Faster Journals, Digital Asset Automation Rules, and Accurate Crypto Asset Valuation across Multiple Blockchains.
Cryptoworth Product Update – August 2023
Welcome to the August installment of our latest product newsletter. The Cryptoworth team has been relentlessly focusing on bringing you another round of features to speed up your journals and save time while closing month-end faster.
😡 If you are frustrated by how cumbersome your multiple accounting spreadsheets are becoming, you might be ready to upgrade them with automated reconciliation software. → Read how to start here or contact us.
- Gateway Simplification
- Simulate Journals
- Pegging Prices to Bond NFTs
- More Automation Criteria
- Asset Level Mapping
- 9 new blockchains integrated
- Performance and UX improvements
- Digital Asset News for August 2023
- Funding Round Announcement
- Monthly Conclusion
Gateways and Calculations Simplification.
Easier access to sync your main gateway ledger (Xero, Netsuite, QBO, etc.) and perform calculations with a single click, streamlining crypto accounting tasks.
Simulate Journals per Transaction.
Ensure reporting accuracy before finalizing. Preview journals before committing data to your ledger, ensuring digital asset data accuracy and reducing errors in financial reporting.
NFT Price Pegging for Bond-Type Tokens.
Improve the NFT asset valuation your company is holding. What is NFT Bonds?. Set custom pricing for non-fungible tokens representing staked investments in ETH or other cryptocurrencies. Pegging NFT values to any token will make your asset valuation 100% accurate, making it simpler to reconcile month after month.
Automation Criteria Expansion.
Customize automation effortlessly. Set automation rules to get a quicker turnaround when closing month-end. You can gain greater control and precision with the additional criteria for these automation rules based on Asset amount, Program Id, Memo, and NFT name.
Asset Level Mapping.
Streamline asset categorization. Simplify mapping of journals by mapping transactions from a crypto asset category to its equivalent asset account in a fiat ledger software (Quickbooks, Xero, Netsuite, SAP, and others), improving cryptocurrency accounting processes. → Learn how to map journals in Cryptoworth here.
Expanding the largest blockchain integrations
Enhanced support for various blockchains streamlines digital asset management and tracking, ensuring 100% accuracy in data collection and reporting.
We are providing accountants with expanded coverage for digital asset collection and tracking. This month, we’ve added to our 130+ list of blockchains the following:
We’ve also upgraded a tracking enhancement for staking and smart contracts in Cosmos, Solana, Tron, Kava, OKX, and Cardano.
Performance and User Experience Improvements
Upgrades like advanced rollups for high volumes, simplified data syncing with the “Sync All” button, UI enhancements, and improved running balance calculators collectively enhance performance and user experience for accountants.
What’s in the news on Digital Asset in August 2023:
- Visa Expands Stablecoin Settlement Capabilities to Solana Foundation Ecosystem 🚀
Visa has partnered with Worldpay and Nuvei, leveraging the Solana blockchain, to transform cross-border transactions using USDC.
This groundbreaking move promises faster settlements and opens new opportunities for global merchants.
- FASB voted for Fair Value Accounting Rules for Digital Currencies.
The Financial Accounting Standards Board (FASB) has unanimously voted in favor of new accounting rules.
Starting in 2025, companies, including crypto businesses, will report their digital asset holdings at fair value, enhancing transparency and accuracy in financial reporting.
- PayPal launched a U.S. Dollar Stablecoin, PYUSD.
PayPal introduces PYUSD, the first stablecoin within its ecosystem, addressing the potential of fully-backed and regulated stablecoins in digital payments.
PYUSD contributes to the efficiency and inclusivity of the future of value movement and digital asset payments, advancing the financial system.
Stay Informed about Digital Assets Management, Accounting Regulation, and Web3 Events in our Blog and Social Media
Our venture round funded by CMT Digital, Kyber Ventures, Saison Capital, ODA Capital, and Polygon Ventures propels us towards revolutionizing web3 accounting. Learn more in the announcement.
This month has represented a significant leap forward in simplifying crypto accounting processes, expanding blockchain support, and enhancing the user experience for web3 accountants, accounting firms, and financial controllers.
Whether you’re eager to streamline your digital asset management or have questions about implementing our software, don’t hesitate to book a demo with one of our digital accounting expert here.
Your success remains our top priority, and we’re here to assist you every step of the way. We look forward to the opportunity to revolutionize digital asset accounting for you.
Continue reading to learn more and take the next steps toward a more efficient and accurate crypto accounting process.
- How to Account for Cryptocurrency under IFRS.This edition provides guidance on some of the basic issues encountered in accounting for holding of cryptocurrencies, focussing on Classifying Cryptocurrencies within the IFRS Framework.
- How To Be Audit Ready in Web3: The Financial Frontier PodcastKey topics include the importance of planning and compliance, common mistakes in crypto accounting, the evolving landscape of digital asset taxation, and the integration of new technologies like AI in finance
- Accounting for Simple Agreement for Future Tokens Notes under IFRSA brief overview of the IFRS treatment of SAFT.Why it’s becoming crucial for accounting in the digital assets economy.