Transform Your Financial Landscape with Secure Blockchain Transactions
Reconciliation for related parties transactions currently follows processes that are either manual or semi-manual, which are error-prone and time-consuming. Accounting errors, duplication of transactions, inter-group cost-sharing adjustments, currency exchanges, and complex revenue-sharing arrangements can further complicate the intercompany reconciliation process.
To improve the efficiency of operations, we believe that our blockchain-based inter-company reconciliation platform is a key activity of the financial reporting function. The solution is built on hyper ledger fabric blockchain framework.
Key- factors that make inter-company reconciliation an extremely difficult task
Limited counterparty visibility
Multiple accounting systems used by organizations limits the enterprise-level view to the ledger accounts and transaction details.
Unconventional accounting methods
Because there are numerous accounting and general ledger systems in use, the entire integration process is difficult and time-consuming.
Manually or semi-manual process
No guarantee of accuracy and timeliness of inter-entity reconciliation as human interactions with the system are error-prone, time-consuming, and vulnerable to fraud.
The impossibility of a formative and summative assessment
An auditor must consider the possibility of the data being false due to fraud or error.
Highly secure, scalable, and adaptable
Our solution is a decentralized ledger technology that empowers the reconciliation of entries on a tamper-proof and shared data layer enabling seamless financial reporting and other strategic business outcomes.
Our blockchain-based inter-company reconciliation platform has a number of advantages over conventional approaches.
The blockchain technology is fast becoming the focus of strategic business initiatives world over. Industry players are beginning to explore the various operations where blockchain technology can help improve efficiency. Inter-company reconciliation, a key activity of the financial reporting function is one such area which you must explore.