TL;DR Sors has adopted Cryptoworth for their internal accounting needs. This move revolutionized their financial management. It also laid a strong foundation for a more efficient and trustworthy ecosystem for their customers and partners.
The implementation of Cryptoworth significantly reduced manual errors and enhanced data accuracy. Their management team can now focus on value delivery, optimize resources, and drive profitability and growth.
This, in turn, contributes to a stronger ecosystem. Customers and partners can trust Sors’ financial management. In addition, Sors’ team is equipped to deliver value with confidence and reliability.
The decision to use Cryptoworth isn’t just a technological upgrade. It’s a strategic step toward building a more robust and credible ecosystem. This fosters trust and long-term success for all stakeholders.
Table of Contents:
Sors Digital Assets is Virtual Asset Service Provider (VASP)*, licensed by the Central Bank of Ireland. Sors also has an office in Hong Kong. Their experienced team offers comprehensive support for companies seeking to operate in or with the European and Asian markets. Their services encompass a wide range of offerings, including, but not limited to, portfolio management, node operations, OTC trading & treasury services, placement services stablecoin launches, crypto-related legal and accounting support, as well as token launches and distribution.
As one of the pioneers in the digital assets space, the Sors team has been in operation since 2018. During this time, regulations and tools supporting the growth of this ecosystem have evolved accordingly. That’s why Sors in partnership with Cryptoworth remains committed to continually delivering the highest quality solutions.
As Sors began developing its web3 products, they faced a significant challenge. They needed an automated accounting solution to seamlessly integrate their onchain crypto data with their existing ERP system.
Their ERP system, while robust in many respects, lacked native blockchain data compatibility. Financial Data including cryptocurrencies holdings and on-chain transactions. As their business evolved, a growing proportion of their financial transactions occurred in both crypto and fiat currencies. This left their native ERP systems with many data gaps.
As the CFO of Sors, I emphasize our steadfast commitment to meeting regulatory deadlines and adhering to rigorous accounting standards.Annamaria, CFO of Sors
In our search for digital asset data solutions to bridge the data gaps we encountered for our crypto assets, we recognized a common challenge faced by our clients as they explore new growth opportunities in web3.
Accurate crypto data matters when this same data is scattered. There are many issues with data collection, it makes on-chain transaction tracking complex. Traditional accounting vs web3 accounting aren’t compatible, and constant price fluctuations complicate accurate financial recording.
A Battle-Tested Solution:
Sors finance team was looking for a reliable and adaptable accounting solution that could seamlessly handle the unique complexities of crypto assets while ensuring regulatory compliance.
- Cryptocurrency Integration & Traceability:
The software should integrate seamlessly with several wallets, blockchains, centralized exchanges and custodians. It should be able to track old and new cryptocurrencies. It should have the capability to trace all transaction types, and automate compliant classifications.
The solution should be intuitive, similar to other current softwares used. But it should include a highly customizable dashboard. Allowing Sors team to tailor to specific financial data needs that are constantly evolving.
- Data Security & Scalability:
It should be certified with SOC 2 type 2 security. A robust data security measures to accommodate growth while safeguarding sensitive financial information.
- Real-Time Updates & Reporting:
Real-time data updates provide timely information, while comprehensive reporting tools track the entire archival data of blockchains. This enables accurate and informed financial analysis and decision-making.
Cryptoworth data solution works as an accounting subledger to Sors’ ERP. This solution is particularly valuable as it allows the CFO to seamlessly integrate it into their existing tracking and reporting processes, thus eliminating the need for any changes in their established habits.
Accelerating an efficient experience for crypto accounting.
- Indexing more than 130 blockchain networks, wallets, centralized exchanges, 800 defi protocols ensuring a seamless cryptocurrency integration,
- Secures and protects sensitive financial data as its SOC 2 type 2 compliant.
- User-friendly dashboard, known for its high degree of customization,
- Facilitating efficient financial management and informed decision-making.
- Real-time tracking and accurate reporting automation to easily connect to the main accounting ledger.
With Cryptoworth, we’ve found the perfect ally to overcome our accounting challenges and ensure an auditable chain of events for accounting.Annamaria, CFO of Sors
|Scaling Financial Solutions
Sors has seamlessly integrated Cryptoworth as its core accounting system, addressing accounting challenges while enhancing liquidity management and precise crypto portfolio tracking. Sors aims to extend this solution to their clients to help them scale their financial management
To provide a clear illustration of the substantial impact of integrating Cryptoworth into any financial system, the following table compares Sors’ financial management before and after adopting this crypto accounting software.
|Before: how Sors managed crypto accounting
|After: Sors Accounting with Cryptoworth
|Data Entry Challenges: Data entry was plagued by difficulties due to the lack of support for various chains and exchanges, resulting in a complex and error-prone process that consumed valuable time and posed a risk to data accuracy.
Manual Transaction Labeling: The manual process of reviewing and labeling transactions for accounting purposes was time-consuming as they had to manually review each inaccuracy, adding to the complexity and inefficiency of the workflow.
Limited Reporting Options: The old method offered limited options for generating calculated reports, hampering efficient financial analysis and decision-making, and increasing the time spent on reporting tasks.
Manual ERP Journal Entries: Manual journal entries to the ERP system were likely to contain manual errors, impacting data accuracy and reconciliation.
Simplistic Dashboard: The old dashboard’s simplicity made it difficult to gain a comprehensive view of financial data, hindering the ability to make informed financial decisions in a short time period.
Scalability Constraints: With no options to scale the number of transactions and wallets, the old method lacked cost-effectiveness and flexibility, leading to inefficient and expensive financial operations.
|Widest support of blockchains, DEX, and Wallets: Cryptoworth supports 130+ chains, decentralized exchanges (DEXes), wallets and 800 defi protocols, reaching all details from diverse digital assets and enhancing efficiency.
Automated ERP Journal Entries: The automated journal entries into the ERP system, using tags, significantly improved efficiency, reducing manual errors and streamlining the reconciliation process.
Effortless Data Search and Reporting: Cryptoworth’s user-friendly interface allows for easy data search, providing a quick filtering to delve into detailed transactions. This streamlined approach saves time and enhances the accuracy of financial information.
Portfolio Tracking Excellence: Cryptoworth serves as an excellent tool for tracking portfolio returns efficiently. It runs complex calculations and delivers reports accurately in a matter of seconds, enabling timely decision-making and strategic financial management.
Auditable Process: Cryptoworth’s automated features provide an auditable process, ensuring transparency in financial reporting. Auditors find it easy to investigate reports with an assigned user.
Outstanding Customer Service: The excellent 24/7 customer service provided by Cryptoworth contributes to time savings and efficient problem resolution.
Community Support and Learning Resources: The slack community forsters a supportive environment. The availability of supporting resources such as tutorials and videos significantly reduces the learning curve for new users
The previous accounting method posed challenges with data entry, manual processes, limited reports, and scalability, leading to inefficiency and compliance risks. The adoption of Cryptoworth streamlined data management, serving as a crypto accounting solution. This implementation empowers users to shift their focus toward more strategic projects.
Results: Transforming Financial Management with Cryptoworth:
Prior to adopting Cryptoworth, Sors’ data management was labor-intensive, leading to errors and rework. With Cryptoworth’s automation, their financial team can ensure reliability, enabling the CFO to furnish real-time financial information to their leadership team. This empowers them to prioritize profitability and drive growth.
In their pursuit of more efficient financial operations and overcoming challenges from their previous accounting methods, Sors took a significant step by integrating Cryptoworth into their processes.
The impact of Cryptoworth’s solution
Improved Data Accuracy:
Cryptoworth’s automation reduced manual data management efforts, resulting in a notable reduction in errors within the financial data. This improvement significantly enhanced the precision and reliability of Sors’ financial records.
Timely Financial Information:
The adoption of Cryptoworth has empowered Sors to provide up-to-date financial information to their management. This improvement has allowed the management team to shift their focus toward profitability and growth, knowing they have access to accurate, real-time data for decision-making.
As a small company with limited resources, Sors found that Cryptoworth allowed them to optimize their financial oversight of various client projects, portfolios and ventures. While maintaining the same staffing levels, the team managed to increase their financial overview, emphasizing enhanced efficiency in resource management as a qualitative outcome.
Enhanced Focus on Value Delivery:
The implementation of Cryptoworth has qualitatively shifted Sors’ management focus from labor-intensive manual processes to delivering value to their customers. This transformation has led to increased productivity and has allowed the team to allocate their time and efforts more strategically, ultimately enhancing customer satisfaction and driving business growth.
Dedicated Support and Education:
Cryptoworth team prioritizes a support system for all its customers, serving as an important pillar for the user experience. Available resources, including tutorials and videos, facilitate effective product usage, speeding up the learning curve. In addition, the customer success accounting experts are constantly available. They not only assist in operating the software but also provide essential education on blockchain data handling, ensuring users become experts themselves.
In conclusion, the adoption of Cryptoworth has ushered in both quantifiable and qualitative improvements to Sors’ financial management. By significantly reducing manual errors and enhancing data accuracy, Cryptoworth has streamlined their financial processes.
Simultaneously, it has empowered the management team to focus on value delivery, optimize resources, and drive profitability and growth. The clear advantages of using Cryptoworth for digital asset accounting are undeniable, as Sors has experienced positive differences in their operations.
Just like Web2 is very different from Web3, we have to find an accounting tool that fits the purpose. I simply can only say you have to try Cryptoworth, and you will never look back. It will save you time and effort, and you will love itAnnamaria, CFO of Sors
Take the next step towards enhanced efficiency, reduced errors, and accurate crypto data by integrating Cryptoworth into your financial processes.
* Sors Digital Assets Limited, Company Number 649996 (“Sors”) is operating as a Virtual Assets Services Provider (“VASP”)
As per the terms of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 to 2021 (the “CJA 2010 to 2021”) section 106F, Sors is taken to be registered to carry on business as a VASP.
The Central Bank of Ireland is the competent authority in Ireland for the monitoring and supervision of VASPs compliance with their AML/CFT obligations under Part 4 of the CJA 2010 to 2021, and all registered businesses are supervised by the Bank for anti-money laundering and countering the financing of terrorism purposes only. In accordance with section 106G of the CJA 2010 to 2021, Sors has submitted an Application for Registration as a VASP to the Central Bank. In accordance with section 106H of the CJA 2010 to 2021, the registration process is ongoing with the Central Bank.
For further information please review the Central Bank information and the CJA http://www.irishstatutebook.ie/eli/isbc/2010_6.html