US Accountants Ready To Invest In Blockchain, AI Tools Like ChatGPT
In a recent survey by Intuit, accountants across the United States recognized the impact of technology on their businesses. Nearly 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, The Intuit QuickBooks Accounting Technology Researchcollecting feedback from 2,000 accountants across the United States, revealed that accountants understand how technology can influence growth. Subsequently, they are eager to prioritize technology investment to drive their business forward.
Of the 1,073 accounts surveyed, 48% said they intend to invest in and adopt automation tools and software using AI. Another 47% said they are also looking at blockchain technology.
After the explosive popularity of ChatGPT, an AI-powered chatbot that does, among other things, chatting and computing, there has been concern that the 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 to job markets. While there may be losses, most users would use this technology to complement their work.
If generative AI delivers on its promised capabilities, the job market could face significant disruption. While AI’s impact on the job 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.
Leveraging Blockchain, Artificial Intelligence for Growth
Survey results indicate that most accountants recognize that technology would represent a significant addition to their growth and expansion in the coming year.
In addition to AI, blockchain technology, which relies on a distributed network of users for greater reliability and self-audit, can get in the way of work. Existing networks, for example Bitcoin, allow users to send transactions without an accounting intermediary.
Furthermore, as some blockchains support smart contracts, the resulting workflow automation and optimization can be used to standardize auditing, consolidate accounting and reduce paperwork.
By complementing their work with technology, accounting firms will increase their revenues and better serve clients, especially as clients’ financial needs increase.
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Technology is a major contributor to this optimistic view, with 41% citing that their revenue increase is a result of previously implemented technology improvements. Accountants also say that providing better value to their clients, updating workflows and adding new services are results of leveraging technology.
Deloitte, in a report, he said Blockchain applications, and specifically the emergence of new accounting technologies, some of which leverage distributed ledger technologies (DLTs), can shape how auditors engage.
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