Accounting and Consulting Firm Armanino Launches Blockchain-based Software Tool

Accounting and Consulting Firm Armanino Launches Blockchain-based Software Tool
фото показано с : ethereumworldnews.com

2019-11-3 11:14

California-based Armanino, an accounting and business consulting company, has introduced a new blockchain-powered software tool.

Launched on Wednesday, the company’s distributed ledger technology (DLT)-based tool can reportedly perform firm-originated financial audits within seconds. Dubbed the TrustExplorer 2.0, Armanino’s new product is among several others that have been designed to streamline routine accounting processes.

Armanino’s TrustExplorer is based on an auditing protocol that provides real-time, distributed, and final audits, company partner Andries Verschelden explained. 

In statements shared with Coindesk, Verschelden stated:

“We have this digital ledger that becomes the single point in truth capturing all these transactions. You open up the possibility of real-time audit and being able to provide transparency.”

Blockchain technology provides immutability (permanently records information) and greater accessibility (data-entry points are widely distributed). Armanino has reportedly been piloting its software suite with various accounting and finance companies over the past year, Verschelden revealed.

Armanino is notably one of many accounting projects that is using blockchain tech to enhance traditional record-keeping and business management procedures. DLT-based systems are being developed and used by Big Four professional services firms such as Deloitte and PricewaterhouseCoopers (PwC). 

Blockchain technology can be used to automate the processing of accounting data and to determine the accuracy of information. DLT-enabled systems are designed to reduce the risk of modifying or corrupting data sets. 

In its 2016 report, Deloitte’s management noted:

“Since all entries are distributed and cryptographically sealed, falsifying or destroying them to conceal activity is practically impossible. It is similar to the transaction being verified by a notary – only in an electronic way.”

Verschelden stated that accountants need not worry about losing their jobs at this point. He argued that blockchain tech will simplify routine work procedures, so that workers can focus on more meaningful tasks. 

Instead of performing repetitive and time-consuming accounting work, which can take several weeks or even months, companies can use DLT-powered platforms to get a detailed breakdown of their finances within seconds. 

But when performing final audits, accounting professionals still need to use traditional methods to handle risk management and also to conduct financial inspections.

Matt Armanino, CEO of Armanino LLP, remarked:

“For years, thought leaders have predicted the future arrival of real-time auditing capabilities, and now Armanino has accomplished the world’s first business application of this theorized innovation. This breakthrough is a catalyst that will lead to the widespread development and adoption of real-time auditing, and offers a transformational improvement over the current audit practices. This evolution will provide more precision and more trust to ecosystems as attestation reporting windows are reduced from 30 days down to 30 seconds.”

Verschelden added:

“Our industry is slow to embrace technology and has really looked at technology and blockchain as a threat than an opportunity. [We asked] how did the blockchain change the audit process and how did it improve it?”

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Advanced Technology Coin (ARC) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0044182 (-100%)

tool software accounting company armanino consulting -based

tool software → Результатов: 68


ConsenSys Spreads Over $1.2 Million into Seven Different Ethereum Projects

The prominent Ethereum venture studio ConsenSys recently gave out $175,000 USD in grants to seven different companies that were developing open source projects based on the Ethereum blockchain. According to the official announcement, the project will include Tellor (an oracle network), Alice (decentralized app creator tool), Lighthouse (ETH-based software client) and several other companies. Yadira […]

2019-10-11 02:42


Gunbot Automated Cryptocurrency Trading Tool is Compatible With 14 Exchanges and Features 15 Built in Trading Strategies

17 July, 2019, London, UK – Cryptocurrency trading software company TheCryptoBot. com is promoting a powerful automated trading tool called Gunbot. Since its inception 3 years ago, over 10,000 users have joined the Gunbot trading community with very positive reviews, which now boasts over 3,000 Telegram group traders all actively using the innovative trading tool.

2019-7-18 22:50


Ethereum Ecosystem Massive Adoption As Ernst & Young Rolls Out Free Software Running On Top of The Public Ethereum Network For Its Corporate Clients

Professional services firm, Ernst and Young, on April 16 released a new tool for its corporate clients with the… The post Ethereum Ecosystem Massive Adoption As Ernst & Young Rolls Out Free Software Running On Top of The Public Ethereum Network For Its Corporate Clients appeared first on Invest In Blockchain.

2019-4-17 09:42


Binance exchange implements compliance tools from Chainalysis

Crypto exchange Binance is working with crypto compliance and investigation software provider Chainalysis to implement a new global compliance solution, the companies announced on Wednesday. As part of the partnership, Chainalysis will provide access to its “Know Your Transaction” compliance software, enabling the exchange to monitor cryptocurrency transactions in real-time. In particular, the tool will […]

2018-10-22 18:56