Blockchain: The future of trust in accounting

Martin Coxall, Director of Growth of BSV Association featured Abendum, powered by UNISOT, in his recent article.
Triple-entry accounting (TEA) on a global public blockchain can redefine how businesses maintain financial records. UNISOT, a company deeply involved in this technology, highlights several key benefits:
accounting
  • Use of Triple-entry accounting on a global public blockchain allows the definition of one provable official true set of books.
  • Use of TEA on a global public blockchain provides a track record of business activity documentation for later due diligence processes
  • Use of TEA can be used to agree, compare, and reconcile companies’ sub-ledgers against each other, as the blockchain will be utilised as a shared ledger.
  • TEA is a low-risk easy extension from the current double-entry system, that will not interrupt the current ERP or bookkeeping system.
  • TEA enables continuous audits, which can free up extra resources for auditors who have most of their workload in the spring semester.

As UNISOT’s CFO, Torje Vingen Sunde emphasises, “Auditors and accountants can leverage global public blockchain technology as a secure shared ledger to make accounting ledgers more efficient to verify, unlocking new techniques for continuous audits in a way that is compliant with the ISA standards.
UNISOT (Abendum) is researching and developing Triple Entry Accounting technology to help accounting professionals leverage the new technology by extending the current double entry ledgers into triple-entry-compatible ledgers on the chain.”