Applied Finance and Accounting Vol. 8, No. 1, August 2022 ISSN 2374-2410 E-ISSN 2374-2429 Published by Redfame Publishing URL: http://afa.redfame.com 1 Applicability of Blockchain Technology to The Normal Accounting Cycle Williams Kwasi Peprah 1 , Reynaldo P. Abas Jr. 2 & Akwasi Ampofo 3 1 Valley View University, School of Business, Oyibi, Accra, Ghana. E-mail: williams.peprah@vvu.edu.gh ORCID Number: 0000-0002-6802-2586 2 Adventist University of the Philippines, Department of Accountancy, College of Business. E-mail: rpabasjr@aup.edu.ph 3 University of Connecticut, School of Business, Accounting Department. E-mail: aaampofo@vt.edu Received: November 22, 2021 Accepted: December 27, 2022 Available online: February 22, 2022 doi:10.11114/afa.v8i1.5492 URL: https://doi.org/10.11114/afa.v8i1.5492 Abstract Blockchain technology is a distributed, unchangeable ledger that makes recording transactions and managing assets in a business network much easier and now a type of accounting software concerned with the transfer of asset ownership and the maintenance of an accurate financial ledger. Despite the numerous benefits of blockchain technology, there is no study on the applicability of blockchain technology to the normal accounting cycle in emerging economies in Africa. Thus, this paper provides general insights on how blockchain technology may be used in the normal accounting cycle in West Africa. The study adopted a qualitative research method and content analysis research design to understand the extent to which business leaders in West Africa are aware, understand, and utilize blockchain technology in the processing of accounting transactions to the preparation of financial statements. Results indicate that West African business leaders are well aware, understand and apply blockchain technology applications in the normal accounting cycle, and it provides cost savings, digital identity, and security. The study recommends further investigations into how to address scalability when dealing with recurrent and large transactions. Keywords: Blockchain Technology, Normal Accounting Cycle, Accounting 1. Introduction Blockchain technology is a distributed, unchangeable ledger that makes recording transactions and managing assets in a business network much easier and now a type of accounting software (Adams et al., 2018; Demirkan et al., 2020) concerned with the transfer of asset ownership and the maintenance of an accurate financial ledger. Accounting is primarily concerned with the communication and measurement of accounting transactions and the analysis of such information (Dai, J., & Vasarhelyi, 2017). A large part of the profession involves determining or quantifying property rights and obligations to allocate financial resources best. For accountants, blockchain clarifies asset ownership and the existence of obligations, and the potential for significant efficiency gains. Despite the numerous literature about blockchain technology and its potential advantages, no study has been conducted yet on its potential applicability in the normal accounting cycle. Thus, this paper aims to provide general insights on how blockchain technology may be used in the normal accounting cycle. According to Supriadi (2020), blockchain technology can improve the accounting profession by lowering the cost of maintaining and reconciling ledgers and ensuring perfect clarity regarding asset ownership and transaction history. Blockchain technology has the potential to assist accountants in gaining clarity over their organizations' available resources and liabilities while also freeing up time to focus on analysis, valuation and planning rather than bookkeeping (Pimentel, & Boulianne, 2020). Blockchain technology will increase transaction-level accounting being performed but not by accountants (George & Patatoukas, 2021). Instead, successful accountants analyze the accurate economic interpretation of blockchain records, reconciling the record with financial reality and valuation. By removing reconciliations and providing confidence over transaction history, blockchain may also enable accounting to expand its scope, considering aspects that are currently thought too complex or unreliable to quantify, such as the worth of a company's data (Zhang et al., 2020).