The Spreadsheet Versus Cryptoworth – Cryptoworth Official
In today’s age of rapidly developing AI and sophisticated blockchain solutions, outdated Web 2.0 practices are no longer viable for sustaining the business. Using automation allows companies to micromanage tasks that would’ve been otherwise have been too overwhelming for smaller teams or a single individual to complete. Many forward-thinking companies today are either developing their own software for automation of important internal functions or outsourcing solutions with equal purpose.
Surprisingly, many companies today still rely on manually updating Excel sheets or other spreadsheet applications for internal management purposes. In the early cryptocurrency days, the previously mentioned methods were the go-to solutions for basic accounting purposes as there were no specific cryptocurrency accounting solutions a few years ago. Excel and other spreadsheet software do not provide the tools nor features necessary to automate the internal management and accounting of a firm’s cryptocurrency assets, therefore creating a reliance on manual bookkeeping and thus costing the firm more in required skilled labor costs.
Cryptoworth’s automated cryptocurrency accounting solutions require very little manual input unlike regular spreadsheet maintenance. Once exchanges and wallets are synchronized on the account, cryptocurrency held will be tracked with all transactions compilable using CSV or PDF exports. If cryptocurrency is held in synchronized wallets, depreciation and appreciation of held assets are tracked and calculated in user-defined parameters. When cryptocurrency assets are no longer held on a specific wallet that is being tracked, the historical data and withdrawal destination will be recorded and exportable for further analysis and reporting. No opportunity for data collection is missed, giving users maximum benefit of their data for reporting.
Cryptoworth platform connects into your web wallets, hardware wallets and exchange accounts in your designated portfolio in a secure and read-only mechanism. Cryptoworth then periodically synchronizes with the wallet balances and transactions to keep the portfolio updated with the said sources. This takes away the hassle of manually entering the asset balances in the excel sheet. The platform also continuously monitors the Crypto Coin Comparison Aggregated Index to interpret the fiat value of the cryptocurrencies for a given portfolio. This allows you to get a faster, better and a more accurate birds-eye view of the portfolio.
The automated accounting of cryptocurrency assets drastically saves time and money from individual traders to high-volume cryptocurrency firms. Cryptoworth’s automation allows traders and brokers to save their time from having less labor required for accounting their digital assets, freeing up more time to engage in profitable trades. Utilizing the technology behind Cryptoworth’s software allows firms to operate at greater efficiency by decreasing working hours for internal accounting departments.
Companies involved in the blockchain space that are improving their efficiency will always seek to adopt better and more innovative operating practices. The Web 3.0 will do away with the spreadsheet and open the door to an industry standard of automated internal management and accounting software solutions for cryptocurrencies. After all, making cryptocurrency easier to work with for individuals and companies will further encourage mass adoption of the underlying technology.