Best practice to integrate blockchain in enterprise accounting?

Well I know its quite a large subjet so I'll try to summarized it the most as I can. To get into this subjet you'll need some technical skills on blockchain and accounting knowledges.

In any single company I implemented ERP, there is this same problem. Reconciling company accounting with theirs bank accounts. Any single company need that.

  1. Basicaly in ERP or accounting software you have SQL tables with general ledger and auxiliar ledger (such as customer and vendor).
  2. In the bank they also maintain client accounting, but without awarness of company customers and vendors
  3. Company have to synchronize their accounting with bank accounts to reconcile their general and auxiliary accounting
  4. To do so, accountants have to open the bank account on regular basis and update the company accounting accordingly (is the payment send sucesfully ? from who come this receivable ? ect)
  5. Larger busienss can afford direct bank connection, wich are expensive and pain to maintain for developpers : every bank operate differently and propose different connection. some of them even take months to reply and implementation could be very slow (I experienced this bunch of time)

See where I go ?

That is a lot of struggle that could be solved with blockchain. Let's assume the software is connected to blockchains with your public and private key saved. Wanna check you're live balance ? one click away. Need to send salaries in USDT ? Select employee address, the amount, click on "SEND", done. Receiving customer payment ? The accounting IS the incoming blockchain transaction.

So basicaly the HOW is whole part of this game. Connecting a software to an API (every blockchain have RPC) is not a big deal. Webservice usage were spread since decade and RPC documentation are public, there is even free RPC for a bunch of blockchains.

Here are the principle questionning me more about accounting :

1- Shall blockchain transaction be imported and kind of duplicated anyway inside the company accounting systems ? For audit purpose, may the accounts address and transactions hash applied to invoice be suffisent ?

2- Are you aware of integrated feature on blockchains to issue a due (such as invoice) to someone ? If not is it possible to put reference on any transaction to reconcile with a document ?

3- This may feel insane but in such case as a company doing their whole accounting on blockchain without bank account, what would be the best solution to do it. I know its now legalized in Switzerland (Neuchatel) but not aware of any real case usage :

     o Use one address per general usage (eg : employee salaries, office spending, customer receivable ect) then do transfers betwen them. This would be expensive using pow blockchains
     o Use a single address but within custom data on transaction to classify them, I'm not sure this is possible and if so the length accepted. If so it would be more efficient, but a single access will give the full company asset
     o Maybe some blockchain already implement the capacity of having sub-account per address ? I'm not aware of that

Honnestly I'm surprised not finding much more of thoses subject on internet. Literally any single company in the world need to maintain their accounting and doing it through blockchain would be such a great innovation. Cut accounting cost, increase audit transparency, ease international payment... The history proved the benefit of moving from paper ledger to nice accounting software. I'm sure we'll get to blockchain at some point.



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