Modern accounting has evolved significantly since the Italian mathematician Luca Pacioli published his work in 1494 on, amongst other things, double-entry bookkeeping. His groundbreaking work, Summa de Arithmetica, laid the foundation for accounting practices that have stood the test of time.

However, in today’s fast-paced environment, some traditional accounting practices, characterized by fixed closing dates and periodic financial statements, often struggle to keep pace with instantaneous user needs and demands. The rise of digital technology and instant payment systems calls for a fundamental transformation in how businesses manage their financial data. This article delves into real-...