CMSWire interviews Chris Hervochon about blockchain and cryptocurrencies
If blockchain is disrupting enterprise digital strategies globally, in the future it will also disrupt enterprise departments and the way they go about their business. In fact, according to a recent survey, 50 percent of financial leaders say blockchain will be part of their business transactions in the next five years. Respondents to the survey also noted blockchain and cryptocurrency will drive the need for financial professionals to expand their skill sets, as well as a greater focus on specialized accounting.
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Blockchain and crypto currencies will both have immense impact on the accounting and associated professions. Regarding cryptocurrencies, such as blockchain, accountants will need to factor payment collection into their workflows, just like other methods of payment need to be considered now, said Chris Hervochon, the owner of Ga., Savannah-based accountancy services provider A Better Way CPA.
The fluctuations in the crypto markets create a currency risk for the business, and it stands to reason finance departments will begin to look at somehow hedging that risk if they haven’t already. “As far as blockchain technology, I think that coupled with machine learning will lead us to the point where auditors are able to look at every single transaction of a business or government with little to no incremental lift,” said Hervochon. “This should lead to an increased level of public trust in the financial statements put forth to the public, especially for the financial statements of government entities.”