Armanino’s new blockchain tool expected to perform accurate financial audits in seconds

One of the leading names in accounting and business consultations in the United States of America, Armanino LLP, introduced a new blockchain tool on Wednesday that enables firms to perform financial audits within a matter of seconds. With TrustExplorer 2.0, Armanino is claiming to revolutionize the world of accounting.

Trust Explorer 2.0 To Make Accounting More Streamlined And Efficient

Officials from Armanino highlighted that ledger technology has always promised making accounting more streamlined and efficient. TrustExplorer 2.0 is the next big step towards unlocking the true potential of blockchain technology in accounting.

Andries Verschelden, who was made partner in the consultation firm in January 2019, elaborated that the new blockchain tool provides distributed, final audits that enable firms to get real-time insight into the finances. He further added in a phone interview:

“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”.

Verschelden also commented that with the use of blockchain technology, transactions get permanence, that makes it easier to keep a track on them. Thanks to the spread-out data entry points, TrustExplorer 2.0 can be expected to offer unprecedented ease of access. According to Verschelden, Armanino’s claims hold ground since the company partnered with multiple accounting and finance firms to test its blockchain tool for more than a year.

Armanino’s efforts are, however, not the first time that the leading firms like PwC, and Deloitte turned to blockchain-based tools to automate the accounting processes. Deloitte report in 2016 had highlighted that Blockchain technology is applicable in automating the process of tracking transactions and verifying the accuracy of accounting data.

“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”.

The Blockchain Tool Doesn’t Threaten Accountants’ Jobs

Addressing the potential criticism, Armanino stated that TrustExplorer 2.0 is not being introduced to threaten the accountants’ jobs. If anything, it is directed at making their jobs easier and their lives more peaceful.

With the use of the blockchain tool, accountants will no longer have to crunch numbers and suffer long hours of boring handwork. While insight into the firms’ finances will be offered by the tool within a matter of seconds, companies will look for an expert to make sense of it and offer an expert’s view. The consultation firm also quoted that final audits will continue to be reliant on the traditional methods of an accountant to ensure impeccable financial inspections and risk management.