Today we’re unveiling ALL features that, until now were only available for blox business clients. For anyone managing finances on a large scale, the words bookkeeping, reconciliation, accounting, consolidation and auditing could strike fear, even in hearts of the best CFOs out there.
If you had to go back and account for each and every purchase or sell of crypto you ever made, most of us wouldn’t even know where to start. The more organized traders among us would have a general idea, but most likely far from accurate.
Now imagine a company, fund or high net individual managing cryptocurrencies worth millions of dollars, having to account for hundreds if not thousands of transactions, all the while knowing that sooner or later the auditor or the taxman will come knocking on the door. Good luck with that. We’ve been working on a few solutions to tackle those pain points head-on.
Full Transaction Control
The first step a finance professional takes is mapping out how much money the company has, how much was spent, on what and to whom (and in a crypto company’s case, in which currency).
On the surface sounds trivial, but with cryptos nothing really is. Blox offers an automatic, simplified and customizable solution for cryptocurrency bookkeeping & auditing.
The ability to track and account for every movement, in and out of the company’s accounts, regardless of the number or volume is crucial for every company managing crypto, or any crypto professional for that matter. Adding to that, the ability to attach documentation, invoices, and notes to each individual transaction solves a few more headaches. Those of you who use spreadsheets are probably very familiar with it. If you’re one of the many crypto enthusiasts who had to prepare their crypto taxes this year, you need to account for every single Satoshi that was spent/bought/traded. And with blox, well, you will no longer need to make ‘guesstimations’ :), you can automatically account for all your assets.
Collaboration & Transparency
Blox gives companies the ability to share their workspace with their auditor, CFO, CPA, and other team members. Instead of having to do everything on your own, more people can go over your portfolios, make suggestions and comment on the existing workspace.
If you’re helping a family member or a friend manage their crypto activity, instead of having them call you whenever the markets act up, you can simply give them viewing access so they can be updated about their assets in real-time.
Don’t worry, you can give each the access permissions you’d like them to have. They won’t be able to modify the work that you’ve done unless you want them to. Just like a google shared doc, you’ll be able to follow each collaborator’s activity log to make sure that you’re still the one calling the shots.
CSV Export & Reporting
Reporting is a key factor when handling funds (no matter the currency). When it comes to accounting, being able to align your work according to the acceptable standards is a big part of the game.
It’s crucial for companies, but also relevant both on the individual level. After we balance the books and set the balance sheets in order, all the data can be downloaded in CSV form so you can reconcile & consolidate your crypto accounting with the regular finances. Making sure that all crypto assets are adjusted to the highest standards of accounting.
The crypto-space and blockchain are still in the early stages of their development. The markets, technology, regulation, and assets will continue changing and evolving as the industry moves forward. Sooner or later cryptocurrencies will be a standard form of payment and transfer of value.
Until that happens, we need to make sure that all of the crypto assets are organized, our accounting is accurate and the standards (those that we have) are upheld. Blox makes that just a little simpler.
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