The creation of the crypto asset class is a game changer for the financial system, one that demands new kinds of systems to support them. Unfortunately, accounting technology has hardly changed in more than 30 years. This means that most businesses have gone back in time and manually track crypto asset transactions in spreadsheets. Innovators in blockchain technologies and crypto assets should not have to struggle to account for their holdings or report on them.
That’s where VeriLedger comes in.
VeriLedger is a holistic, online solution for businesses to have total command over their financial data. VeriLedger will streamline account information from bank accounts, crypto exchanges and wallets into one, easy-to-use accounting system. Our system will allow businesses to:
- Understand in real time the value of their portfolios
- Create custom managerial reports
- Easily compile financial statements
- Prepare for tax season
In the lead up until our application is released, we are also offering bookkeeping advisory services.
About Us: The Beginning
I have worked on the operational end of startups in the blockchain and crypto asset spaces. It very quickly became apparent that creating financial transparency for leadership at those companies was an issue, and the bigger the crypto asset portfolio, the murkier it was. I used to have to check each exchange account, then each wallet, double-check cold storage amounts, create a methodology to convert everything, make it look pretty, then present it to management. By the time the data was in the hands of the people making decisions it was already outdated.
Tracking expenses paid in crypto meant long, unwieldy spreadsheets that were hard to keep up to date. Estimating tax payments sometimes meant guessing at certain data points because they were not tracked by exchanges. I stared at spreadsheets to make sense of the past rather than focusing on tasks that would help take the business forward.
I knew that I wasn’t the only person struggling with this and that there needed to be a better solution. That’s why we started VeriLedger.
The first half of 2018 has been an interesting one in the crypto asset space from a regulatory compliance standpoint. Here’s an overview of the highlights:
It is safe to say that the guidance from regulatory bodies will increase over time. VeriLedger is consciously building a flexible product so that will evolve with the changing regulatory environment.
Getting the fundamental things right, like accounting and tax reporting, is critical for the growth of the blockchain and crypto asset industries. We want to see this environment grow and thrive the best way we know how: by helping companies become the masters of their own financial data.
We are deep in product development at the moment and look forward to the day later this year when we can onboard awesome entrepreneurs and companies onto our platform. In the meantime, if your company would like help with bookkeeping or you’re interested in working with us, hit us up!
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Co-Founder and Chief Executive Officer