Intrachain Business is a B2B Software Solution that generates detailed data about user behavior and performed efforts aiming to revolutionize the accounting industry.
These data are then transmitted to the Intrachain blockchain where they are stored safely and transparently in a private blockchain. For Intrachain Business customers, the corresponding costs are then being allocated to the responsible entities and can be booked simultaneously via smart contracts. This way, companies gain a clear overview of their intracompany transactions and get rid of common flaws of current reconciliation methods.
THE MARKET PROBLEMS INTRACHAIN BUSINESS SOLVES
Inefficiency and high costs due to intercompany reconciliation
Human error due to to manual reconciliation
Rising Complexity and inaccurate data (ICA)
Missing intragroup reconciliation
How does it work?
To develop a better overview of the transactions between the subsidiaries and the holding company, Intrachain‘s process mining engine generates detailed data of the tasks each employee performs. These tasks and the corresponding costs are then being allocated to the responsible entities and can be booked simultaneously via smart contracts.
Intrachain Business avoids the flaws of manual reconciliation processes as performed by many large corporations to date and can satisfy the demand for automation. Integrating blockchain technology into this process mining engine is the pivotal solution for companies to keep track of their cost transaction accuracy. With Intrachain, multinational groups can from now on guarantee save, transparent and accurate cost allocations and transactions between their subsidiaries.
Start of data processing
The process mining engine fills data into the interface at the end of the day/week/month. This data (summarized per project) is sent into the ERP (project management, accounting) system with the help of the Intrachain API and ERP adapter. When the documenting process is finished, the Intrachain Server stores the information.
Company 1 prepares invoice
The server prepares the data to be sent to the Intrachain Smart Contract on the Ethereum blockchain. The invoice for Company 2 is created based on the rules as determined in the local configuration database. The responsible user can use the UI of the Intrachain Server to approve the transaction, see alerts, create invoices without ERP connection and more.
Company 2 receives invoice
The invoice alert from Company 1 is available via the private smart contract on the Intrachain Server of Company 2 and is sent to the specific user. The Intrachain Server sends the invoice into the ERP system.
Company 2 pays invoice
The Intrachain Server receives the command to make a payment from the corporate ERP or accounting system. The Intrachain Server makes the transactions and runs the smart contract to pay the invoice.
Company 1 receives payment
The Intrachain Server of Company 2 receives an alert about the successful payment of the invoice from the Intrachain smart contracts and carries out the transactions into the ERP. Authorized persons from both companies can check the status of the invoice, payments and their account value in the blockchain on every step of the process.