According to a recent survey by Intuit, US accountants have acknowledged the influence of tech in their corporations. Almost half of the respondents indicated their willingness to invest in blockchain and AI solutions to enhance their ability to serve their client base better and expand their business.
A report about Intuit QuickBooks Survey on technology for accountants was issued. The survey received responses from 2,000 US accountants and revealed that they are aware of the impact of technology on growth.
As a result, they are interested in investing in technology to advance their business. Out of the nearly 1,100 accountants surveyed, 48% expressed their intention to adopt and invest in software that employs AI and blockchain automation tools.
Additionally, 47% of the surveyed said they were exploring blockchain technology. As ChatGPT—an Artificial Intelligence powered chatbot gains popularity, there are concerns about the potential impact of technology.
Many claim it would lead to huge job losses, given their ability to perform human-related tasks such as computation and chatting. According to a report by Goldman Sachs, a worldwide investment bank, Generative AIs can replace about 7% of all jobs in the United States, which could cause substantial interference within the labor industry.
Also read:Despite the potential for job losses, most users would view this technology as a complement to their work. Nevertheless, the disruption to the labor market could be significant if generative Artificial Intelligence lives up to its promised potential.
However, most industries and jobs will only be automated, which means they are more likely not to be replaced by AI but rather complimented.
Artificial Intelligence And Blockchain In Growth Development
In addition to Artificial Intelligence, blockchain technology could also have a significant disruption on work processes. This technology relies on a decentralized user network, increased self-auditing, and reliability.
Bitcoin and other networks allow users to complete transactions without an intermediary. Furthermore, specific blockchains employ smart contracts, which can automate and optimize workflow processes leading to the standardization of auditing, reduction of paperwork, and consolidation of bookkeeping.
Thus, accounting firms can serve their clients better and increase their revenue by utilizing technology to complement their work, particularly as customers’ financial needs become more complex.
According to an extract, “41% of accountants attribute their escalated revenue to technology upgrades they have implemented. Additionally, accountants note that leveraging technology has enabled them to offer new and better services and update workflows.”
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