Media

For the first episode on a series dedicated to how #TripleEntryAccounting can be used as a service, The Accountant Quits Podcast had the pleasure to have Torje Vingen Sunde, the Chief Technology Officer from Abendum.

As Sunde told CoinGeek, the admission is a big milestone for the company. He noted that one of the biggest challenges to any startup operating in the industry is regulatory uncertainty. The sandbox will eliminate most of the concerns, allowing the company to innovate while the regulator keeps a close eye and ensures it remains compliant.

Abendum has created a triple entry accounting platform that drastically increases efficiency for both accountants and auditors because it creates a verifiable shared source of truth that cannot be altered while combatting the fraud around fake-invoicing that takes place in the accounting industry.

The startup Abendum has barely existed a year and will be ready with an MVP in April. That was enough for The Financial Supervisory Authority of Norway to choose them as the only participant in pool #2 of its regulatory sandbox.

Adding “Triple Entry Accounting” and blockchain on top of the double entry process means transactions and activities will be on a permanent ledger.