Blockchain could change the way accountants generate revenue, according to a report published yesterday by the Association of Chartered Certified Accountants (ACCA).
The group, which boasts more than 180,000 members worldwide, said in its report that the kinds of services accountants provide may evolve depending on how the technology is adopted. These changes, the report’s authors note, may impact the income of accountants as well.
While the report notes that “it will take time” to see how distributed ledger adoption affects revenues for accountants, it does caution that “the most likely effects on the revenue mix may be clear sooner”.
The report’s authors write:
“There may be a gradual move away from low-margin activities (for example, transaction checking) towards a greater emphasis on higher-margin work (for example, interpreting technical accounting policy to a given situation). Over time, this may affect the revenue model, with greater emphasis on paying for expertise and advice (outputs-based rate card) rather than for time (inputs-based, per hour billing).”