Triple entry accounting introduces a third entry (time-stamped immutable records), in addition to the first entry and the second entry, debit, and credit.
As well as being the world’s first functional peer-to-peer electronic cash system, Bitcoin’s immutable ledger can help streamline global supply chains and ensure the integrity of the data several key industries rely on.
Abendum has created a solution that increases efficiency across the board in the accounting industry, especially in the auditing process.
Abendum complies with the ISA 500 international auditing standard that determines whether a report is considered sufficient and appropriately complete for auditing.
The term triple-entry accounting adds a third component known as the Bitcoin network with underlying blockchain technology to the double entry accounting in order to link every aspect of a transaction.
The new software facilitates accounting as well as tax calculations for cryptocurrency transactions, and is part of a rollout piloted by Ernst & Young all over the world in the blockchain services field.