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REA Accounting Framework

Post Date:  22 October 2014
Author:  Devendra V. Katuke

Note: Traditional(General Ledger, GL) or REA Accounting Frameworks have nothing to do with IFRS or GAAP Accounting Standards. GAAP or IFRS are 'Standards' for nationally or globally portable 'Reporting Systems', which all Business Stake-Holders can understand. Traditional(General Ledger) or REA Accounting Frameworks are the techniques for 'Recording' Business Process. So a parallelism or imaginary resemblance between GAAP or IFRS and GL or REA is there. GAAP or IFRS is the 'Cosmetic' layer, whereas GL or REA is the 'Execution' layer.

The World has invested heavily in producing Millions of Certified Accountants, Financial Management Professionals and Economists, who have learnt General Ledger. The Software Companies have invested Billions in GL based Software. No one will want this much effort and investment go waste. Besides, implementing REA based Software brings its own challenges.

    Why should we abandon Traditional Accounting Framework based on General Ledger? (Or Why should we migrate on to REA Accounting Framework?)
  1. GL was used since 400 years for Book-Keeping (before the advent of Computers). It has endured and passed the tests of Time. Business (ERP, Accounting and Finance) Software Vendors ported this concept to Computer. The GL based software too have matured. But, the very way GL works, is unable to cater two requirements arisen from the Business World, with changed Times and Technology:
    • Trial Balance and Posting of Records has become unnecessary, since the Computers have become very powerful. But this is a Trivial problem. The big problem is mentioned below.
    • All Business Process in every Software tend to converge and distill to GL module. The Management of Business Process has become the opposite requirement. The way GL behaves, leaves Business Software Vendors with two opposite choices: Either go for perfect GL implementation or go for perfect Business PROCESS Management. Note the word 'PROCESS', means something in Transit, that can not be 'Recorded' decisively. GL mandates 'Posted (Recorded decisively)' data.
  2. GL can NEVER be so perfected to avoid frauds (Cyclic Trade, misappropriation/miscalculation of Asset Valuations, Reserves etc). REA can avoid it.

VAANIK did it, since it was new and capable. We carry no burden of Past.

VAANIK from KATUKE
 

VAANIK ©

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Operational Scalability

Only Software in the World, that can be used by a Housewife, Youngester or a Global Business with Thousands of Operational Centers.

Sounds unbelievable? We have delivered it. This Software can scale up and down, synchronizing with any Individual's Career, changing Businesses, changing Business needs.

 

Functional Scalability

Personal Finance, Asset Management, Locations and Departments, Profit Centers, Inventory, Before and After Sales Services and Marketing, Logistics, Contract Work, Salaried Job; everything is here.

And it is well organized.

A user intuitively knows and manages the Business Organization.

 
 
 

Intuitive and Simple

The Software guides you.

It is much similar to a Video Game, that even a child steers to a Win.

Who wants to take a Course learning Accounts, Finance and Taxation, if it is INTUITIVE?

We gave you Simplicity, because we worked hard for it. After-all, not everybody in this World is an Accountant or Management Graduate or a Space Scientist.

 

Free from Baggage

We shed off 400 year old Traditional Accounting Framework.

General Ledger, Credit/Debit, Voucher Posting, Trial Balance are all gone.

We implemented a newer REA(Resource, Event, Agent) Accounting framework, based on Computational Business Model, which responds to changes in ways of doing Business.

Probably we are the FIRST in the World to do this.

 
 
 

Not just Repackaging into IFRS

We Implemented IFRS Accounting Standard, but crossed the line by VALIDATING it.

Our Software doesn't allow fraudful cycles of Circular Trade, Asset Appreciation/Depreciation

 

Centralized and Collaborative

Just like Social Media Platforms, it is a Collaborative B2B-C eCommerce Software.

You locate a Vendor by product or vicinity. You tweak into his Stock. You place an order and choose Logistics partner. You track your order.

Did we say Centralized? We will provide Blockchain based Federated Software, once it becomes economical and fast in real-time.

 
 
 

Automation

Glitches in Payment and Logistic aggregation? Synoptic Interfaces? Sensors and Trackers?

We are, for now, restricted and limited by Resources.

But things will change.

The promoter of this Software has been an Industrial Automation Engineer. We have vision of the things coming, and their impact on Business.