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How Blockchain And Cryptocurrency Are Impacting Accounting And Finance Departments

Staff Report

Wednesday, August 15th, 2018

Blockchain isn't just disrupting how business is conducted, it's disrupting the demands on accounting and finance functions. One of the most well-known ways is cryptocurrency, which, according to 50 percent of financial leaders in a Robert Half Finance & Accounting survey, will become at least somewhat common for business transactions in the next five years. Respondents also noted blockchain and cryptocurrency will drive the need for financial professionals to expand their skill sets, as well as a greater focus on specialized accounting.

Finance leaders were asked, "How do you think the rise of cryptocurrency and blockchain technology will affect accounting and finance departments?" Their responses:*

Staff will need to expand skill sets to adapt for new accounting and finance technologies

36%

It will increase the need for specialized accounting

34%

There will be more cross-departmental collaboration with IT

30%

It won't impact accounting and finance until it becomes government-regulated

29%

No impact at all

9%

*Multiple responses permitted.

"Companies waiting to see how they'll be affected by blockchain and cryptocurrency will find they're too late," said Steve Saah, executive director for Robert Half Finance & Accounting. "Organizations must act now to stay ahead of the resulting challenges and opportunities."

Saah added that companies often face difficulties trying to hire for blockchain and cryptocurrency expertise, such as for roles involving payments, security and risk. "A big talent gap exists between blockchain experts and jobs demanding their knowledge, making candidates with these skills in high demand. Companies should proactively hire for this knowledge and provide training to help current employees get up to speed."

Robert Half Finance & Accounting offers the following additional tips for companies looking to build their accounting and finance teams' blockchain expertise:

  • Facilitate collaboration. Encourage communication with the IT department for seamless integration of the new technologies. IT colleagues may also be able to share best practices and training.

  • Relax the job requirements. Blockchain expertise is hard to find but can be developed. When hiring for roles requiring this knowledge, consider focusing on candidates who will have a short learning curve and can be trained on it.

  • Accelerate the hiring process. If you find a candidate you want to hire, move fast. Enlist the help of a specialized recruiting firm that has access to candidates you may not be able to find on your own and can assist with your hiring efforts.