‘’Connecting Businesses — Interlinking Blockchain’’
Double entry bookkeeping, the accounting foundation that has remained unchanged for the past 500, will only be used in limited scenarios such as payroll recording and other instances where the company does not have interaction with third parties.
Triple Entry accounting has been advocated for numerous years by high profile institutions including the SEC in America. The development of the Blockchain technology makes this development possible today. This will save individuals and businesses (large and small) around the globe billions of dollars in accounting department overheads.
At this point you might be asking why? How?
At the moment, any transaction which takes place between two or more companies must be recorded multiple times by different accountants working within different organizations.
This will change completely. With AB Fingertips Suite, once a sale is recorded in one company, it will automatically be recorded in the books of the other company, following acceptance. Conversely, once a company records a payment done to another company, this will be automatically recorded in the books of both companies following confirmation of receipt of funds. This system will at least halve the accountants’ time required in the sales departments and reconciliations will become a thing of the past.
Triple accounting will look as follows: -