3 Ways to Optimize Crypto Accounting in Your Operations

May 30, 2023

The cryptocurrency market has experienced remarkable growth and volatility in recent years, attracting the attention of financial operations teams worldwide. As cryptocurrencies continue to gain prominence and acceptance, the importance of effective navigation within this dynamic market becomes increasingly crucial. Crypto financial operations teams play a pivotal role in managing and optimizing the financial aspects of crypto investments, trading, and transactions.

Navigating the crypto market requires a combination of industry knowledge, adaptability, and strategic thinking. With the right tools and approaches, financial operations teams can navigate the complexities of this dynamic market and contribute to the growth and success of their organizations.

Perform a Proper Inventory of Your Team’s Crypto Assets

You're better than Excel spreadsheets.

Until today, too many companies using both fiat and crypto are using spreadsheets to track and manage treasury. They also put the burden of recovering all transactions on their accountants, which equates to a huge monthly time loss because of constant conversations between operations teams and accountants.

Multis plug 😉 — There are plenty of tools to keep a central log of your company assets. Not only can you track and visualize the entirety of your treasury, but also pull the strings from your different wallets to initiate transactions.

Assessing the current exposition of your assets is also crucial. Keep an eye out for current market weaknesses:

  • Stablecoin depeggings

  • Bankruptcy rumors

  • Custody crises

In the coming months, it's crucial to be especially cautious with your treasury management. But you also need to know when to double down on market opportunities.

Develop a plan for managing the safety & volatility of your treasury

Let's cut to the chase.

You want multiple wallets. You want secure wallets. If you're a business, you want to hedge yourself against any fraud risk and secure your treasury (we've heard enough from companies that've had their funds siphoned).

You'll often hear about custodial wallet solutions, web wallets (Metamask), mobile wallets (Coinbase wallet) & desktop wallets. You don't want any of them.

→ get (1) a Safe multi-signature wallet and (2) a Ledger hardware wallet. Killer combo.

When it comes to risk tolerance, you want to have a plan to not over-expose yourself. Having a plan in the financial world has never been counter-productive.

To hedge yourself against the volatility of certain currencies, set up a balance with stablecoins as a safety net.

Set clear risk tolerance levels that you and your team are willing to stick to.

Solidify Your Operations Tech Stack with Crypto Bookkepping Tools

Finally, you might be interested in new products to expand your operations.

It's important to operate effectively and safely. This means keeping track of your inventory and making sense of it for reporting purposes.

That’s not easy to do with spreadsheets and Etherscan. We recommend Multis for a complete unified view of your organization's finances.

Multis simplifies crypto operations for both crypto-native and new-to-crypto teams. With a seamless flow into your accounting tools, the process is intuitive and familiar to accounting pros.