Accounting for Cryptocurrency. Listen, Learn, Share!
Cryptocurrency is an extremely hot topic right now! Hear what Adam Turco, Primetrics founder, has to say about working with cryptocurrency and accounting for it.
Cryptocurrency companies are struggling to account for the transactions they are generating in their business. There are some tools out there to help, but many are solely focused on tax compliance.
What does that all mean for you?
Primetrics is working with a number of larger crypto companies to automate their accounting transactions and provide financial reporting options to allow them to see how the business is performing in more real-time. If we can get summary transaction data into legacy fiat accounting tools, that opens up a lot of possibilities.
Focusing on automation versus spreadsheets will allow companies to scale faster and feel a lot better about where they are financially. Being able to run a report and see the historical cost of the assets and liabilities versus fair market value is a critical function at crypto companies. Getting funding and filing compliance reports is predicated on having good financial records in hand.