Blog

AB Fingertips Suite

The Future of Accounting at your fingertips


Accounting Blockchain is pleased to announce that it will be presenting the market with an accounting software offering Triple Accounting entries, the next long-awaited stage in the evolution of accounting reporting and procedures as we know it today.


But what is triple entry accounting?

Triple entry means that businesses will have B2B transactions automated though a process, which is only available due to the invention of blockchain and the advancement in blockchain technology in recent times.


Finally, blockchain technology has provided us with the opportunity to put this concept into actual use and our initiative is bound to send shockwaves throughout the accounting world, Triple entries will now become the norm in the accounting industry all thanks to the advancements in the Blockchain technology and the efforts being made by AB.


“Triple entry is not an entirely new concept but is one which has been left on the backburner due to the technological and market structure challenges.’’

But what are the benefits gained by businesses?

AB Fingertips Suite will drive the inefficiency out of the system and create an integrated accounting system by using blockchain technology where all companies in the world can be interlinked with each other through blockchain. AB Fingertips Suite works by having businesses connected with each other through triple entries secured in Blockchain and ensures that the transactions occurring between businesses will be cryptographically sealed.

‘’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: -

TRIPLE ENTRY BENEFITS –

1. INVOLVED FEES

 

The immediate benefit to those businesses that would start using AB Fingertips Suite is the reduction in the accountants’ time required and more attractive, the reduction in the budget spent in the finance department. Many firms would immediately drastically reduce the amounts currently being spent in the finance department which currently amount to billions of dollars on an annual basis.

2. AUDIT FEES

 

Auditing time required will be reduced drastically due to the fact that audit tests performed would no longer need to check the validity of the triple entry transactions. These are being confirmed by the other company on the opposing spectrum, which is an independent 3rd party and presents the auditor with immediate supporting evidence without having to trace and check 3rd party invoices or other supporting evidence. Auditors’ reliance on Triple Entries will change the audit as it is being done today.

3. DETERRING FRAUD

 

Throughout the consultation stage, Accounting Blockchain encountered many businesses explaining how rogue employees within their organisation used creative accounting and manipulation of data to defraud their employer. This in the past has been as easy as changing the supplier invoice bank details in order to channel the funds their way. Currently to deter this type of fraud and other fraud risks, companies undertake to implement flimsy, costly and time-consuming systems of internal control, including multiple checking and re-checking. AB’s Fingertips Triple Entry Suite will serve as a shield against fraud as invoice details as well as the suppliers’ bank details as well as all invoice data would be recorded in the Blockchain and can never be manipulated.