Blockchain technology: an examination of use-cases in the accounting profession
Date
2020
Authors
Malinga, Sibusiso
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Abstract
The accounting profession is one of the most sought-after professions. Worldwide, accountants are in high demand, making this a lucrative career. Most companies, nonprofit organisations and government departments need accountants and rely on accounting skills to ensure that finances are managed professionally and that there is accountability. However, the accounting profession demands a great deal of manual work, which takes up time. Manual tasks are also prone to errors.
The primary objective of this study was to determine the current manual accounting tasks and the tasks that can be automated with blockchain technology. The secondary purpose was to determine how the automation of ongoing accounting tasks will affect the accounting profession.
The study adopted a mixed method of research. The sample comprised 21 accountants representing two companies in South Africa, and the sampling techniques were chosen for convenience and were of a purposive nature.
The results provided some valuable insights into current manual accounting tasks. These tasks can be automated by blockchain technology, the time spent on these manual accounting tasks, the frequency of the manual accounting tasks, and the anticipated impact of automating tasks in the accounting profession. The results showed that blockchain technology could save accountants a great deal of time that could be used on more valuable tasks in terms of financial analysis and reporting.
The study will assist accountants in a leading logistics company with identifying manual tasks currently being undertaken. Recommendations regarding blockchain technology will be made available to the company, and this research will contribute to the optimisation of the accountant’s time and tasks. The study will add to the blockchain technology and the body of knowledge (BoK) in the accounting profession.
Description
A research report submitted in partial fulfilment of the requirements for the degree of Master of Management in the field of Digital Business to the Faculty of Commerce, Law and Management, School of Business Administration, University of the Witwatersrand, Johannesburg, 2020
Keywords
Blockchain technology, Accounting