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What problem are you trying to solve? Most (all?) accounting software can handle multiple currencies. Set up your preferred cryptocoin as a foreign currency an

by PaulAJ 5y ago

What problem are you trying to solve? Most (all?) accounting software can handle multiple currencies. Set up your preferred cryptocoin as a foreign currency and enjoy. A lot of accounting has to be done to meet national legislation, especially for payroll and tax. So that has to be done in your local fiat currency anyway.

arjun_s 5y ago
The problem to solve is a crypto first replacement for a SAP/XERO platform that aggregates receipts/proof of sales/bank integrations/expenses+fees for a crypto first company like a crypto game dev company or a crypto exchange etc that will have revenue, most expenses, funding, debt etc in crypto rather than fiat.
- anaganisk 5y ago
  How is it different from changing the currency symbol and name, at the end of the day crypto money is still numbers right?
  - toyg 5y ago
    If I understand correctly, OP wants the advanced integration features, like: “if I make a transaction in coinbase from A to B, I want this to appear automatically in my ledger, to be classified as necessary”. At the moment you can do that with traditional currencies in most services (they pull bank statements etc); OP wants something like that but focused on the cryptocurrency world, I guess.
    - arjun_s 5y ago
      Yes that is correct, thank you. e.g. I get equity funding in my company. Now: accountant needs a contract like a share note to create a line of equity on the right hand of the balance sheet. But in the future, the system is linked to a token sale and the shareholders are automatically updated. Or, I am making sales of lets say NFTs on my platform, then the revenue on each transaction is automatically linked via the same NFT contracts to the revenue line. The ETH fee is directly attributed to the costs line etc. The whole thing creates an auditable statement that can be used for data/regulatory audits/dashboards/getting crypto financing etc...
- dmak 5y ago
  Don’t you have to settle in fiat even if it’s crypto first? Even if you pay your employees in crypto, it counts as income which will need to be represented in fiat.

by PaulAJ 5y ago

arjun_s 5y ago

The problem to solve is a crypto first replacement for a SAP/XERO platform that aggregates receipts/proof of sales/bank integrations/expenses+fees for a crypto first company like a crypto game dev company or a crypto exchange etc that will have revenue, most expenses, funding, debt etc in crypto rather than fiat.

anaganisk 5y ago
How is it different from changing the currency symbol and name, at the end of the day crypto money is still numbers right?
- toyg 5y ago
  If I understand correctly, OP wants the advanced integration features, like: “if I make a transaction in coinbase from A to B, I want this to appear automatically in my ledger, to be classified as necessary”. At the moment you can do that with traditional currencies in most services (they pull bank statements etc); OP wants something like that but focused on the cryptocurrency world, I guess.
  - arjun_s 5y ago
    Yes that is correct, thank you. e.g. I get equity funding in my company. Now: accountant needs a contract like a share note to create a line of equity on the right hand of the balance sheet. But in the future, the system is linked to a token sale and the shareholders are automatically updated. Or, I am making sales of lets say NFTs on my platform, then the revenue on each transaction is automatically linked via the same NFT contracts to the revenue line. The ETH fee is directly attributed to the costs line etc. The whole thing creates an auditable statement that can be used for data/regulatory audits/dashboards/getting crypto financing etc...
dmak 5y ago
Don’t you have to settle in fiat even if it’s crypto first? Even if you pay your employees in crypto, it counts as income which will need to be represented in fiat.