Home » How to Streamline Crypto Accounting for Accurate Web3 Audits.

How to Streamline Crypto Accounting for Accurate Web3 Audits.

What's the importance of automated crypto accounting for audits? Here is MELD's success story reshaping the financial landscape for crypto businesses.

In this case study, we explore the journey of MELD Blockchain, a non-custodial DeFi protocol, as they face the challenge of preparing their financial books and statements for a third-party audit. The need for accurate data for cross-chain transactions and the MELD token itself posed a significant challenge.

MELD is a Layer 1 blockchain and DeFi protocol for web3 finance, providing cross-chain lending, borrowing and staking with integrated fiat banking by MELD.Fi

Objectives:

MELD’s finance team’s primary objectives were to:

  • Rebuild the balance sheet with a comprehensive vision of fiat and crypto held by the company. 
  • Ensure accuracy in financial reporting.
  • Facilitate a seamless third-party audit process.
MELD Blockchain found itself in a complex financial landscape, requiring precise data for third-party audits of cross-chain transactions and the MELD token. Inaccurate or incomplete financial records could jeopardize their audit process, leading to potential financial and operational challenges.

Challenges Faced:

The MELD team encountered several challenges:

  1. Reconciling more than thirty wallets from multiple blockchains and other crypto positions on various centralized and decentralized exchange platforms.
  2. Manual Workflows: Time-consuming manual calculations and reconciliations.
  3. Data gaps: Any accounting tool lacked accurate data for Cardano’s staking positions and unspent transactions (UTXO).

These challenges could have potentially led to errors in financial reporting and hindered the audit process.

A Fit Solution:

MELD Blockchain leveraged Cryptoworth’s cutting-edge crypto accounting tool. Cryptoworth provided them the following key solutions:

  1. Automation: Streamlining and automating the crypto accounting process.
  2. Advanced Cardano Integration: Meeting the complexities of the Cardano UTXO.
  3. Dedicated Support through-out the audit: A responsive team that actively collaborated with MELD.

We would advise any crypto business that is struggling to get their crypto accounting in order to use Cryptoworth. It will certainly address the multitude of issues arising when executing accurate crypto accounting and cash flow.

Gennaro Oliviero, Head of Finance at MELD

→ For more in-depth takeaways from Gennaro, you can read the full interview here.

Results:

The results after implementing Cryptoworth’s crypto accounting software were remarkable:

  • Automation significantly reduced manual workflows.
  • Financial data was accurate, enabling a seamless third-party audit.
  • The auditor appreciated the clear representation of cryptocurrency holdings.

It was clear that Cardano data accuracy and automation was key for MELD. We prioritized over getting this key piece of the puzzle sorted. We were able to deliver value in days instead of weeks to the finance team.

Trent Rand – Lead Engineer at Cryptoworth

Key Takeaways:

The top 4 takeaways from this case study are:

  1. Automation Enhances Accuracy:
    Automated crypto accounting ensures precise financial reporting.
  2. Comprehensive Multi-chain connections:
    Cryptoworth addressed the complexities of the Cardano blockchain.
  3. Customer Support Is Key:
    The collaboration between MELD and Cryptoworth customer success specialists was instrumental in achieving success.
  4. Seamless Third-Party Audits:
    Automating using a reliable subledger, feeds real-time accurate financial data, which in turn simplifies the audit process.

We encourage crypto accountants and controllers to explore the power of Cryptoworth by testing the solution themselves or scheduling a consultation with our crypto data accounting experts.

Authors

  • Cryptoworth

    Cryptoworth, a leading crypto accounting software that helps web3 accountants speed up month-end closing.

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  • Ariel Eiberman

    Ariel Eiberman is the marketing lead at Cryptoworth, a leading crypto accounting software that helps web3 accountants speed up month-end closing. He has more than 6 years of experience in product marketing for software companies and a background of organizing olympic games and polyglot meetups in multiple cities.

    View all posts

Cryptoworth

Cryptoworth, a leading crypto accounting software that helps web3 accountants speed up month-end closing.

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