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Episode 19 · Accounting · Dec 24th, 2021
Charles Hoffman on How to Modernize Accounting (XBRL, Knowledge Systems, Immutable Distributed Ledgers)
Charles Hoffman
Inventor of XBRL & Product Manager @ Auditchain
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.
Show notes
- 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]
