*Yes, that’s a big number. It’s 6% of global GDP. Every year.
Triple Entry Accounting
Bringing accounting and management into the 21st Century
“The most important invention of the past 500 years.“ David Jeffries, futurologist
Purpose
Triple Entry Accounting brings immutability & real-time insights to legacy accounting practices, improving the bottom line and drastically reducing fraud.
Problem
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Traditional double entry accounting can be modified and manipulated, which creates the need for billions of dollars in auditing practice.
Auditing
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There is $109.21 billion global annual auditing expenditure.
Problem
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Corporations lose tremendous amounts of money to fraud, despite sound auditing practices.
Financial fraud
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There is $4.8 trillion loss annually due to fraud*
47% of all corporations fall victim. They spend 3.1% of annual turnover fighting fraud.
ACFE – Global Study on Occupational Fraud and Abuse
PWC – Global Economic Crime and Fraud Survey 2018
Refinitiv – True Cost of Financial Crime Report
Solution
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TEA automates internal and external auditing in real-time. TEA creates an immutable, third ledger managed by an independent third party. This greatly reduces fraudulent actions. It also provides managers with the tools to turn the company around financially.
Now!
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It’s not too early – early inventors failed due to technical limits. It’s not too late – we needed the immutability of the new decentralized ledger technology.
Competition / Opportunity
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Facebook needed Libra so it formed a coalition. So will Pacio. The lack of direct competition creates opportunity. The market size of indirect competition* scales the opportunity.
* Auditing firms, accounting software vendors, CPAs, regulating bodies
Product
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Pacio is the independent manager of TEA.
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We sell tools and integration to the auditing/financial services companies
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We sell transactional invoicing to corporations
Business model
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Adoption and growth phase:
Every 0.1% of the global invoice market at 1 cent
transaction cost per invoice means $5 million in revenue.
Team
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Owning accounting
David Hartley became one of Australia’s leading entrepreneurs, supplying software and hardware for the Accountancy Profession and enterprises in 15 countries.
Keith Cleland is professor and head of Financial Management – Global MBA, Institute of International Business Relations, Steinbeis University Berlin.
Trevor Watters has been building and selling tax and TARI® productivity improving management software since the 1980s.
David, Keith, and Trevor are the leading authorities on TEA thought leadership.
Financials
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Using its first investment capital of $600,000, Pacio built the protocol that makes TEA possible. Today, we can handle 10% of the global invoice market.
Funding
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This funding round will build the TEA client software and launch business development.
