If you are contemplating to run your business on crypto rails, the framework for your bookkeeping is a combination of traditional and crypto native accounting softwares.
Like any traditional business, you will need a traditional ERP solution softwares like Quickbooks, Xero, Oracle NetSuite being used as your Main Ledger.
And a specialized crypto accounting software to be used a Sub ledger - which would extract, process and feed in transactions from the blockchain to your Main ledger.
If you are looking to scale your business using crypto, you need to start automating your crypto bookkeeping.
On Episode 40, I speak with Jacob Kobler, the CEO & Founder of Consola Finance.
Consola Finance allows you to convert the blockchain transactions from wallets, exchanges, and custodians into your accounting software to facilitate your reporting, audits and tax filings.
Topics Covered:
- Jacob’s background and how he got interested with blockchain (2:32)
- Common issues when not using a specialized crypto accounting software (5:10)
- Back office set-up for crypto bookkeeping (8:07)
- What is Consola Finance & features for on-chain accounting (10:51)
- Integrations with Quickbooks, Xero, Request Finance (13:53)
- How is Consola different to other competitors like Cryptio, Bitwave, Cryptoworth, Tres Finance, Integral (15:34)
- Joining Web3CFO club and network with high profile web3 CFOs (17:29)
- How to get onboarded on Consola, and minimum volume of crypto transactions (19:28)
- Impairment & different cost basis available (22:00)
- Fair value measurement and valuation using market price (24:04)
- Accounting for staking income (25:03)
- Challenges faced by Consola for adoption (27:29)
- Upcoming features & milestones for Consola (29:01)
- How to reach out to Jacob (30:34)
Brought to you by
Web3CFOclub - A community of web3 CFOs sharing best practices around web3 financial operations
👉 Join now for in person events and grow your network at theaccountantquits.com/web3cfo/
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Follow Consola Finance:
Twitter: https://twitter.com/consolafinance
Follow Jacob Kobler:
Jacob Kobler: https://twitter.com/kobler_official
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Website
For show notes and past guests, please visit theaccountantquits.com/podcast/
The Accountant Quits Podcast