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Faster Crypto Accounting Month-End Close

Better manage your month-end close by leveraging our new advanced workflow feature for crypto accounting. Start experiencing the benefits of a streamlined month-end close today.

Streamline Your Month-End Close

At Cryptoworth, we’re excited to introduce a transformative feature designed to streamline your month-end financial close operations. Our new advanced workflow solution brings an integrated timeline to your crypto accounting routine, where your team can manage each required step, significantly boosting both accountability and accuracy. 

With this tool, all outstanding tasks are visible in one place, ensuring that deadlines and responsibilities are clear, thereby expediting the close process.

Our advanced workflow solution enables companies to complete their month-end close 26% faster by fostering team collaboration, automating repetitive tasks, and centralizing follow-up. This minimizes manual errors and promotes a more organized close process.

Ready to transform your month-end close? Try Cryptoworth today and experience a smoother, faster financial close.

Track outstanding to-dos from a single dashboard view, ensure team members meet deadlines, and identify gaps to guarantee the close is finished on time each month. Optimize accounting operations, accelerate the close process, and ensure smoother audits. 

An Advanced Workflow Solution that helps accountants execute the close with greater visibility, and better collaboration feedback. With Cryptoworth, Controllers and their teams will: Perform the Close 26% faster, improving accuracy, and experience a boost in audit readiness.
Close the books faster and more accurately by organizing, automating, and executing your crypto month-end with Cryptoworth. 

Addressing Common Challenges in Crypto Accounting

We understand that one of the most common challenges new crypto accountants face is managing multiple wallets with holdings across different chains and DeFi protocols. The month-end closing process can seem daunting, from gathering data to reconciling transactions before syncing to the general ledger. Additionally, many Web3 finance professionals, including experts, are often focused on other company activities and may need to pay attention to the specific steps required for an accurate closing when the month-end period arrives.

An Advanced Workflow Guide

Our new feature serves as a comprehensive workflow guide to help accountants and finance professionals close month-ends more effectively. It manages each step of the process, guiding your team from syncing connections through reconciliation, classification and labeling, calculation in reports, various sanity checks, and finally, the general ledger sync. The last step is the period lock, ensuring that blockchain data is accurately accounted for.

Sync Connections

Add any new connection you’ve been informed about during the data-gathering phase. Cryptoworth supports over 150 blockchain networks, custodians, centralized exchanges, and more than 800 DeFi protocols.

Reconciliation

Check for sanity, duplicates, or any other issues in the data.

Classification & Labeling

Once data reconciliation is complete, ensure that all transactions are classified and labeled as necessary.

Calculation

Run necessary calculations (e.g., Cost Basis, WAC). Verify the accuracy of these calculations on the transactions page and review the reports page for accuracy.

General Ledger Sync

If you are using GL software, sync the data accordingly.

Period Lock

This is the final step of the close process. Ensure that the data is locked.

Crypto Accounting Month End Workflow Management Progress Tracker

Boosting Precision and Audit Readiness

In this first iteration of the feature, you can expect to close a month-end faster with fewer mistakes. Future updates will include more powerful workflows built for Audit and FP&A.

Our feature is straightforward to use. On the main page, click on the “Workflow” tab and create a new one. Set the appropriate timeframe and deadline for the workflow. You will then see the timeline and the steps required to complete each stage.

This new feature enhances accuracy in financial reporting by 39%, ensuring that financial statements reflect your company’s true position. This accuracy is critical for informed decision-making and investor confidence. Additionally, it enhances audit readiness by 25%, streamlining preparation through better visibility and organization of financial documentation.

For controllers and their teams, this upgrade not only alleviates the stress of month-end closes but also reallocates resources more effectively, allowing a focus on strategic tasks rather than administrative burdens.

By integrating the most comprehensive support of blockchain data sources and automation processes, we ensure that your crypto business can close its books more accurately and efficiently, staying agile in a volatile market.

Enhance Your Financial Operations

Our advanced close management solution marks a significant advancement for web3 companies aiming to improve their crypto accounting processes. By reducing the time and effort needed for month-end closes, improving financial report accuracy, and enhancing audit readiness, Cryptoworth supports the immediate needs of finance teams while contributing to the strategic success of enterprises in the cryptocurrency space.

Enhance your financial operations with Cryptoworth’s new feature. Start experiencing the benefits of a streamlined month-end close today.

Author

  • 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.

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.

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