5 Things Firms Need to Consider About Blockchain

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At every accounting and finance conference, regardless of where the attendees are employed, blockchain is almost always in the top three topics of discussion.

Such excitement and buzz is not entirely unjustified – the core functionality and components of blockchain technology seem to be nearly a perfect fit for accounting professionals seeking to elevate both themselves and the services they provide. That said, and even with all of the discussion, debate, and investment underway in this area there does remain quite a bit of confusion when the following question is asked:  So, what now?

How do practitioners, accounting firms and organizations seeking to keep a competitive advantage versus the market take those important next steps toward blockchain implementation? Laid out in this piece are some key questions, considerations, and ideas to keep in mind as the blockchain wave continues to build.

Every organization is different, obviously, so it’s important to always evaluate technology decisions with your team before making any final choices. These questions, ideas, and concepts are based on two presentations I gave, and dozens of conversations I had the good fortune to have at the recent Scaling New Heights 2018, held in Atlanta. 

Let’s drill down and get to some of these ideas:

  1. Talk to your clients and customers – This should be a painfully obvious point, but this is something I have seen overlooked time and again, from practitioners employed all over the accounting spectrum. Technology is exciting, is having a dramatic impact on both the accounting profession and business at large, and holds tremendous potential for forward looking professionals. That said, your clients, customers, and colleagues need to be educated about these tools and on board with the same level of experimentation and implementation you would like to embark upon.

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About Dr. Sean Stein Smith

Sean Stein Smith

Dr. Sean Stein Smith, DBA, CPA, CMA, CGMA, CFE, is an assistant professor at Lehman College, part of the City University of New York. He is a member of the NJCPA Content Advisory Board, Student Programs & Scholarship Committee, Young CPA Council, Nonprofit Interest Group, and Accounting & Auditing Standards Interest Group. He can be reached at [email protected].

 

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