Accounting processes can become extremely complex when digital assets get involved. Here’s how Cryptio can streamline your crypto accounting.
When it comes to digital assets, accounting can get complicated. Dealing with multiple digital assets, tokens, and cryptocurrencies across various wallet systems and blockchains can be an extremely difficult process, especially when invoicing and transaction tracking is involved. Cryptio is a solution.
In many cases, blockchain enterprises, DeFi platforms, digital currency exchanges, and other companies that manage blockchain tokens use spreadsheets in order to consolidate on-chain and off-chain activity.
As the size of these businesses increases, however, so too does their administrative load, making it almost impossible to classify transactions, or generate gains and losses reports. Working with digital assets means dealing with transactions that have different accounting natures, such as smart contract transaction fees or crypto payments.
While there are many software solutions designed to streamline accounting processes in the world of traditional finance, the blockchain industry has remained relatively static. Cryptio, a new accounting tool aimed at crypto native companies, traditional businesses, crypto investors, and financial institutions, aims to change this, providing a purpose-built accounting tool designed to work within the rapidly changing blockchain ecosystem.
What is Cryptio?
Cryptio is an automated bookkeeping system specifically designed for the blockchain and cryptocurrency industry. Unlike traditional accounting automation platforms, Cryptio is focused solely on the decentralized economy and functions as a communication layer between digital assets and traditional general ledgers.
Cryptio provides solutions aimed at crypto native companies that need to manage multiple blockchain tokens, such as cryptocurrency exchanges, DeFi startups, or brokerage platforms, delivering tools that consolidate on and off-chain activity, as well as creating reports and classifying transactions.
The features offered by Cryptio also provide traditional companies that use cryptocurrency in managing different types of transactions or invoice management for companies that take payment in cryptocurrency.
Tracking and accounting for cross-exchange or product activity can be an extremely complicated process — Cryptio provides fund administrators and financial institutions with the ability to quickly generate both quarterly and monthly performance reports, or gains and losses reports for tax season.
Cryptio Features
Cryptio aggregates all crypto transaction data across multiple wallets, accounts, and custodial arrangements — the Cryptio system retrieves every single transaction, ensuring all data is captured and catalogued.
Importantly, Cryptio integrates a fully compliant crypto to fiat valuation system that pulls prices directly from exchanges at the exact time of each transaction. Price data is delivered by Kaiko, a leading provider of institutional grade cryptocurrency market data, and includes details of the exchange pricing data captured from along with the time of capture.
Cryptio streamlines the digital asset accounting process through a series of smart tools that allow for the precise definition of each transaction. Label tools allow users to set rules that assign transactions to the correct account, such as staking rewards or payroll expenses.
Contact tools provide users with the ability to identify the counterparties of transactions, while a robust invoicing system attaches invoices to relevant transactions as well as tracking payment status or future payments.
The biggest advantage delivered by Cryptio, however is the way in which Cryptio integrates with third party accounting systems. Using Cryptio, it’s possible to import a Chart of Account and map accounts with the labels created through the smart tools the platform provides. Cryptio delivers simple integration with cloud accounting platforms such as Xero, minimizing administrative friction in digital asset accounting.
Cryptio provides robust reporting functionality designed to provide a solution to the complex auditing and accounting needs of businesses that work with digital assets. Additional reports that collect and present transaction history, balance reports, ledger entries, income statements, and portfolio performance can be generated on demand.
Cryptio Pricing & Plans
Cryptio offers four pricing levels, starting with a free plan that provides a limited number of tracked transactions every month through a single transaction source, such as a wallet or exchange.
Cryptio’s paid plans start at $140 per month for the Starter plan, which offers 5000 tracked transactions per month from an unlimited amount of transaction sources alongside CSV export functionality and email support.
The Premium plan, priced at $290 per month, offers up to 50,000 tracked transactions per month with the same unlimited transaction source functionality as the Starter plan, but also includes phone support and the ability to create one custom report per month.
Cryptio’s custom plan is aimed at enterprise applications and offers unlimited transaction tracking alongside the features offered in the premium plan but allows businesses to generate unlimited custom reports. All of the paid plans offered by Cryptio can be tested on a one month free trial basis.
Key Takeaways
Cryptio provides a slick solution to the lack of cryptocurrency and digital asset friendly accounting and reporting tools in the modern financial ecosystem. By providing blockchain enterprises and businesses that manage digital assets with the ability to automate processes that are commonly managed by unwieldy Excel pivot tables, Cryptio minimizes the stress involved in crypto accounting.
If you’re operating an Australian business that focuses on digital assets or cryptocurrency, it’s important to ensure that your business is compliant. For detailed guidance on cryptocurrency accounting for digital assets, reach out to Fullstack today.
