As bitcoin prices sit close to $18,000, BookBoost founder Don Grgic, believes the underlying blockchain technology is here to stay and will have a real impact on bookkeepers as more organisations and people adopt the technology.
“I think it is early days for the technology of cryptocurrencies in general. It's like the Wild West, it's a fad but at the same time it is not going away,” said Mr Grgic.
“Cryptocurrencies they are new currencies and at the moment they are not regulated in any way but as they get adopted by more and more people and organisations, bookkeepers will have to get up to speed and understand how they work, the tax implications of cryptocurrencies, which is still evolving at this stage, and certainly conversion from one currency to another, just like any other transaction within a business.
“It's new technology, not many organisations are embracing it because they have no idea where it is going so there is a lot of risk and a lot of uncertainty about it, but the underlying blockchain technology is certainly having an impact not only on financial services or transactions but a range of product and services globally.”
Earlier this year, BookBoost announced that it would accept bitcoin payments for its small business services in a bid to increase customer convenience.
Mr Grgic believes it will only be a matter of time before the impact will be more readily felt within the industry.
“As technology changes, the way we work needs to change and will change and those transitions are just a normal part of business so I don’t see them as issues; yes, you need to get retrained, you need to get additional skills,” said Mr Grgic.
“They will have to understand how it works.”