The top stories in accounting & finance for the week of June 11th
Accountants can rest assured that the biggest asset they bring to the job—emotional intelligence—is not in danger of a machine takeover. But with the 4th Industrial Revolution comes change to smaller repetitive processes like bank reconciliations assigned to automation. See a breakdown of the anticipated automation impact on accounts payable, supplier onboarding, procurement, audits, and more.
One with blockchain, one without, competing firms Ripple and Swift are turning up the heat in cross-border payments to claim market leadership. Swift, a 45-year incumbent in the industry is attempting to do so without blockchain technology, relying on preexisting cloud and API solutions, while Ripple enlists banks to its XCurrent blockchain cross-border payments system.
Controllers feel limited in traditional role
Controllers are expressing a desire to move into executive leadership roles but find limited opportunities, says a report by the Institute of Management Accountants and the Deloitte Center for Controllership. Time spent on operational tasks like compliance and closing books limits strategic thinking opportunities. Using automation on rote tasks can help free up time toward promotional goals alongside clear communication to senior leadership of a controller’s desired role.
The American Institute of CPAs has isolated certain competencies that will be important for accountants to carry into future jobs, and will begin offering programs on technology, handling organizational change, and leadership. Taking a nod from China, whose sudden move to a cashless marketplace triggered bank layoffs, the industry is determined to come out ahead of changes and emphasize the strengths financial professionals still bring to the table.
—Journal of Accountancy
Warren Buffet and J.P. Morgan CEO Jamie Dimon claim bitcoin still has a long way to go before breaking into their trust circle. Buffet, recently interviewed by Fortune, said “I set a high standard” in response to the question “Which of you hates Bitcoin more?” Dimon said: “Just beware.” Dimon was careful to separate blockchain as a viable underlying technology in his earlier statements about the currency.
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