Is Blockchain changing the future of accounting?
If you work in the accounting sector, you’re probably very familiar with the latest ground-breaking accountancy technology – Blockchain.
Its impact on the world of business, but also on the accounting profession as a whole, has been hugely transformational so far. But what is it about Blockchain that’s so appealing to businesses, particularly those in the finance industry?
Blockchain in a nutshell
Well, for those unfamiliar with this latest protocol, Blockchain has in summary, changed the way in which financial records are now produced, stored and updated. And with Blockchain enabling records to be shared between multiple users, as opposed to a single individual, data communication has never been easier – or more transparent.
Is it secure?
By creating a kind of universal entry bookkeeping, Blockchain is built upon an impressive and highly secure system where via a strict authentication procedure, all users will have access to the same record. That record remains permanent and unable to be tampered with.
Data transfer made easy
With the profession as a whole, being hugely concerned with the measurement of financial information, Blockchain has completely eliminated the need to reunite individual ledgers to sit and go through detail by detail. Instead, all information is now accessible to all – at any time, or place.
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One of the many benefits of working with the team here at Manwood James is our ability to introduce to you the latest breakthroughs in technologies and processes. If you’re looking to drive business performance, contact our team today.