MODEM ACCOUNTING TRENDS [PART : 6]

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⭐ MODEM ACCOUNTING TRENDS :

Hi friends 🙏

Today's discuss sixth accounting trends... 

                                   So let's discuss .... 

6️⃣ BLOCKCHAIN IN ACCOUNTING :

Blockchain is an accounting technology. It is concerned with the transfer of ownership of assets, and maintaining a ledger of accurate financial information. ... For accountants, using blockchain provides clarity over ownership of assets and existence of obligations, and could dramatically improve efficiency.

The accounting industry needs to understand blockchain technology more and for good reasons. Blockchain is already changing the accounting sector by lowering the costs of reconciling and maintaining ledgers. It also provides the needed accuracy in terms of ownership and history of assets. With blockchain technology, accountants gain a more unobstructed view of their organization’s obligations and available resources.

The Big Four in the accounting industry—Deloitte, Price Waterhouse, Ernst Young, and KPMG—join the blockchain trend by having people work in distributed ledger laboratories. This is in the hopes that immutable distributed ledgers will become a reality. In that case, their audit and accounting divisions will most likely become obsolete. Blockchain-based projects saw exponential growth over the past few years, acquiring $1 billion in investment, according to data published by Statista.







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