Tactic Tips
Sep 23, 2022

Top 7 Things To Look For in Crypto Accounting Software in 2022

Sanjay Iyer

Manually pulling together spreadsheets to maintain the crypto portion of your books can bog down your ability to grow and scale your web3 business. This process can also be susceptible to common accounting mistakes that could result in penalties.

Enterprise-grade crypto accounting software like Tactic can automate these processes, giving you peace of mind that your accounting function is running smoothly and allowing you to focus your time and resources on building your business. 

Here are 7 things to look for when selecting a crypto accounting software provider:

Dashboards and Organization-Wide Insight:

Being able to view your entire portfolio of crypto assets and analyze their value and cost-basis over time will provide you with insight into your business and inform the actions your team should take. 

Reporting:

Creating financial reports based on specific wallets, asset types, and time periods is a must. This will enable you to access the details you need to meet your accounting, audit, tax, and other financial reporting requirements. 

Transaction Reconciliation, Labeling, and Attachments:

Reconciliation tools are a must for your back office to quickly view every transaction, repair any discrepancies, add operational categorizations, and attach documentation like invoices and receipts.

Accounting Software Integration:

The software should be integrated with the rest of your accounting stack, so that all transactions are posted to the correct accounts in your general ledger. That way, syncing crypto transactions to software like Quickbooks is as easy as clicking a button, and all of your crypto transactions will post seamlessly. 


Rules / Bulk Editing:

As your business grows, it will be important to categorize and resolve transactions at scale by creating rules and assigning them to transactions, in bulk, based on your specified parameters. As new rules are created, you’ll have fewer transactions to review manually.


Chain and Exchange Compatibility:

A key factor in choosing your crypto accounting software is ensuring that it can support the chains and exchanges you are doing business on. Compatibility with your main chains will ensure the software is self-service, reliable, and capable of representing your entire transaction universe.


Customer support:

You will need a responsive customer support team to be available to answer your questions and meet accounting and tax deadlines. Additionally, your technology provider should be able to work with your accounting team or vendor to train them on how to best use the software.


Tactic
has the capability to provide you with all of these features and more. Our enterprise-grade crypto accounting software will make you and your accounting team’s lives easier and provide your business the support you need to achieve your goals. Schedule time with us if you would like to learn more!


The information in this article is for general informational purposes only and does not constitute investment, accounting, tax, or legal advice.