A crypto subledger is an essential component of the accounting system.
Maintaining crypto records on a spreadsheet is highly error-prone and mentally taxing, particularly regarding cost basis and valuation.
A crypto subledger significantly reduces the risk of human error and streamlines the accounting process, despite being slightly more costly.
Crypto subledger checklist:
- Crypto integration features: This refers to adding of your blockchain data, such as wallet addresses, custodian accounts or smart contract addresses, into the system
- Finance usage features: This refers to usage of the system by the finance team
- Export features: This refers to exporting of the data to other accounting systems
- Financial reporting features: This refers to accounting standards-required features
- General features: This refers to other features not listed above.
