Peter Horadan, executive vise president of engineering for Washington-based online tax automation firm Avalara, recently spoke about blockchain technology at CRUSH New Orleans – Avalara’s National Tax Compliance Automation Conference.
According to an AccountingToday report, Peter Horadan explained to attendees at the conference that bitcoin’s underlying technology – the blockchain – will have a big impact on the accounting industry, “It’s something that can be adapted to the work that we all do and it may affect the future of how we do our jobs.” said Horadan.
Horadan went on to say that many industry leaders are now realizing the inherent potential of the technology and how it can be applied to many different industries and business use cases:
“What’s happened is that the technology has really grown beyond Bitcoin because people have realized this technology has great application beyond Bitcoin itself,”
One of the aspects of the technology Horadan found most interesting: the immutable nature of all blockchain entries. He states that this particular attribute has great significance in accounting and tax compliance matters, “You can reverse it later with a reversing transaction, but you can’t go back and get rid of an original transaction.” explained Horadan.
Avalara CEO Peter McFarlane, who started the accounting firm in 2004, also spoke at the CRUSH conference, telling attendees that these types to technological breakthroughs will automate most of the manual work in the accounting & tax industry:
“We all know this is going to be automated over time. Nobody’s going to be doing what we do in manual fashion 10 years from now or 15 years from now. All we try to do is get out there and accelerate what’s happening.”
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