Accounting Software: Bitcoin is Coming

Blockchain

Xero has recently conducted secret tests regarding securing accounting data to the Bitcoin blockchain using Tierion. With Bitcoin slowly coming into contention in the accounting world, Xero accounting software is prepared for the inevitable eventuality. The Cloud-based accounting software Xero utilised was recently subjected to test in conjunction with Tierion’s Chainpoint, which was used to secure accounting data and safely anchoring it to the entire Bitcoin blockchain. The Tierion platform is capable of verifying any data, files, or business processes by using the blockchain.

Tierion concurrently developed the Chainpoint protocol which became an open standard for anchoring valuable data to a blockchain such as the Bitcoin blockchain. It effectively creates a timestamp, which is irrefutable proof of any data, files, or even a series of events. Each Chainpoint proof allows developers to verify the financial and personal integrity creating a virtual timestamp of data and information without having to rely on a trusted, or untrusted third-party. Preparing accounting software for the future is something that has to be taken seriously, especially with the proliferation of cryptocurrencies.

Chainpoint is a feature that offers many advantages. They include economies of scale. The implementation of The Merkle tree principle allows for a large number of hashes to be aggregated and also anchored within a single financial transaction. This dramatically reduces the cost of anchoring data and simultaneously increases the amount of data that may be anchored in one single time. It also anchors against multiple blockchains and effectively creates Chainpoint proofs. These specific proofs allow any person to verify their own data independently, without having to rely on Tierion. One does not have to own currencies or /tokens to use the system.

A complete and immutable audit trail on the blockchain with Xero and Tierion, along with Chainpoint to proof seal everything. There is far more to the blockchain technology than just the price of Bitcoin! This is only a small part of what you can do with Xero’s API and future-proof accounting software tailored to all kinds of business, large, medium, small, and micro. Xero, being a cloud-based system adds security with convenience and features which are perfect for small businesses, and Xero accounting software incorporates every element needed. The software is ideal for business owners to use so they can manage their business.

Accountants and bookkeepers use Xero to provide business advisory and compliance services to small business clients. The software has proved to be ideal for businesses and realistically priced with several tiers according to the business’s size and requirements. It is also essential for auditing as well as accounting. Since an audit is a standard and critical process within the accounting world and the Xero software has audit capabilities to ensure you have declared the correct amount of tax. Publicly listed companies are, of course, required to conduct regular and sometimes intensive audits to ensure that the financial statements are entirely accurate. Xero’s History and Notes Feature keeps accurate records of any changes made to any accounting document. Each and every entry no matter how minor contains full details of whoever effected that change. That means the exact time and date the change was registered and details regarding exactly what was changed. The useful feature works particularly well for small business owners and accountants who want to see when a specific record was last updated and who updated it.