We want to make Bitcoin the unit of account and the default standard for business & accounting.
Traditional accounting operations are complex and insecure. By leveraging the power and security of the Bitcoin network we can simplify the way accounting is done.
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Banks are slow and expensive when dealing with large volumes of payment. Most medium to enterprise businesses look to automate their accounts receivables process, but they hit a ceiling on how fast they can reconcile the payments with their remittance. This slows the frequency of transactions, increases the complexity of payments & leads to approval of a higher line of credit to their vendors, thus increasing the credit risk.
The complexity comes from having multiple payment & remittance streams.
Payment methods like checks will always make the process slow & complex. Even digital
payments (ACH, Wires) involve multiple parties in between. This adds to the cost &
On the remittance side, not having a standard remittance protocol means higher investment in AI tools/ human labor for reconcilation & other downstream processes.
Payment frauds, reversals, and credit risks make the process inherently insecure & call for additional efforts to monitor constantly. In double-entry accounting, there is no one source of truth & books on either side of the transaction may end up with different entries. This opaque nature leads to more time & resources on audits.
Why can't modern automation tools simplify the process and bring down the cost?
These tools can’t get rid of banks, a major bottleneck that exist outside their boundary.
It’s hard to change consumer behaviour. In this case, both our client & their vendors are stuck in their way & even a small process change is a huge undertaking. With no guarantee of success in setting a standard; these efforts are abandoned.
Due to the limitation of double-entry accounting; regulators & CFOs will always need a thorough auditing process. No automation can account for 'human error'.
Traditional payment rails & systems cannot stop all fraud/security breaches.
How can Bitcoin help simplify the process & bring down the cost by orders of magnitude?
Bitcoin is a peer-to-peer cash system with no counterparty risk or governing body. This means one can comfortably rely on Bitcoin to transfer value without needing intermediaries like banks.
Since Bitcoin is completely digital; it's not backwards compatible with archaic ways of sending payments & remittances. The likely chance of a proposed protocol getting adopted by industry is very high. This reduces the complexity of current accounting practices substantially.
Regulators & CFOs can rely on automated tools for auditing as the third entry on blockchain acts as the single source of truth.
Payments on Bitcoin are far more secure than any traditional computing system.