Amber Welch, Associate Director at Graphite
Crypto is no longer limited to big-name tokens like Bitcoin and Ethereum. And it’s slowly creeping its way into the mainstream. Organizations around the world are using a variety of crypto and Web3 technologies to make operations more secure and efficient.
With this new technology come limitless possibilities and potential use cases that benefit both consumers and businesses.
Cryptocurrency and blockchain technology are still relatively new, and they’re evolving at a breakneck pace. Crypto also functions very differently from fiat currencies like the US dollar or the Euro.
Because of these unique considerations, you need reliable crypto accounting software to support your endeavors in this new currency and keep your finances organized.
Here’s what to consider when implementing this new technology, as well as our pick for the best accounting software for cryptocurrency.
What To Consider When Choosing Crypto Accounting Software
Sometimes it’s tough to know where to get started on your crypto accounting software. Here are a few recommended first steps to guide you through the selection process.
Make Sure You’re Ready
Before implementing Web3 technology in your organization, you need to determine if your business is ready for it.
While crypto offers plenty of unique benefits for your organization, it also requires specialized knowledge to move beyond buzzwords and implement it effectively. If you don’t already have people in your organization who understand the technology inside and out, you need to partner with accounting specialists to fill any knowledge gaps.
Make Sure It’s Scalable
One of the most important factors to consider here is scalability. Your business will likely change as you grow over time, and crypto technology is bound to evolve as well. You want to make sure that the software you choose has the malleability to grow with you.
Make Sure It’s Flexible
There are also a few key features to look for when looking at software options.
The first is the ability to create and customize a full chart of your accounts. Each account is going to be different, and there’s no one-size-fits-all approach when it comes to crypto.
Additionally, the software program you choose needs to be able to integrate with existing sub-ledger systems. This allows you to manage crypto transactions in the same place as your fiat transactions for a streamlined approach.
Finally, you’ll want to keep pricing in mind and ensure the software you choose fits within your organization’s budget.
Need a crypto/web3 focused accounting team?
Work with Graphite!
What is the Best Software for Crypto Accounting?
At Graphite, we primarily use Cryptio and Bitwave to manage accounting for our Web3 and crypto clients, but we work with the top names in software to ensure we offer a customized experience based on the needs of each client.
Both subledgers have a sophisticated subledger system that runs on its own and integrates with more traditional accounting programs. While there are other software programs that offer subledgers, we’ve found that these two are the most advanced programs in this burgeoning market.
Cryptio & Bitwave are our top choice because they have the flexibility that we need to create fully custom solutions for each client to best address their needs. Because each startup is so unique, we need the ability to create bespoke solutions.
Additionally, they have the ability to automatically determine the tax implications of each transaction. Tax regulations surrounding crypto technology are very complex and still in development, so this feature saves a huge amount of time and prevents confusion and frustration down the line.
The ability to review tax implications and discuss potential benefits or drawbacks with your team allows for better year-end planning.
Maximize the Potential of Crypto Accounting Technology
At Graphite, we’re here to help our clients maximize the potential that crypto technology offers.
Because we work so closely with Cryptio and Bitwave, we’re able to offer in-depth solutions that integrate seamlessly with your existing operations.
We go above and beyond to understand not only how your business works and what you need, but also the ins and outs of Web3 and how it applies to your operations.
Ready to learn more about crypto accounting? Schedule some time with us today to see how our team of experts will support your growing startup.
Need web3 CFO or Accounting Help?
Born out of a VC fund, Graphite fully understands the strategic and financial needs of high growth companies. If you need accounting support or simply have a question about accounting at your company, feel free to connect with us!