow optimization can be used to standardize auditing, consolidate bookkeeping, and reduce paperwork.
By complementing their work with technology, accounting firms will increase their revenue and better serve their clients, especially as their financial needs increase.
An excerpt reader:
Technology is a key contributor to this bullish view, with 41% citing increased revenue as a result of technology improvements they have previously implemented. Accountants also state that providing better value to their clients, updating workflows and adding new services is a result of leveraging technology.
Deloitte, in a report, so blockchain applications and specifically the emergence of new accounting technologies, some of which leverage distributed ledger technologies (DLT), may shape how auditors engage.
Feature image from Canva, chart from TradingView
