Charles Hoffman on How to Modernize Accounting (XBRL, Knowledge Systems, Immutable Distributed Ledgers)
What We Discuss With Charles Hoffman
As an accountant who has long undergone the paradigm shift to evolve from a bookkeeping role to instead creating efficiencies by building new accounting systems, I wanted to have Charles share his 40 years of knowledge and experience of how to be a Modern Accountant.
In this episode, you will learn;
- The pain points of manual accounting processes,
- What is XBRL and the distinctions between human readable & machine readable information,
- What are knowledge graphs and why it’s relevant for the modern accountant,
- The importance of blockchain in bookkeeping,
- How can Accountants monetize process control NFTs with AuditChain and much more.
Shownotes
- Charles shares the story of why he devoted his life’s work to modernizing accounting [2:39]
- What is the essence of modernizing accounting, and is it simply analogous to automation? [8:37]
- What is XBRL and what are the distinctions between human readable and machine readable information [14:08]
- What is a knowledge based system [21:34]
- An example of knowledge based systems other than accounting (self-driving cars) [22:44]
- Why should the modern accountant pay attention to immutable digital distributed ledgers (eg. blockchain) [26:11]
- How does process control NFTs with AuditChain work and how does it leverage on XBRL reporting [31:28]
- What should an accountant learn in order to create process control NFTs with AuditChain [37:16]
- How should accountants evolve with the technology and Charles mentions the importance to have a new mental map [48:10]
