How Relatefacts worldwide adoption could change accounting unoptimized market and help companies save money, time and become transparent for their shareholders

The need for the services of accounting firms arises, first of all, for recognition in the international financial markets, attracting investments, obtaining large loans and directly for increasing the image of companies. Organizations that provide regular audit reports quickly gain investors loyalty. But what about startups and developing companies that currently do not yet have a sufficient budget for the audit? In addition, regular audits inhibit many processes, which affects the overall performance of the company.

Why is it profitable to use Relatefacts solutions?

If all main business processes of the company are fixed on the blockchain, which means that all information about the activities of the company cannot be changed, deleted or backdated. The main advantage of using Relatefacts solutions is that there is no need to hire third parties who independently verify the relevant information. By using Relatefacts technology to perform daily business relations and activities (as sales, partnerships, orders, hiring, other spendings and earnings, etc) tasks and turning to the data storage in the blockchain, each company can independently prepare such report without being distracted from the main business processes, while saving time and money. Of course, it cannot completely replace an independent assessment, but at least it will reduce the frequency of uncomfortable and expensive offline audits.

How the audit market works now?

Nowdays, audit services are in demand in any company, regardless of its scale and scope. A stable authoritative position in the global market of audit and consulting services is occupied by the Big Four accounting firms, which includes:

• Deloitte Touche Tohmatsu (Deloitte);
• PricewaterhouseCoopers (PwC);
• Ernst & Young (EY);
• Klynveld Peat Marwick Goerdeler (KPMG).

Big-4’s total net revenue is $ 148.72 billion, while the global audit market was valued at $ 223 billion in 2018.

For sure global technology adoption it’s not the one day process, but as more companies and people will more their business activities on Relatefacts via modules on their CRM/ERP systems and different platforms as Illuminates as more new ones will join it.

If you imagine that at least 1% of the world market would refuse the services of audit firms and switch to using Relatefacts technology, and via its usage spending for audits will be reduced at least in tvice the total savings would be $ 1.12 billion per year. Thus, these funds could remain in the budget and be used directly for the salary increase for employees and faster and more stable development of new companies.