Blockchain Bookkeeping on the Rise!: Here are 3 industry pioneers

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Any bookkeeping, business or tax article contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor can it be used to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.

Disclaimer: FAS Bookkeeping and Tax Services is providing this article as a public educational piece. 
Reference to any specific product or entity does not constitute an endorsement or recommendation by FAS Bookkeeping and Tax Services. 
FAS Bookkeeping and Tax Services will not be held liable for any damages incurred by using the specific products mentioned in the article.

Blockchain Bookkeeping on the Rise!

Coupled with the continued rise in popularity of cryptocurrencies and the regulators’ rush to monitor cryptocurrencies. Companies that waged their bets on cryptocurrencies are now out and about to ensure that they are fully compliant with the policies and guidelines set by regulating bodies. These companies are expected to capitalize on Blockchain Bookkeeping to ensure that they are compliant with the rules and regulations set by the legal bodies. Since cryptocurrency price action is extremely volatile, the current bookkeeping and accounting software available in the market is not up to the task.

Companies specialized in bookkeeping and accounting software now aim to automate the process for crypto record-keeping.

Here are 3 fledgling companies that are spearheading the rise of Blockchain Bookkeeping:

 

  1. Softledger

    First on the list is Softledger, their products span from Accounts Payable, Accounts Receivables, Cash Management, General ledger, down to Manufacturing and Inventory. Their well-rounded products and APIs are adaptive and scalable. Thanks to the ingenious design of their platform that is native to the cloud, their APIs are quick to integrate and seamless to implement with your business.

    Their accounting technology frameworks aim to completely eliminate the need for manual processes. Their full suite of products allows data to flow through the organization like a stream of water. Access is available whenever and wherever it is needed in the business.

    Softledger also has this neat feature that allows you to get real-time visibility into gains, losses, and asset balances. A neat feature that lets you build reports for entities, regulators, and stakeholders.

  2. Cryptio

    With Cryptio you can sync your wallets’ public addresses, custody, and exchange accounts into their proprietary software. This way you can get a glance at your full transaction history without missing a single transaction. Their software is also fully compliant with crypto-to-fiat valuation systems that most regulators require.

    On the bookkeeping side of things. Cryptio lets you auto-classify your transactions, reconcile transactions and invoices. A nice feature if you are looking for software that lets you do most of the bookkeeping actions that you are familiar with. Cryptio also has an export and integration feature for your data. This is great if you don’t want to switch between two accounting systems for your fiat and crypto. Access to additional reports like capital gains reports and portfolio performance is also an added feature of Cryptio.

  3. PeaCount

    The software utilizes artificial intelligence to help users identify transactions as they are entered and to manage daily bank reconciliations, while it capitalizes on the use of blockchain to secure client data and prevent data breaches through the use of a ‘Blockchain of Identity” concept. According to Stranger, business owners will no longer need a dual-entry system with manual reconciliations. Combined with machine learning, PeaCounts has developed a system that makes manual entry a thing of the past.

    PeaCounts says that the service will work with a user’s current bookkeeper and tax professional to get data entered appropriately. The service will also include a feature that lets users book appointments with them directly through the solution’s dashboard and mobile app.

    In addition, PeaCounts’ ‘Smart CFO’ feature can prepare budgets and other financial plans and projections instantaneously so that users without any financial or accounting background won’t be left in the dark as to where they stand financially. PeaCount’s future development roadmap also includes a payment system powered by a cryptocurrency token, PEA. This token, just like any other cryptocurrency will open up for low-cost and near-instant payments to vendors and employees wherever they are in the globe.

 

Bookkeeping can be an arduous task for most business owners, but that shouldn’t always be the case! If you want to relieve yourself from the labors of bookkeeping, all you have to do is send us a message and we’ll help you make your business succeed!

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Disclaimer: FAS Bookkeeping and Tax Services is providing this article as a public educational piece. Reference to any specific product or entity does not constitute an endorsement 
or recommendation by FAS Bookkeeping and Tax Services. FAS Bookkeeping and Tax Services will not be held liable for any damages incurred by using the specific products 
mentioned in the article.

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