This paper focuses on the problem of how blockchain technology can be implemented for financial accounting process optimization. It shows how blockchain can be used to increase an organization’s operation efficiency and compliance. The objective of the study was to test the impact of blockchain on the Return on Assets key financial performance metric. The authors then analyze secondary data from 10 companies (from different countries and among diverse industries) in a period from 2019 to 2023 with a fixed-effect econometric model. Results indicate a statistically significant positive relationship between blockchain adoption and accounting efficiency improvements, where early adopters account for most of the error reduction and cost savings. The qualitative insight provides further insight into the transformational effects of blockchain technology on organizational culture by clarifying the effects of increased transparency and accountability in financial reporting. This research is a novel result from its implementation of a mixed methods approach and bridging the quantitative research of the two fields together with the qualitative case studies to provide a holistic view of blockchain’s impact. This study is valuable for organizations trying to exploit new technologies to improve related financial accounting processes because of its practical value. The authors propose future research directions including sector-specific analyses and the study of effects of synergy with other emerging technologies.