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Will Web3 Change the Accounting Industry?

No matter what industry you work in, there is some level of accounting required to keep track of your income, expenses, and other financial matters. Emerging technologies like web3 and cryptocurrency, and financial transactions outside the traditional system, are causing some experts and industry leaders to wonder if the accounting industry is up to date.

For decades, the accounting industry has abided by the same laws, rules, and guidelines. Rarely does one use terms like “innovation” or “evolution” to describe the state of the accounting world. Now, however, web3 is challenging older notions of accounting.  

How Does Web3 Affect Accounting?

Web3 is the evolution of the digital sphere. Decentralized and blockchain technologies are taking trade, commerce, real estate, the legal system, and accounting to new places. Historically, accounting was based on traditional banking guidelines and a systematic process for transactions. Now, however, there is an increasing trend toward digital currencies and decentralized finances.

Accountants who are not technology-savvy may find it difficult to grasp moving away from traditional banking methods in favor of the digital realm. But the reality is that web3 is changing the way society conducts business so quickly that accounting professionals may have little choice.

Web3 Applicable Accounting Software

The good news for accounting professionals is that they aren’t stuck completely figuring out new technologies on their own. Web3 accounting software is being developed to help accountants account for, and manage, digital assets. Some of the most promising accounting software includes:

  • Bitwave
  • Cryptio
  • Gilded
  • Legible
  • Lukka

Each software has unique features that help accountants complete their tasks with ease. Some software is better for managing cryptocurrencies, while others are better handling complicated tax matters. For accountants, software like this could be the future for how they help their clients.

Need for New Accounting Talent

Similar to the legal industry, the accounting industry is facing an emerging need for new accounting talent. Accounting firms are increasingly experiencing client inquiries related to web3 and other emerging technologies. Unfortunately, many accounting firms don’t have technologically savvy accountants who know how to navigate web3.

As the digital economy grows and strengthens, accountants and accounting firms must consider the impact of web3, especially on the talent they bring in. Without evolving to meet the demands of our changing economy, accountants could find themselves obsolete.

Web3 Law Center Supports Evolving Talent

At Web3 Law Center, we recognize the need for evolving talent. Emerging technologies like web3 demand a new generation of talent that will take society to the next level.

Whether you work in accounting, law, real estate, or are a stay-at-home parents – web3 is going to impact you in some way. That’s why we are here – to support professionals and individuals as they face the evolving nature of web3.

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