Category: Blockchain

Best Blockchain Accounting Software for Business

B

lockchain is one of the most looked forward technology in today’s digital world. The tech world finds immense potential for this amazing technology to disrupt finance, supply chain, real estate, and many other industry sectors. 

Blockchain is a digital record-keeping system that records and distributes assets in different places at the same time. Blockchain can only be updated by consensus between users in the system, and once new data is recorded it can never be removed.  

As accounting demands for reliable distribution of ledger, blockchain becomes the mechanism for achieving the same. In blockchain, data is cryptographically stored and shared through systems; it promises high-level security without being handed over to a third-party. Blockchain also enable users to keep track of their activity or data and detect frauds. This service saves your money by disabling third-party interference, keeping track of your data, giving better data analytics, and more. 

Simply put, blockchain and accounting is a perfect mix to bring effective financial operations. Now being in the incubation period, unleashing the full potential of blockchain can revamp the accounting management in the upcoming years. Here we introduce some accounting software that incorporate blockchain technology for a secure, transparent and immutable financial operations. 

SimpleAccounts is an all-in-one accounting software with advanced features catering SMEs and accountants. SimpleAccounts is introducing an efficient blockchain feature that helps you to run a hassle-free business by managing your books incredibly. It enables you to make efficient forecasting with their elementary reports and statements absolutely free. 

Secure, consistent, real-time – this blockchain enabled triple-entry accounting software has an edge over other accounting systems. SimpleAccountsblockchain based technology allows for developing an immutable accounting ledger and automated account auditing using a triple-entry accounting system, assuring every transaction is immutable, tracked, and verified.  

Integrating SimpleAccountsservice to your business can bring manifold benefits to your business. With its reliable bank-reconciliation feature, sync your bank account with the SimpleAccounts for an error-free, fast and accurate financial statements. The blockchain enabled accounting software detects frauds, tracks receivables and manage transactions to make your business good-standing. 

SimpleAccounts is the one-stop solution for all your accounting related problems. We streamline your invoices, VAT reports, and cash flow with the most secure blockchain technology. Get insights into your business status anytime, anywhere in a glance through our proficiently designed dashboard. 

SARA Technologies

SARA Technologies offers the most accessible and most efficient blockchain accounting software to manage your organization accounts and ledgers, without the risk of data tampering. They have satisfied a massive range of business accounting needs by their highly secured and technically superior accounting based on blockchain technology.  

SARA Technologies offers the most accessible and most efficient blockchain accounting software to manage your organization accounts and ledgers, without the risk of data tampering. They have satisfied a massive range of business accounting needs by their highly secured and technically superior accounting based on blockchain technology.  

The integration of blockchain into the accounting system free-up the businesses from the headaches of maintaining separate records as per the transaction receipts. Organizations can record their transactions right into a decentralized ledger, forming an interlocking arrangement of abiding accounts and records. 

The team of blockchain professionals here have helped a vast number of clients with the accounting software development services and assisted them to establish a highly secured accounting system using blockchain technology. 

As a blockchain software developer, it understands the importance of accounting transactions, and financial records for your business thus offer smooth audit services as well.

Learn More

Triple entry system: The next big thing in accounting

Triple entry accounting system is a new form of bookkeeping that emerged as an alternative to double entry system.

T

he origin of accounting traces back to the ancient Mesopotamian civilization. It was mostly used to record the growth of crops and herds. Since then, accounting has evolved into several nuances of auditing and bookkeeping. Industrial revolution to the digital revolution, accounting has witnessed different forms and systems. Lately stepping into the triple entry system, a whole new transformation of accounting is in the making. 

Before diving into triple-entry accounting, let’s understand what single-entry accounting and double-entry accounting is. 

Skip to Triple entry accounting if you are not a fan of backstories.

Single entry system 

single-entry system is a method of accounting where each financial transaction is entered only once. It is called single entry system as the transaction  is done as a single entry in journal. Here, it mostly records the cash inflow and outflow of a company in the record book. It is like having your own personal checkbook. Single entry system works only if the business is small or simple. 

Double entry system 

In Double entry, the transactions are recorded as an effect of two financial events – amount entered as debit and amount entered as credit, otherwise called as liabilities and assetsMost of the businesses follow double entry system for its accuracy and error-free conduct. 

Having an existing practice of accounting systems like single entry and double entry, what was the need for a triple entry system? how does it become the gamechanger in accounting? 

Triple entry accounting is as fascinating as it sounds due to its connection with blockchain technology. Now, let’s dig deeper into triple entry system and the role of blockchain in it. 

What is triple entry accounting system?

Triple entry accounting system is a new form of bookkeeping that emerged as an alternative to double entry system. The triple entry system works by the documentation of three entries. The credit entry, debit entry, and an additional entry of receipt.  

The credit and debit entries occur as in the double entry system. The feature that makes triple entry stand out from the traditional accounting system is the third entry, a receipt. This receipt is an audit that is cryptographically verified by the network that ensures security. 

These entries include purchase of supplies and products, sales, expenses, and taxes. In fact, every penny spent and taken goes into the entry. This receipt is advocated by blockchain technology, the decentralized way of operations. 

Blockchain is a digital record or public ledger of transactions which is distributed among the network to ensure security and ease of access worldwide. 

Easily explained: 

To explain this more illustratively, consider a situation where a person sells an item. The seller records a debit in his account for the money gain while the buyer records credit for the amount spent. Two different occurrences are performed and filed in separate accounting records in the same transactionThis is where the double-entry stops at.  

Here is when blockchain technology comes into role. The triple entry system takes it from there by introducing a public ledgerThese separate accounting records are now filed in a single distributed, public ledger. It creates an interconnection between themaking a transfer between two wallet addresses. All entries are cryptographically secured and distributed in the network. Thus, it is credibleencrypted, and not falsifiable.  

How does Blockchain become a part of triple entry system?

Rather than including blockchain as an element in this system, it’s better to say that, the advent of blockchain triggered to develop an alternative accounting system.  The necessity for a trusted and neutral third party to audit the business system was inevitable. The emergence of bitcoin backed by blockchain technology thus came as a solution for this shortcoming. This third public ledger is decentralized, secure, automated, and immutable using blockchain protocol    

Hence, triple entry system can be accounted as a double entry system with cryptographically locked method enabled by blockchain. This opens to a more secure, reliable, and tamperproof way of accounting.  

Click here to learn more about Blockchain technology and it’s advantages in accounting.

Benefits of Triple entry accounting system
  • Automatically validates transactions 
  • Secure and private accounting system 
  • Decentralized network – not controlled by a single authority 
  • Double-entry system with cryptography 
  • Blockchain – distributed public ledger 
  • Smart contract – immutable contract between parties 
  • Tamper proof record of data 

All these undeniable features make triple entry system stand out from the traditional bookkeeping solutions. Switch your business accounts to this novel accounting system for a safe, secure, and reliable way of managing books. Enable it with the upcoming triple entry feature with SimpleAccounts and take future in your hands.

Learn More

What is blockchain accounting? The pathbreaker in bookkeeping

Blockchain has evolved into a disruptive technology leaving other record-keeping technologies in the dust. Initially designed for the mining of digital currency, blockchain technology was later applied to several other potential domains like banking, investment, voting and more. And now, it’s bringing a paradigm shift in the face of accounting with its reliable features.   

Simply put, blockchain and accounting is a perfect mix to bring effective financial operations. Now being in the incubation period, unleashing the full potential of blockchain can revamp the accounting management in the upcoming years. Let’s see how the integration of blockchain with accounting can bring leaps and bounds to businesses.   

What is blockchain?

Blockchain is a digital record-keeping system that records and distributes assets in different places at the same time. Blockchain can only be updated by consensus between users in the system, and once new data is recorded it can never be removed.  

Blockchain in accounting

As accounting demands for reliable distribution of ledger, blockchain becomes the mechanism for achieving the same. Accounting demanded something like blockchain technology and blockchain serves as an ideal for accounting. Let’s cut to the chase, it had to be for accounting that this revolutionary blockchain technology needed to be discovered rather than cryptocurrencies.  

The blockchain is the financial challenge of our time. It is going to change the way that our financial world operates.
– Blythe Masters, Executive

Though there were disputes that the advent of blockchain could replace accountants, in another sense it is actually a blessing in disguise for the accountants. It allows them to hit the nail on the head when something goes wrong.   

There is a plethora of solutions by which blockchain technology can contribute to accounting,  

Security

Blockchain can be a binding component that enables the data to be distributed securely along with different points. The cutting-edge technology as it contains ‘blocks’ makes it almost impossible to tamper the data in any way. Each block makes sure that they verify the data stored and shared. Also ensures that no invalid data enters, or no existing data loses.

As it is cryptographically stored and shared through systems, it promises high-level security without being handed over to a third-party. Thus, your accounting data is as secure as in a locker.  

Keeping track of data

A prominent feature of blockchain is its traceability. Each time an activity takes place, blockchain records an audit trail of it. This helps users to keep track of their activity or data, detect frauds, and experience security. Blockchain determines the validity or authenticity of the source of data, preventing any kind of duplicity.  

Cost-efficient

It’s not surprising to think that blockchain, such a bleeding-edge technology may cost a fortune to get deployed, well in fact, it’s just the opposite. Blockchain actually cut costs by serving all the purposes in one place. Blockchain service saves your money by disabling third-party interference, keeping track of your data, giving better data analytics, and more

Time saving and Efficiency

Not to mention the speed and efficiency of blockchain integrated accounting. The faster it is, the more efficient it is. Enabling smart contract can replace traditional ledgers by automated multiple processing, including payments, reconciliation, tax filings, etc. The traditional way of auditing by collecting, organizing, validating, and evaluating data is over and done with. You save time as you have a minimal number of documents to go through. Blockchain offers real-time reports for the users and the auditors to take effective decisions.  

  

Let’s wait and watch blockchain taking over the accounting empire to give a user experience like never.  Every business is on a pursuit to adopt blockchain technology and integrate with their systems, especially in the financial domain. 

 

Introducing one-of-a-kind blockchain accounting software soon.
Learn More