While it is true that the government enforces the basic principles of financial reporting through IFRS and GAAP policies, many companies continue to look for ways to circumvent them. The IFRS model represents a step forward in the investigation of bribery and illegal activities. However, it cannot explain all the possible places where non-transparent reporting is questioned, especially when it comes to SMEs. In recent years, the need for invoices has increased and new businesses are emerging in the SME sector. However, trust and accurate reporting remain a challenge.
PCORE is a peer-to-peer (P2P) project that is integrated into blockchain technology, with the goal of combining blockchain transparency, trust, speed and security with registered smart contracts and directly combining seller and lender invoices into ecosystem security for financial transactions regardless of geopolitical location where they live
Pcore aims to combine modern technology into a niche but growing market. As you know, the market situation is going through a difficult period. As more and more companies turn to alternative financing outside the Bank, they are expected to be able to provide them with a platform so that they can exchange their accounts faster to get the amount they need. In turn, help them grow, grow and keep up with business costs.
What does Pcore provide?
P2P P2P global accounts
allow companies and pcore investors to trade regardless of their geographic location, eliminating the need for any third party.
High speed and low cost
Eliminating the need for third-party companies helps Pcore maintain low sales and high collection costs and speed. No need to wait long, instant income for business development and instant profit.
Pcore closure and security
All accounts uploaded by the seller to the account are listed on the Ethereum blockchain, eliminating errors and misuse. Companies taken from Pcore coverage guarantee the promised funds on this date at the expense of investors.
We base our business on real problems in various industries. Thus, Pcore seeks to overcome the obstacles and challenges that modern companies face when dealing with liquidity and financial uncertainty. In addition, the main problem that disrupts a number of markets for some on a regular basis is financial and factoring restrictions, invoice checking and opaque / outdated financial reporting.
Financial Constraints And Factoring
SMEs have limited access to short-term Finance (working capital). Banks require significant guarantees and large amounts of documentation when approving financing projects, especially after the last recession in 2009. This is a large funding gap for small and medium-sized companies around the world, leading to a 10% growth in the global factoring industry each year. Current estimates show that the factoring accounts market has a value of $ 3 trillion in 2018, making it a large enough market to research.
Since the financial crisis began in 2009, Factoring in the US and worldwide has grown from 11% to 24% per year, adding more than one trillion euros to annual factoring volumes in less than a decade. This industry has almost doubled its size, although the modern era of factoring began only a hundred years ago.
SMEs clearly suffer losses when dealing with capital markets in terms of credit rationing and financial inequality due to lack of financial strength. The funding gap has necessitated alternative sources of funding, such as factoring.
There are several steps to verify the authenticity of the sent account. This includes confirmation that the invoicing service was actually sent in the requested form, inspection operations that have a direct link to the billing service, and investigation of the materials used to meet the requirements specified at the invoicing location.
With the introduction of ERP systems, Pcore intends to automate all the processes associated with the analysis of the validity of making control points, which the user must accept to authenticate potential partners. The history of invoices issued by the company allows you to automatically assess the validity and associated risks.
In modern business, automatic checks are almost impossible without constant physical examination. In addition, banknotes can be falsified, which further limits investors to reveal foul play when this happens. Since there is no real incentive for companies to disclose their direct finances to the public, there is a high probability of false financial results.
Opaque and old financial statements
Problems with opaque financial reporting can be as old as the business itself. There are several reasons why companies want to hide actual results, especially when invoices are questioned. Business plans and financial statements, in General, should show the financial health of the company now and in the past. However, by deleting key data or even manipulating their presentation, the company in question seems to be in a good position, while the actual situation is very different.
We have chosen XBRL (eXtensible Business Reporting Language) as the format for financial data presentation on the platform. This structure represents an open international standard for digital business reporting. It can also be used worldwide, with companies in more than 50 countries implementing it in their operations. Out of millions of XBRL documents, it was created each year, replacing old paper reports with digital reports that are useful, efficient and more accurate.
In other words, XBRL provides a language in which the term report can be clearly defined. In turn, the term can be used to uniquely represent the contents of a financial report or other types of compliance, performance, and business reports. XBRL is often referred to as a "barcode for reporting" because it makes reporting more accurate and efficient. Using unique tags, XBRL allows Pcore to develop its platform to meet complex market requirements by providing:
documents for reporting that can be used, that can be registered, sorted and analyzed automatically by Pcore
• a common belief that all reports in the platform are complex, predefined definitions
In addition, comprehensive definitions and accurate data tags will help parties perform various reporting tasks, including:
risk analysis and presentation of business information.
To enable the exchange of business report summaries, XBRL applies transaction tags on the platform. This transactional view allows you to share independent systems and analyze large amounts of supporting data. Thus, as a key to financial reporting transformation, the Pcore platform uses two main calculations to support investors in assessing investment opportunities.
Details ICO Pcore
Token PCC token
Price in ICO 0.3900 USD
Total Token Supply: 52,000,000
token supply: 20,000,000
tokens for sale: 20,000,000
Soft cap: 1.000.000 USD
Hard cap: 5.000.000 USD
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