Institutional adoption of cryptocurrency has intensified the demand for sophisticated crypto accounting functionality. Gilded Compass streamlines financial reporting for cryptocurrency in QuickBooks Online
Gilded, a B2B blockchain payments and accounting software provider, announced the launch of Compass: a solution that enables advanced mapping capabilities between blockchain wallets and a company’s general ledger.
When Gilded released their cryptocurrency accounting software to the public in early 2020, the vision was to unify the world of traditional finance and digital assets — making it possible for businesses to seamlessly reconcile cryptocurrency transactions alongside fiat transactions in QuickBooks Online.
As the crypto ecosystem continues to expand and mature, the need for advanced financial reporting has never been more critical. Businesses and their stakeholders demand an accurate, complete, and highly available way to analyze on-chain financial performance as transaction volume scales.
Bank accounts and other legacy financial data can be reconciled to a general ledger rather painlessly. For blockchain-enabled businesses, reconciliation becomes a manual effort that quickly spirals out of control. Compass enables businesses to scale quicker by creating sophisticated rules for how blockchain transaction data flows into the general ledger.
Gitcoin — a platform for builders and developers to fund open-source web development— is using Compass to optimize their crypto accounting workflow in QuickBooks Online. “Compass is a game-changer. Here at Gitcoin, we have a variety of cryptocurrency transactions. Having the ability to map each transaction to the correct GL Accounts in QuickBooks is a huge time saver. No more reclasses and journal entries.” Said Samantha Ulrich, Accounting Manager at Gitcoin.
Gilded Compass is designed for accounting firms and crypto businesses with a large volume of transactions that need to define rules for how crypto transactions are synced. For businesses at scale, Compass saves valuable accounting time by simplifying transaction classifications: making it easier to balance your wallets and revalue your assets at the end of each reporting period.
Compass is another major step towards a full-featured, integrated accounting solution for cryptocurrency. The same functionality will soon be available for Xero, NetSuite, and other popular accounting platforms.
“Financial reporting is no longer an afterthought for companies building in the blockchain space,” said Gil Hildebrand, CEO of Gilded. “The introduction of Compass marks the most advanced crypto accounting tool on the market to date. Gilded is perfectly positioned to help crypto-forward companies achieve accurate, complete, and unified financial reporting.”
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Compass is the Gilded team’s second major launch of the year, following the release of Mass Pay, the first DeFi-powered payroll tool, in April.
With the introduction of Compass, Gilded users have access to a full suite of tools to support their on-chain business transactions:
- Crypto invoicing and payments
- Non-custodial crypto payroll
- Crypto accounting support for QuickBooks and Xero
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