{"id":49543,"date":"2019-11-03T10:14:38","date_gmt":"2019-11-03T08:14:38","guid":{"rendered":"https:\/\/ethereumworldnews.com\/?p=49543"},"modified":"2019-11-03T10:14:38","modified_gmt":"2019-11-03T08:14:38","slug":"accounting-and-consulting-firm-armanino-launches-blockchain-based-software-tool","status":"publish","type":"post","link":"https:\/\/ethereumworldnews.com\/accounting-and-consulting-firm-armanino-launches-blockchain-based-software-tool\/","title":{"rendered":"Accounting and Consulting Firm Armanino Launches Blockchain-based Software Tool"},"content":{"rendered":"

California-based Armanino<\/a>, an accounting and business consulting company, has introduced<\/a> a new blockchain-powered software tool.<\/span><\/p>\n

Launched on Wednesday, the company\u2019s distributed ledger technology (DLT)-based tool can reportedly perform firm-originated financial audits within seconds. Dubbed the TrustExplorer 2.0, Armanino\u2019s new product is among several others that have been designed to streamline routine accounting processes.<\/span><\/p>\n

Armanino\u2019s TrustExplorer<\/a> is based on an auditing protocol that provides real-time, distributed, and final audits, company partner Andries Verschelden explained.\u00a0<\/span><\/p>\n

In statements <\/span>shared<\/span><\/a> with Coindesk, Verschelden stated: <\/span><\/p>\n

\u201cWe 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.\u201d<\/span><\/em><\/p><\/blockquote>\n

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.<\/span><\/p>\n

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).\u00a0<\/span><\/p>\n

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.\u00a0<\/span><\/p>\n

In its 2016 report<\/a>, Deloitte\u2019s management noted: <\/span><\/p>\n

\u201cSince 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 \u2013 only in an electronic way.\u201d<\/span><\/em><\/p><\/blockquote>\n

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.\u00a0<\/span><\/p>\n

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.\u00a0<\/span><\/p>\n

But when performing final audits, accounting professionals still need to use traditional methods to handle risk management and also to conduct financial inspections.<\/span><\/p>\n

Matt Armanino, CEO of Armanino LLP, remarked:<\/p>\n

\u201cFor years, thought leaders have predicted the future arrival of real-time auditing capabilities, and now Armanino has accomplished the world\u2019s 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.\u201d<\/em><\/p><\/blockquote>\n

Verschelden added: <\/span><\/p>\n

\u201cOur 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?\u201d<\/span><\/em><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

California-based Armanino, an accounting and business consulting company, has introduced a new blockchain-powered software tool. Launched on Wednesday, the company\u2019s distributed ledger technology (DLT)-based tool can reportedly perform firm-originated financial audits within seconds. Dubbed the TrustExplorer 2.0, Armanino\u2019s new product is among several others that have been designed to streamline routine accounting processes. Armanino\u2019s TrustExplorer is based on an auditing protocol that provides real-time, distributed, and final audits, company partner Andries Verschelden explained.\u00a0 In statements shared with Coindesk, Verschelden stated: […]<\/p>\n","protected":false},"author":46,"featured_media":49544,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[826,17],"tags":[7321,7325,7323,7326,7322,7324],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/49543"}],"collection":[{"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/users\/46"}],"replies":[{"embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=49543"}],"version-history":[{"count":0,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/49543\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/media\/49544"}],"wp:attachment":[{"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=49543"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=49543"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=49543"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}