Introducing Infinity Accounting’s New Advanced Features

As the world embraces Web3 technologies, the need for innovative solutions to manage digital assets becomes more crucial than ever.

Infinity Accounting is proud to announce the release of our first batch of features on our platform.

Our platform aims to streamline accounting processes for Web3 companies and individuals, simplifying the management of digital assets and on-chain transactions.

In this blog post, we’ll provide an overview of the key features included on our platform, the different roles within each organization, a step-by-step guide to using the new features, and explain how these features will revolutionize the way you manage your digital assets.

Brand New Features on Infinity Accounting

1. Reconciling of Digital Assets
2. Tagging of Transactions
3. Detailed Reporting

Feature 1: Reconciling of Digital Assets

One of the most significant challenges faced by Web3 organizations is keeping track of their digital assets across multiple blockchains.

With our new tool, users can effortlessly reconcile digital assets and view the overall combined value of their wallets by importing blockchain data for multiple chains. You can also see your entire portfolios worth in USD as our platform converts your cryptocurrency value in real time.

This feature automates the process of extracting and consolidating data, saving you valuable time and minimizing the risk of errors.

How to reconcile your Digital Assets with Infinity Accounting

Add your Wallet and Import Blockchain Data

Infinity Accounting allows users to import blockchain data for their wallets on multiple chains.

• Insert your wallet address and it will be synced within 10–15 minutes.
• You can add as many wallet addresses as you like.
• You can select the network you want to see. E.G. USD coin, ETH, BTC, Polygon, BSC, AVAX, Fantom, Arbitrum, etc
• We also support Gnosis wallets too.

Step 1: Track your First Wallet

Step 2: Enter Wallet Address

By consolidating data from various blockchains, our platform provides a comprehensive view of your digital assets, making it easier to manage and reconcile them.

Step 3: View Total Portfolio Assets

Feature 2: Tagging of Transactions

Infinity Accounting understands the significance of organizing transactions efficiently for Web3 organizations.

Our platform features a powerful tagging system that streamlines the categorization process, allowing users to manage and report their digital assets effectively.

Step-by-Step Guide on How the Tagging System Works:

1. Track each transaction
2. Label each category of transactions
3. Filter by category
4. Filter by inflows, outflows
5. Select the wallet that you want to display
6. Select the timeframe of transactions

Step 1: Track Each Transaction

Infinity Accounting automatically tracks each transaction made on the supported blockchains. By capturing this information, our platform provides users with a comprehensive view of their digital assets.

You can also view the details of every transaction inside the Infinity Accounting platform.

Step 2: Label Each Category of Transactions

Organizing transactions is made simple with our platform’s ability to label each category of transactions. Users can create custom categories to classify their transactions, such as travel, subscriptions, or marketing expenses.

Once your labels are uploaded, you can easily apply them to transactions. Our platform allows users to assign labels to transactions, streamlining the process of organizing transactions by expense type.

This efficient categorization ensures seamless integration with Web2 accounting solutions and helps maintain an organized financial structure.

Step 3: Filter by Category

Once transactions are categorized, users can easily filter them by category. This feature allows users to focus on specific transaction types and gain insights into their spending and income patterns.

Step 4: Filter by Inflows and Outflows

Our platform also allows users to filter transactions based on inflows (income) and outflows (expenses).

This feature provides a clear overview of the organization’s financial health and helps users identify areas that may require attention.

Step 5: Select the Wallet to Display

Infinity Accounting supports multiple wallets, allowing users to manage their digital assets across different blockchains. Users can select the wallet they want to display, making it easy to switch between various wallets and gain insights into each wallet’s transaction history.

Step 6: Select the Timeframe of the Transactions

Lastly, users can choose the timeframe for their transaction history. This feature enables users to review their transactions over specific periods, such as weekly, monthly, or yearly, providing a customizable view of their financial activities.

Infinity Accounting’s tagging system offers a comprehensive, step-by-step solution for efficient transaction organization.

By streamlining the categorization process and providing tools for filtering transactions, managing multiple wallets, and customizing timeframes, our platform enables users to manage their digital assets effectively and focus on growing their businesses in the Web3 space.

Feature 3: Detailed Reporting and Exporting

Infinity Accounting not only offers to reconcile and tag transactions but also provides users with powerful reporting capabilities for improved financial analysis and decision-making.

You can now export your transaction data in a user-friendly format to generate detailed reports that are invaluable for financial analysis and decision-making.

With Infinity Accounting, you’ll have access to accurate, up-to-date information that can help you optimize your financial management processes.

Step-by-Step Guide to Generating Comprehensive Financial Reports

• Select Transactions for Export
• Export as a CSV File
• Import Data to Web2 Accounting Software
• Generate Detailed Reports
• Analyze and Optimize

Step 1: Select Transactions for Export

Choose the transactions you wish to include in the report. You can filter by categories, wallets, inflows/outflows, or timeframes to focus on specific areas of your financial activities.

Step 2: Export as a CSV File

Once you have selected the transactions, export the data in a user-friendly CSV format. This format is widely compatible and makes it easy to import the data into other applications or software.

Step 3: Import Data to Web2 Accounting Software

With the exported CSV file, you can now import the transaction data into your preferred Web2 accounting software, such as Quickbooks or Xero.

This seamless integration allows you to combine your traditional financial data with digital asset transactions for a comprehensive financial overview.

Step 4: Generate Detailed Reports

Using the imported data, generate detailed reports within your Web2 accounting software. These reports can provide invaluable insights into your organization’s financial health and help you make data-driven decisions for optimizing your financial management processes.

Step 5: Analyze and Optimize

Review the generated reports and use the insights to identify areas that require improvement, potential opportunities, or trends in your financial activities.

With this information, you can optimize your financial strategies and make informed decisions that drive business growth in the Web3 space.

To summarize, Infinity Accounting’s reporting and exporting features offer a step-by-step solution to generate comprehensive financial reports.

By exporting transaction data in a user-friendly CSV format and seamlessly integrating it with popular Web2 accounting software, our platform enables users to access accurate, up-to-date information that can help optimize their financial management processes and drive success in the Web3 ecosystem.

Types of Accounts You Can Create

In Infinity Accounting, users can create two distinct types of accounts to cater to their specific needs:

1. Personal
2. Organization

1. Personal Account

With a Personal account, users can add up to 5 addresses and choose the network they want to monitor, such as USD Coin, ETH, or BTC. This account type allows users to view their entire net worth, with valuations obtained through various protocols like Uniswap for Ethereum and PancakeSwap for Binance Smart Chain. Users also have the option to hide altcoins for a more focused view of their digital assets.

2. Organization Account

On the other hand, Organization accounts offer different access levels and roles to suit the needs of various team members.

Accountants can be assigned as expense coders and add transactions, while admins or owners have the authority to make payments and approve actions. Additionally, analysts can be granted view-only access for monitoring and reporting purposes.

This multi-role setup enables businesses to maintain a clear separation of duties and ensure that each team member has the appropriate level of access to manage their organization’s digital assets effectively.

How To Create an Organization on Infinity Accounting

1. Name: Insert your Organization’s name
2. Choose Size: 0–10 employees, 10–50, 50–100, 100+
3. Add your job title: Founder, Ops Manager, Funds Manager, Finance Manager, Accountant, or Other.
4. Select Organization Type: DAO, DeFi, NFT, Metaverse, Other
5. Tell us how You Found Us: Google, Twitter, Discord, Newsletters/Blogs, KaliDAO, Friends, Other.

Summary of Infinity Accounting’s New Features

Infinity Accounting’s first batch of features is a game-changer for Web3 accounting.

By offering innovative solutions for reconciling digital assets, tagging transactions, and generating reports, our platform simplifies and automates crucial accounting processes.

As we continue to develop and refine our features, Infinity Accounting is committed to empowering Web3 organizations and individuals with the tools they need to thrive in the ever-evolving digital landscape.

Take the next step in your financial management journey and sign up for Infinity Accounting today. Be a part of the accounting revolution and gain a competitive edge in the rapidly evolving world of Web3 technologies.

Click this link to sign up for early access to the Infinity Accounting platform and take control of your Crypto Accounting now!

Let us know what features you want to see on the platform! Talk to us on our telegram or discord.