Facilitate Your Crypto Accounting with Plaid Integration into Multis
Connecting Plaid to boost your crypto bank account
Plaid is a service that provides the technology to connect your financial accounts and share their data with an app, service, or company.
As a crypto founder, you know how important it is to stay on top of your financials. From managing your assets to tracking your expenses, there are many moving parts to keep track of.
That's why we built many tracking, reporting & accounting features, but mainly crypto. However, an essential missing part appeared after launching our crypto bank account: external bank account tracking. With that in mind, our head of architecture, Greg, during the quarterly hackathon, decided to build a Proof Of Concept (POC) around Plaid.
But many different Plaid integrations exist. To what extent does this one integrate to the product? We decided to ship a product to our customers where the Plaid integration tracks balances and transactions from your external bank accounts. We offered a way to track all your crypto wallets in one place. You can now track all your financials on Multis.
Greg's POC won, and we polished and battle-tested the feature. The Plaid integration allows companies to track external bank accounts with two clicks and less than thirty seconds.
Savings web3 founders hours with our crypto business banking offer
Managing your finances as a crypto founder can be time-consuming and tedious. Previously, without Multis, you had to keep track of all your wallet addresses manually, pull data from EtherScan to a sheet, format the information, and identify each transaction. Managing fiat transactions was just as labor-intensive, requiring you to extract data from bank accounts, format it to match your crypto transactions, and upload it to accounting software like QuickBooks or Xero.
But that's all in the past. We created Multis, a tool for crypto companies to streamline their financial management and focus on building the future rather than wasting time on tedious accounting tasks.
With Multis, tracking crypto wallets and bank accounts is as easy as two clicks. Balances and transactions are automatically fetched from the blockchain and the banking system and made visible in the "Transactions" tab in seconds. In addition, each transaction can be easily labeled with a contact, category, and attachment, making it easy to keep track of your transactions. This labelling is now automatic thanks to our categorization rules feature.
99% of the work is already done, and with one more click, you can download a QuickBooks-ready CSV template that you can import into your accounting software. We've tested it out, and we save about 4 hours (50%) per month on accounting tasks.
But that's not all. It would be best if you had real-time insights on your finances, and with one click on the "Analytics" tab, you can have a real-time view of your finances, so you can manage your business and focus on your clients, not money and accounting.
We're creating a bank specifically for crypto companies and believe these enhancements are vital for crypto founders. By streamlining financial operations, founders can save significant amounts of time and focus on innovation rather than accounting and other financial tasks.
Interested in the future of corporate banking? Try our crypto bank accounts out here. You can open an account in less than ten minutes here and join 200+ leading companies using our product!