Why You Need a Dedicated Crypto Bookkeeping Software in 2023 | Multis
At Multis, our vision has been to become the financial backbone for crypto businesses.
After weeks of product research, it became clear that overseeing a crypto treasury can be a daunting task for crypto companies, even if crypto accounting tools exist on the market. We've decided to direct our attention towards this pressing problem. Focusing our strategy to crypto bookkeeping, we aim to expand to become the all-in-one finance tool for crypto businesses.
What are the concrete pains you will face as a crypto company?
Three primary challenges plague the process: scattered data, time-consuming data cleansing, and the lack of actionable transaction insights.
Scattered Data: An Island Problem
The first hurdle is data consolidation. In crypto, data is much like islands in the ocean—scattered and hard to consolidate. With transactions spanning across multiple chains, wallets, exchanges, it becomes increasingly complex to gather and make sense of all the information Furthermore, you need to combine it with your fiat treasury, adding bank accounts to the equation. Traditional accounting tools like Quickbooks or Xero are not designed for the crypto ecosystem and falls short in addressing this issue.
Time-Consuming Data Cleaning: The Back and Forth
The second challenge lies in the cleaning and verification of data. For a business to accurately track its finances, it's essential to know whether its data is "clean"—accurate, up-to-date, and free of errors. Traditional accounting often involves numerous back-and-forths between you and the accountant to clean the data. This process is not only time-consuming but also expensive.
Limited Transaction Data: The Need for Actionable Insights
Finally, the transaction data often lacks relevancy and actionability. Crypto organizations need more than just raw transaction data - they need insights. Understanding company vitals such as the burn rate, cash runway, and historical balance by wallet and asset can provide a clearer picture of the company's financial health.
Multis: A Dedicated Crypto Bookkeeping Software
Multis addresses these challenges head-on with a suite of powerful functionalities that revolutionize the way crypto businesses handle their bookkeping:
Consolidate Your Crypto Treasury in One Place: Multis steps in to ease this with the capability to consolidate all your wallets and banking accounts into a single interface. This allows for seamless tracking of unlimited real-time transactions across wallets, exchanges, and banks. The integration with leading industry providers such as Coingecko, Chainlink, and major exchanges also ensures accurate spot and historical price data for each of your assets.
Automate Transaction Categorization and Reconciliation: You can add context to transactions through custom categories, notes, attachments, and counterparts. This improves data readability, making it easier to understand where funds are coming from and where they're going. Additionally, Multis allows setting rules to automatically assign transactions to categories, counterparts, and teams, drastically reducing the time spent on manual categorization. And to further streamline operations, you can send team reminders through Multis, putting an end to the constant chasing for transaction details.
Streamline Accounting to Close Books Faster: Multis offers features to streamline this process. By fetching the acquisition prices for each transaction, it simplifies cost basis reporting, saving your precious time. Multis also provides the ability to give dedicated access to accountants, making it easier to share financial data securely. When it's time to close the books, you can export financial statements and data seamlessly to any accounting software, be it Quickbooks, Xero, or others, making Multis a versatile tool in your accounting arsenal.
Get Cashflow Insights to Make Smarter Decisions: Multis goes beyond being just a bookkeeping tool and offers rich cash flow insights to drive your business decisions. Through a single dashboard, you can have a quick view of balance and cash flow. More than that, Multis provides visual representations of cash-flow breakdowns by teams, counterparts, categories, and assets. This gives you a comprehensive understanding of your financial status at a glance. And the best part? These up-to-date charts and tables can be easily shared with your team, investors, and communities, fostering transparency and trust.
Conclusion
Accounting for crypto transactions doesn't have to be a complex process. By leveraging dedicated crypto bookkeeping software like Multis, businesses can overcome the challenges of scattered data, time-consuming data cleaning, and lack of actionable insights.
Interested in the future of crypto operations? Try our crypto bookkeeping software out here. Join 200+ leading companies using our product!
At Multis, our vision has been to become the financial backbone for crypto businesses.
After weeks of product research, it became clear that overseeing a crypto treasury can be a daunting task for crypto companies, even if crypto accounting tools exist on the market. We've decided to direct our attention towards this pressing problem. Focusing our strategy to crypto bookkeeping, we aim to expand to become the all-in-one finance tool for crypto businesses.
What are the concrete pains you will face as a crypto company?
Three primary challenges plague the process: scattered data, time-consuming data cleansing, and the lack of actionable transaction insights.
Scattered Data: An Island Problem
The first hurdle is data consolidation. In crypto, data is much like islands in the ocean—scattered and hard to consolidate. With transactions spanning across multiple chains, wallets, exchanges, it becomes increasingly complex to gather and make sense of all the information Furthermore, you need to combine it with your fiat treasury, adding bank accounts to the equation. Traditional accounting tools like Quickbooks or Xero are not designed for the crypto ecosystem and falls short in addressing this issue.
Time-Consuming Data Cleaning: The Back and Forth
The second challenge lies in the cleaning and verification of data. For a business to accurately track its finances, it's essential to know whether its data is "clean"—accurate, up-to-date, and free of errors. Traditional accounting often involves numerous back-and-forths between you and the accountant to clean the data. This process is not only time-consuming but also expensive.
Limited Transaction Data: The Need for Actionable Insights
Finally, the transaction data often lacks relevancy and actionability. Crypto organizations need more than just raw transaction data - they need insights. Understanding company vitals such as the burn rate, cash runway, and historical balance by wallet and asset can provide a clearer picture of the company's financial health.
Multis: A Dedicated Crypto Bookkeeping Software
Multis addresses these challenges head-on with a suite of powerful functionalities that revolutionize the way crypto businesses handle their bookkeping:
Consolidate Your Crypto Treasury in One Place: Multis steps in to ease this with the capability to consolidate all your wallets and banking accounts into a single interface. This allows for seamless tracking of unlimited real-time transactions across wallets, exchanges, and banks. The integration with leading industry providers such as Coingecko, Chainlink, and major exchanges also ensures accurate spot and historical price data for each of your assets.
Automate Transaction Categorization and Reconciliation: You can add context to transactions through custom categories, notes, attachments, and counterparts. This improves data readability, making it easier to understand where funds are coming from and where they're going. Additionally, Multis allows setting rules to automatically assign transactions to categories, counterparts, and teams, drastically reducing the time spent on manual categorization. And to further streamline operations, you can send team reminders through Multis, putting an end to the constant chasing for transaction details.
Streamline Accounting to Close Books Faster: Multis offers features to streamline this process. By fetching the acquisition prices for each transaction, it simplifies cost basis reporting, saving your precious time. Multis also provides the ability to give dedicated access to accountants, making it easier to share financial data securely. When it's time to close the books, you can export financial statements and data seamlessly to any accounting software, be it Quickbooks, Xero, or others, making Multis a versatile tool in your accounting arsenal.
Get Cashflow Insights to Make Smarter Decisions: Multis goes beyond being just a bookkeeping tool and offers rich cash flow insights to drive your business decisions. Through a single dashboard, you can have a quick view of balance and cash flow. More than that, Multis provides visual representations of cash-flow breakdowns by teams, counterparts, categories, and assets. This gives you a comprehensive understanding of your financial status at a glance. And the best part? These up-to-date charts and tables can be easily shared with your team, investors, and communities, fostering transparency and trust.
Conclusion
Accounting for crypto transactions doesn't have to be a complex process. By leveraging dedicated crypto bookkeeping software like Multis, businesses can overcome the challenges of scattered data, time-consuming data cleaning, and lack of actionable insights.
Interested in the future of crypto operations? Try our crypto bookkeeping software out here. Join 200+ leading companies using our product!