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The Accounting World Officially Enters the Metaverse

6/21/2022

In recent months, the concept of the metaverse has become a hot issue not just in the tech world, but in almost all industries.

The idea of this virtual reality world can be confusing to those outside of the technology community, so a number of trusted publications have tried to explain it in layman's terms.

Wired describes the metaverse as:

Broadly speaking, the technologies companies refer to when they talk about “the metaverse” can include virtual reality—characterized by persistent virtual worlds that continue to exist even when you're not playing—as well as augmented reality that combines aspects of the digital and physical worlds. However, it doesn't require that those spaces be exclusively accessed via VR or AR. Virtual worlds—such as aspects of Fortnite that can be accessed through PCs, game consoles, and even phones—have started referring to themselves as “the metaverse.”

Ever since Facebook rebranded as "Meta" and shared that their focus would be on the metaverse, companies across all industries have wanted a piece of the (virtual) pie.

McDonald's, for example, announced that they would be opening virtual fast food restaurants that people's avatars can visit in metaversal spaces.

Now, the accounting world is entering the metaverse thanks to KPMG. Per a new Accounting Today report, the company's U.S. and Canadian firms premiered their metaverse collaboration today, Wednesday, June 22, 2022.

Per the article:

...employees, clients and communities will be able to connect, engage and explore growth opportunities across industries and sectors during virtual meetings.

The firm envisions a virtual office space where avatars will be able to interact in meetings and training sessions and showcased an animated YouTube video demonstrating how it will look, with whiteboards, roundtables, conference rooms and other gathering places.

Both firms have also created dedicated teams to help clients pursue their own metaverse strategies.

You can watch the entire "KPMG in the Metaverse" video below:

KPMG is the first major tax and accounting firm to break into the metaverse, but this virtual world is undoubtedly the wave of the future.

No matter how large your CPA office is, being aware of what is happening in the virtual reality (VR) and artificial intelligence (AI) industries is an important aspect of growing and expanding your accounting business in the 21st century.

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Rebekah's search engine optimization career began completely by accident as a college student. Over the course of her career so far, she has "grown up" with the SEO industry, from writing content while juggling classes to managing her own teams of writers and overseeing SEO strategy in subsequent roles. She is excited to bring her passion for high-quality content to CountingWorks, Inc.

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