• Mon, 26 Aug 2019, 06:55 AM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Tax, finance execs keen on automating routine tasks, but unsure about blockchain: KPMG Poll

Wed, 10 Apr 2019, 06:28 am UTC

A recent poll from KPMG has revealed that while a high majority of tax and finance executives are interested in automating routine tasks, many of them are not considering adopting blockchain technology.

The KPMG blockchain webcast "Understanding Blockchain – It's Not Just About Crypto," was held on February 26, 2019. Around 450 tax and finance executives from organizations outside of KPMG responded to various poll questions on blockchain and other technologies.

According to poll results, while approximately 60% of respondents said that they would be willing to adopt technology to automate repeatable tasks, 94% said they were either not currently using (67%) or are unsure whether their organization is using (27%) blockchain technology.

Among the primary impediments to blockchain implementation, respondent cited factors such as lack of resources (33%) and funding (22%), as well as a lack of access to or influence on technology decision-makers (22%) and lack of tech capabilities (22%).

"These impediments could be preventing tax and finance executives from gaining economies of scale in their data and analytics work streams," said David R. Jarczyk, Innovation principal and Tax leader for Blockchain at KPMG.

"Blockchain could make a significant difference between teams spending hours finding and connecting data when they could instead be focusing on analyzing that data for a real return and benefit to the organization.”

Jarczyk said that blockchain technology could help automate certain tax and finance processes and help resolve not only inefficiencies and reduce errors, but also critical issues related to business transactions, such as buy/sell orders, intercompany transfers, financing arrangements with banks, and the movement and tracking of assets.

"Blockchain is like a spreadsheet on steroids that can automate certain tasks, build greater transparency, speed and reliability, and provide a single source of transactional information,” he said. “This single ledger acts as a source of data, which allows for higher-value analytics using various technologies including artificial intelligence, apps, and other analytical tools."

Jarczyk added that together with artificial intelligence, automation tools, and other power apps, blockchain has a “real potential” to transform the tax and finance departments from “reactive to proactive.”

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $10,355.70 (+2.58%)
  • Ethereum (ETH) $190.85 (+0.65%)
  • XRP (XRP) $0.272600 (+0.57%)
  • Bitcoin Cash (BCH) $312.39 (+1.72%)
  • Litecoin (LTC) $74.46 (+1.98%)
  • Bitcoin (BTC) $10,355.70 (+2.58%)
Aug 26, 2019 (Monday)
04:09
Crypto startup Circle eyes $100M fundraise for its crowdfunding arm SeedInvest
04:05
BitPay, Blockchain.com team up to offer a new way of bitcoin spending
04:04
Binance offers lifetime VIP membership to hack victims, blames KYC vendor for image leaks
Aug 23, 2019 (Friday)
11:35
Stablecoin project Terra receives funding from HashKey Capital
10:49
Three of the founding members of Libra Association consider backing out: Report
08:55
Overstock's Patrick Byrne steps down as CEO
08:52
Pundi X brings XPOS crypto payments to Venezuela's Traki retail stores
07:22
Blockchain startup Blockstack scores strategic investment from Japan's Recruit Holdings
07:19
BitGo announces support for multi-signature EOS wallet and custody services
06:39
US Treasury blacklists crypto addresses of suspected Chinese fentanyl traffickers
06:14
Chainalysis launches ‘Chainalysis KYT Alerts’ to detect suspicious cryptocurrency activity in real-time
05:13
Cryptocurrencies used to buy fentanyl, other illicit drugs: White House
05:04
Blockchain energy startup Power Ledger extends energy trading trial in Fremantle
03:53
Blockchain accelerator initiatives launched at the University of California campuses
Aug 22, 2019 (Thursday)
13:05
Crypto exchange Coincheck mulls launching IEO Platform
12:46
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:53
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:42
Sierra Leone launches blockchain-based National Digital Identity Platform
10:43
Blockchain startup Blocko secures $7.4M in Series B+ round from major South Korean financial institutions
09:52
Crypto Technicals: Ethereum Classic ignores crypto space weakness, extends gains to break above 200-DMA
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft