Take the $50 billion market of customizable accounting solutions, and throw it into the cryptocurrency space, and what do you have? A modernized, accounting-based market that is respectful of the fast and advanced changed in the technology space. Companies like QuickBooks introduced the world to a simplified, easy-to-use, intuitive set of tools which help to manage and organize all the financial needs of a company—ranging cash flows, payments, salaries, and tax reports.
With companies and institutions dipping their corporate books into digital currencies, many are finding it difficult to successfully (and legally) manage their financial books. Adding to that, most cryptocurrencies are extremely volatile, which could be deadly to any company’s books.
But, what if companies started to use a “Quickbooks-Like” solution that could manage, track, and report on the digital currencies a company has purchased, sold, or managed?
One company in particular, Blox.io , an Israeli based company, has been looking into this solution to help the industry in managing and reporting these assets. Platforms like eToro, Wings, CIVIC, Coinsilium, Aeternity, and many others are already using the Blox platform.
What’s In the Blox?
A significant amount of technologic innovation is focusing on reducing operational clutter and allowing businesses to save resources on non-growth-related functions, for example; Office Suite, QuickBooks , CRM , ERP etc. Businesses nowadays, simply cannot handle their finances without supporting platforms such as QuickBooks or SAP , yet, such solutions are not relevant for crypto assets.
Companies which manage large amounts of cryptos find it increasingly hard to track their holdings and transactions across multiple wallets and exchange accounts, accurately comply with tax reporting requirements and keeping management up to date in the process. The growing number of companies which manage large amounts of crypto assets are wasting a lot of unnecessary time and energy using excel sheets due to lack of better options.
Whether it's a Quickbooks 2.0 or ventures similar to Blox, there needs to be a way to ensure that consumers have all the tools necessary in order to track, report, and account for all their assets and numbers. For example, Blox Business is the first to provide organizations the ability to customize - according to their users’ needs. What does this mean? You're looking at a package, providing a complete set of tracking and reporting tools for your digital assets. Companies are able to participate in automated cryptocurrency asset tracking, reporting and accounting. For companies that wish to be included in a tokenized economy, all while maintaining privacy, security, and compliance, these are packages that should be offered throughout the space. Blox.io offers automatic and intuitive integrations for multiple exchanges and wallet accounts including Ethereum, Bitcoin, Binance, Kraken and many more.
But with all these accounting platforms and crypto-ventures out there, consumers need to focus on four major selling points:
Service: When it comes to customer service, there needs to be a team of professionals ready to assist 24/7; no voicemails, no 1-2 week return phone calls. Tracking and shared work spaces: With high volatility, this market demands real-time tracking and data retention, allowing users to access their accounts from mobile native apps and via web, so stakeholders always have the most up-to-date information.
Accuracy: With the number of cryptocurrency exchanges and blockchain "solutions" out there, gathering information from many unrelated and unverifiable sources can often times lead to data inconsistencies. There needs to be an attentive focus on accuracy and improving data analysis. Highly customizable platforms: No matter the platform, there needs to be a flexible platform which allows users to customize their space subject to their work environment. Uniqueness sets businesses aparts--as well as accounting platforms. It's time we start looking to the next Quickbooks solution for all of our accounting and reporting needs. Talk about a new way of approaching tax season....