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Nowadays, accountants are considering blockchain, since the technology aligns so seamlessly with the profession. Basically, blockchain technology provides a new kind of accounting ledger, one that can be regularly verified and updated without the risk of being corrupted or altered.

Blockchain can use data access, reporting, and efficiency to improve both bookkeeping and audit. Here is how Blockchain is changing the accounting industry, according to specialists of blockchain accounting by IBA:

Transactions that are almost instant

With Blockchain, long transaction processes will be eliminated or reduced drastically. Accountants are going to spend less time stressing about whether transactions have been reported in the right month.

Trackable assets

With blockchain, assets are more secure. Increased security will be advantageous for companies that are focused on inventory tracking, bonds, stocks or mutual funds.

As transactions occur, they get stored in a local ledger and then shared across every blockchain record, letting each user an undisputed copy of the asset's history. For audits, the client will be able to see their auditor's efficiency improvements when gathering information.

Automated reconciliation and reporting

Blockchain makes reconciliations and reporting simpler than ever, thanks to the distributed ledger's automatic update.

With all the details and transactions recorded in one place, it's easier for journal entries to be sorted automatically and recorded by programming computers. Clients will once more gain from a more detailed, fraud-resistant, thorough and traceable transaction record.

Cost savings on compliance and audits

With Blockchain data, audits will be better automated, more precise and faster. Projects that previously took weeks to complete might be reduced to a few days.

A small audit team can achieve more, review a lot of processes, and use better efficiency than ever before to certify results. Blockchain will need fewer people to carry out the same work and make time for experts to use their audit expertise to improve efficiency across the organizations of their clients.

Accountants should accept blockchain

As with any new, state-of-the-art technology, auditors and accountants have started to wonder if blockchain will ultimately end up being a replacement for human accounting experts. Fortunately, even the most hopeful analysts do not see that taking place. There is no question; however, accounting experts should learn as much as they can about this technological innovation before it turns to be a standard, everyday part of our jobs.

In spite of the inherent skepticism toward something introduced as groundbreaking, blockchain provides accountants a huge opportunity to position themselves as innovative and forward-thinking.

10:20

The initial coin offering (ICO) hype has become popular among investors and developers. Many people are looking for a way to get a piece of this lucrative deal. With the massive success of bitcoin, everyone is looking to invest in the next bitcoin. ICOs provide such a chance through tokenization of products or utilities. A startup sets up a crowdfunding campaign where tokens are created and sold to fund a project. However, in the recent past, many ICO scams have been reported, which makes this a highly risky investment, considering it is not backed by a real asset. ICO attorneys from IBC Group advise ICO investors to perform a thorough research before making an ICO investment decision:

Identify the upcoming and ongoing ICOs

Before an ICO kicks off, there is a lot of public awareness that goes on. A whitepaper contains everything you need to know about the campaign: what it does, the number of tokens created, who the developers and partners are, among others. You will be able to find the upcoming ICOs listed by some reputable websites. As long as you do your research you can also enter an ongoing ICO.

Research the ICO you want to invest in

Once you find a list of ICOs, do a research on whether they are a viable investment or not. There are many bitcoin and altcoin forums to take part in. They discuss the latest ICOs and cryptocurrencies, which will help to shed more light on the issue. You can join discussions on Reddit, BitcoinTalk, CoinDesk, and CoinTelegraph, among others. The community will guide you in settling for the best ICO, based on your investment objective. You can get answers and investor views from ICO experts.

Buy ether or bitcoin on a fiat-crypto exchange

To enter into an ICO, you need to buy tokens using cryptocurrencies. In most cases, you have to buy using either ether or bitcoin. Look for a crypto exchange that offers to exchange fiat currency for coins. Create an account, deposit the fiat money, and then get your bitcoin or ether. It is worth noting that most ICOs are built on Ethereum Network. As such, you can convert your fiat money into ether for convenience when buying the tokens.

Transfer the coins to your wallet

Once you have your coins, you can transfer them to your wallet. Although exchanges offer online wallets to store your digital currencies, it is advisable to have a private wallet. You are not in control of the online wallet, which puts your coins at a high risk. Create a software wallet or buy a hardware wallet to secure your private keys.

Buy the tokens from the ICO

It is probably the most crucial step. You need to countercheck an address and every detail of the website every step of the way. Since you are dealing with virtual currencies and the ICO is an online campaign, confirming the addresses is critical. This will help you to avoid sending your coins to the wrong wallet or ICO address. When certain you have the right address, send the coins to receive your tokens. Always make sure that you send extra coins to cater for the transaction fee.

Sell or hold your new coins

Once the ICO has ended, the new tokens will be listed in an exchange for trading. Depending on what kind of an investor you are, or aspire to be, you can either sell or hold the tokens in your wallet. You can track how your tokens are performing on top exchanges, such as Binance or Coinbase.

09:08

Over the years iPhones have proven that they are more than just mobile devices. The latest version of iPhone X comes with features and functionalities even more powerful than most PCs. Video editing requires high storage and processing power. Luckily, iPhones meet these criteria where you can simply edit your video footage using multiple video editing apps for iOS devices. When asked about the best video editing applications for iPhones, Dubai video production experts from Astudio.ae shared the following list:

Clips

If you want to add spice to your video, then Clips will give you just that. It allows you to add just about anything that can make your video stand out when you upload it for your audience. You can add emojis, music and text to revive a dull video clip and entice your social media audience.

iMovie

The best thing about this app is that it has a beginner’s interest at heart. Apart from being completely free, it is highly user-friendly. From the content to the time it takes to edit a video, a beginner will find this app extremely easy to use. 

Cameo

It makes things easy for you as you can join multiple video clips saved in your Camera. From there, it allows you to edit them by either trimming, splicing, before you can include a more personal touch, by adding filters or music. All this in simple taps and your video is ready for uploading.

Montaj

It provides you with multiple ways of telling your story thanks to the storyboard feature. You can take all your recorded videos and import them on the storyboard. From there, you can add filters, music, and other basic editing features to the video clips until you get what you want.

LumaFusion

If you want to take your video editing to the next level, then this app is the best place to start. It offers a wide range of video editing features you will not find in similar mobile apps. It allows you to multi-clip edit thanks to the three video and audio tracks it posesses. Other interesting features include the layer effects, fast and slow-motion capabilities, and audio effects just to name a few. However, it is not free as you have to part with about $20, a one-time payment.

Splice

It is completely free to use on your iPhone. You can import video clips, arrange them according to your preferences and get to work in terms of editing. It allows you to slow down or speed up the video clips, add text, filters, and voice-overs.

ReelDirector

You can take your imagination to the next level with this app and its potential depends on the level of your creativity. Among other amazing features you can add titles, join multiple video clips together, and add music to your video clips.

12:35