“Imagine you own a small business and you have just finished a long day of work. But it isn’t done yet. Now you need to spend the next two hours entering all the sales and expenses into your bookkeeping software, facing frustrating error messages and redundant activities,” says Crystal Stranger, an enrolled agent and co-founder of PeaCounts. “What if you could just take a few pictures of receipts with your cell phone and answer simple questions about what they are for? PeaCounts is the bookkeeping solution that makes accounting this simple, and frees up time for what is more important in your life.”
Accounting software is basically the same now as it was in the early 1980s, and many entrepreneurs struggle with the record-keeping parts of their business. As the owner of a tax office, Stranger saw this with her clients when they would come in at tax time with a shoebox full of receipts and have no idea what they made or spent during the year. However, the software and services currently available still didn’t make it easy enough.
Impassioned by an idea for a product built on the promise of blockchain technology that could change all this, Stranger, together with accounting software developer, Shashank Shukla, founded Viact Systems Inc. and began developing PeaCounts.
“Business owners will no longer require a dual-entry system with manual reconciliations,” says Stranger. “Combined with machine learning, PeaCounts has developed a system that makes manual entry a thing of the past.”
PeaCounts’ intuitive dashboard and mobile app gives real-time information about where a user stands financially, as well as provides a simple interface to work with. Adding a business receipt is as easy as using a mobile phone to scan the receipt. If there are any questions about where a receipt should go, a “bookkeeper” asks simple questions. On the daily bank sync, the system matches this to the user’s bank account and asks questions if anything doesn’t match or is missing. And the books are done, that easy.
Behind the scenes, PeaCounts leverages blockchain, an accounting concept that describes a block of records that are linked and secured using cryptography. PeaCounts uses blockchain in six different ways to secure the data of their clients, preventing any kind of security breach. Blockchain technology, the same code that underlies Bitcoin, is, at its heart, an accounting method that revolutionizes the way information is recorded. By decentralizing the transaction ledger while syncing data and backing up financial data, it secures data while creating immutable records. In addition, PeaCounts utilizes a "Blockchain of Identity" concept where only users will have access to the data registered to them in the directory.
PeaCounts will work directly with a company’s existing bookkeeper and tax professional to ensure all the data is entered in the way that is most advantageous tax-wise and is immediately easy to understand. PeaCounts will be offering a residual income to these professionals so that they can provide the best personal service, and users can even book appointments to talk with them directly through the PeaCounts dashboard or mobile app.
In addition, PeaCount’s “Smart CFO” feature will prepare budgets and other financial projections in an instant so users don’t need an accounting background to understand where they stand financially. Future developments include a payment system powered by a cryptocurrency token, PCT, that will allow for low-cost and nearly instantaneous payments to vendors and employees worldwide.
“To make bookkeeping easier, you don’t just need a software product, you need a team of real people and artificial intelligence that is constantly working to keep you up to date with where you stand financially,” says Stranger. “This is the future of business, available today. It’s like having a bookkeeper inside your phone.”
For more information on PeaCounts, go to http://peacounts.com, and for information on the upcoming Initial Token Offering for the PCT token, go tohttp://peacounts.io.
