Email and other general purpose messaging systems are not special purpose transaction protocols. Finance and accounting processes adopt a range of prophylactic measures to try to reduce the risks of such technologies. However bad actors, whether organized crime, lone-wolves, or increasingly state-supported cadres, interleave their malicious content within legitimate message flows.
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Here’s a very early look at how Bmbix enables AI accounting assistants to work together to process a transaction across an entity boundary. Link to video The Bmbix structured message network makes business processes internet addressible, and it these transaction rails which allow the robots to communicate independent of the underlying business system API or implementation.
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Automation and Autonomy Different AI accounting assistants are capable of different levels of autonomous activity and may be described on a scale of 0-5. As a business function, accounting already benefits from much low-level automation, such as the generation of reports and integration to other line-of-business systems.
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Protection from ransomware requires thinking about the ways in which ordinary human weakness can leave your organization wide open to exploitation. If someone offered you USD 1,000,000 to share your passwords to your employer’s network, and promised to shift the blame to a co-worker you didn’t like, would you be tempted?
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Continuous Transaction Controls are a way of looping government agencies into live business transaction flows, to faclitate compliance with tax, environmental and other relevant laws and regulations. Introduction Governments around the world are required by their citizens to conduct their operations as efficiently as possible.
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TL;DR Central Bank Digitial Currency is at an early stage of development with little hard information published. Based on a first look at a statement from the Bank of England, we publish our thoughts on what it might mean should they decide to go ahead.
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TL;DR Sometimes you can mess up in business and it turns out to be a net positive event. The paradox arises because when you make a mistake, you can either put yourself in your customers position, or choose not to. Your ability to apply empathy at the corporate level can turn a lose-lose into that mythical win-win.
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TL;DR Banking is bookkeeping, bookkeeping is accounting. For decades, banks have been connected to each other, delivering immeasurable economic benefits with secure, reliable transaction processing at global scale. The accounting software industry has the opportunity to deliver the same or greater benefits to society by following suit.
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Software user expectations are constantly evolving. As technology advances, their demands focus on speed, digitalization, convenience, accessibility. And in the arena of accounting, confidentiality and security are paramount concerns.1 The customer’s experience of using your software is a key component of your long-term success.
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At one time there was quill and parchment. Today, most accounting uses some kind of digital platform. Yet for all the noise made about accounting moving to the cloud, the real prize for our economy from all this innovation is in danger of being overlooked.
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Connecting the world’s accounting systems. That’s our mission. What does it mean to your business? You know how banking has evolved so that you can transfer money to/from any bank account with any bank to any bank account at any other bank, anywhere in the world?
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