BTC monitoring for simplified accounting & bookkeeping

[MrAddyK]

Hey guys

As a crypto startup, we have to consolidate financial data from lots of chains, multiple tokens, a huge volume of transactions and have to sync with multiple exchanges. Summarizing all these transactions is a huge hassle as there are 1000s of sources with different data formats. Do you face a similar issue? How do you solve it for your firm?

BTW I found this nice blog about the above topic, thought will share - https://blog.cryptio.co/the-ultimate-accounting-guide-for-crypto-businesses/.

Would love to hear CFOs or accountants or entrepreneurs how you simplify the reporting for your token company.

[Harlot]

If you really do have an operational firm I believe that you have nothing to worry about with regards to bookkeeping and accounting since you will definitely have a whole department to do that. If you don't have one then it would be easier for you if you hire an accounting firm to do your books for you. It's really simple if you don't know how to do it yourself then just hire a person/group that is more capable than you. Since we are talking about an organization here entities like you shouldn't have mistakes when you will be reporting your financial record so it's best to really hire someone that can help you with it. I wouldn't rely on the article you provided since you would definitely have a different law in your country when it comes to crypto earnings and the article only just covers the basics of accounting, it doesn't really go into detail to fit as a guide for accounting.

[MrAddyK]

Thanks that makes sense!