Today, companies holding crypto assets have no way to sync their digital asset data to their cloud-based accounting software (Quickbooks, Xero..). That's why accounting for crypto currencies and tokens is so challenging. We are launching a beta program to help businesses and accounting firms get that problem solved.
In the traditional world, taking care of bookkeeping and accounting is business as usual. Doing the accounts is relatively cheap, easy and straightforward. The company subscribes to a cloud-based accounting system like Quickbooks or Xero (subscriptions start at $1/month), connect their bank accounts through an API, onboard an accountant and there you go! Your accounting is sorted.
Of course, the larger the business is, the more difficult the accounting process becomes. But accounting for banking transactions is relatively easy in the traditional world because banking transactions are directly connected to your accounting software, as well as most of the financial products you are using (billing, invoicing, business expense management, online payment, etc).
Accounting for digital assets is unfortunately not business as usual because current accounting systems are not designed for digital assets transactions.
Why accounting systems like Quickbooks can't read crypto transactions?
- Transaction data needs to be pulled from various blockchain networks and exchanges
- Counterparties have anonymous public addresses vs KYC’ed entities. Difficult to see the nature of transactions
Transactions are valued in crypto which do not have legal tender
Why solving this problem will boost digital asset adoption?
Today, millions of businesses and the accounting firms are using cloud-based accounting systems. Even though more and more businesses are seeing an opportunity to use crypto, they are reluctant to do it because of the headaches it will create for legal, finance and accounting teams.
By connecting their digital asset activity directly to their back-office, these businesses can benefit from digital assets without experimenting new challenges.
That way, you can start seeing business adoption.
We are launching a beta program to support our development for better accounting system integrations
As a bookkeeping software for digital assets, it’s our responsibility to work on that integration and be a data provider for accounting software. Exactly the same way you are using Expensify to manage your business expenses, process the data and send it back to your accounting system, you are using cryptio to process your crypto data and send it back to your accounting system.
To achieve that goal, we need to build a network of the best crypto companies to understand their use cases but also of accounting firms all over the world helping us build this bridge between traditional reporting standards and the crypto world.
With leading companies like Consensys or Celo, we have already started to execute our roadmap for better integration. But this great community still needs to grow! That’s why we are launching a beta program to help companies get their accounting done while leveraging the knowledge of their finance and accounting teams to build faster and stronger.
What could you expect from that program?