TRIPLE ENTRY ACCOUNTING
ABENDUM powered by Unisot. The Triple-Entry Bookkeeping system sheds a light to public accounting by integrating the bookkeeping to a shared ledger. The ledger preserves an audit trail able to prove that my costs were your income – while maintaining privacy.
Double-Entry Bookkeeping shaped the last millennia more than we think. Together with rule of law, accounting is one of the pillars wealthy nations are built upon.
Triple-Entry Bookkeeping, on the other hand, adds a new third dimension to accounting by integrating records between parties, and increases accountability by linking signed records to the public blockchain, privately. It is defined as recordkeeping for two or more parties through a shared transaction repository with a “signature – signature – signature” structure (Grigg 2005a).
Own Your Data – If it’s valuable to them, it’s valuable to you
Your Accountant, Auditor and Bank are obliged to have an ongoing due diligence for anti-money laundering. High volume of signed financial data are a valuable tool for them. Additionally, external confirmations of transactions will lower your audit related expenses by providing better audit evidence (ISA 505) to the auditor.’
“A signed invoice or receipt is packed with non-financial data that can be utilized in Audit Data Analytics and will be an inexpensive cyber security measure against the increasing fake invoice fraud.” – Torje Vingen Sunde, Project Architect/CFO ABENDUM AS
The ABENDUM Triple-Entry Accounting Solutions will be powered by UNISOT; the supply chain capability of the UNISOT system has synergies with financial documentation in accounting systems.
“Since most financial statements are the result of logistical operations, digitalization of logistics and supply chain operations will enable secure and automated provisioning of strong evidence in financial records.” – Stephan Nilsson, CEO ABENDUM AS
We are building the Triple-Entry-Audit Dashboard with functionality for Analytics, Reconciliation and Drill-down to single transactions – Readily Documented and linked to The Shared Ledger.
The Triple Entry (TE) framework unlocks several advantages for the audit:
– Links invoices and/or receipts of transactions to a globally shared ledger.
– Provides reliable and agile integration and reconciliation when auditing financial statements.
– Globally integrates accounts between companies in an easy, cost-efficient and secure way.
– Brings Trust to financial statements and auditor opinions.
Imagine what TE-Audit could mean for your company and this millennium.
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