Re:Ask HN: Is there an accounting platform for a crypto firs...
by toyg on Sunday April 18, 2021 @08:28AM
(#26851850)
If I understand correctly, OP wants the advanced integration features, like: “if I make a transaction in coinbase from A to B, I want this to appear automatically in my ledger, to be classified as necessary”. At the moment you can do that with traditional currencies in most services (they pull bank statements etc); OP wants something like that but focused on the cryptocurrency world, I guess.
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Re:Ask HN: Is there an accounting platform for a crypto firs...
by arjun_s on Sunday April 18, 2021 @08:34AM
(#26851882)
Yes that is correct, thank you.
e.g. I get equity funding in my company. Now: accountant needs a contract like a share note to create a line of equity on the right hand of the balance sheet.
But in the future, the system is linked to a token sale and the shareholders are automatically updated.
Or, I am making sales of lets say NFTs on my platform, then the revenue on each transaction is automatically linked via the same NFT contracts to the revenue line. The ETH fee is directly attributed to the costs line etc.
The whole thing creates an auditable statement that can be used for data/regulatory audits/dashboards/getting crypto financing etc...