MetaCounts + Bitwave's Strategic Partnership Accounting for Crypto Bot Trading with Bitwave
Learn how Gearlay's Strategic Partnership with MetaCounts and Bitwave helped them unlock success in crypto bot trading.
About the Partnership
Gearlay, a crypto bot trading company, faced the daunting challenge of managing a multitude of cryptocurrency transactions generated by their trading activities. With over 33 wallets and 718,000 transactions, spanning various cryptocurrencies and chains including Ethereum (ETH), Binance Smart Chain (BSC), Polygon, and Arbitrum, their accounting team was struggling to maintain accurate financial records. Recognizing the need for expert assistance, Gearlay turned to MetaCounts for a solution.
Overcoming Crypto Accounting Challenges at Gearlay
Previous attempts to implement various crypto accounting software solutions had proven futile due to the sheer volume of transactions involved. Importing and categorizing such an enormous number of transactions had become time-consuming and error-prone, impeding Gearlay's ability to maintain precise financial records.
Streamlining Cryptocurrency Transaction Management
Facing the daunting task of managing an extensive volume of cryptocurrency transactions, Gearlay's challenges were multifaceted. The solution devised by MetaCounts, in collaboration with Bitwave, encompassed several strategic elements:
Bitwave's Rollup Feature: Recognizing the inefficiency of classifying each transaction individually, MetaCounts leveraged Bitwave's Rollup feature. This ingenious tool merged all transactions on an hourly basis into consolidated entries. This step alone dramatically reduced the transaction count from a staggering figure to a much more manageable 32,000.
Rules Functionality: To tackle the task of classifying these 32,000 transactions, MetaCounts implemented Bitwave's Rules functionality. After meticulous consultation and confirmation with the client, a rule was meticulously designed. This rule systematically classified all receipt transactions up to a specified amount into an income account. This rule was applied both on a monthly and wallet-to-wallet basis to ensure precision in categorization and minimize the risk of misclassification.
Handling Smart Contracts: The complexity introduced by the use of smart contracts for executing payments necessitated a unique approach. For transactions involving smart contracts, where cryptocurrency was disbursed to multiple payees, MetaCounts employed custom CSVs. In these scenarios, Gearlay made payments to a smart contract, which subsequently distributed the funds among various recipients. Bitwave's standard capabilities allowed for the import of only a single withdrawal transaction when a smart contract was involved. Custom CSVs were therefore essential to break down these payment entries into individual payee-wise transactions, ensuring accuracy and compliance.
Achieving Efficiency, Integration, Scalability, and Informed Decision-Making with Bitwave
The implementation of these strategic solutions delivered significant and tangible results for Gearlay:
Dramatic Time Savings: The manual bookkeeping effort, which once consumed over 30 hours per month, was streamlined to require less than five hours. This substantial reduction in labor hours optimized efficiency and allowed the accounting team to focus on more strategic tasks.
Seamless Integration with ERP: Bitwave seamlessly integrated with Quickbooks Online, Gearlay's chosen traditional ERP software. This integration enabled the export of cryptocurrency transactions using roll-up journal entries, streamlining the reconciliation process and enhancing data accuracy.
Scalability: Gearlay's crypto operations continue to evolve, with transaction volumes subject to change. The accounting system, now powered by Bitwave, automatically scales with fluctuations in transaction volume. This ensures that Gearlay can efficiently handle increasing transaction volumes without sacrificing accuracy or productivity.
Enhanced Decision-Making: The streamlined bookkeeping process empowered Gearlay's management with timely and accurate financial data. This newfound accessibility to precise financial information facilitated more informed decision-making, bolstering Gearlay's ability to navigate the dynamic cryptocurrency landscape effectively.
Unlocking Efficiency and Success: Gearlay's Strategic Partnership with MetaCounts and Bitwave
In summary, the strategic partnership between Gearlay, MetaCounts, and Bitwave not only successfully addressed the unique challenges posed by Gearlay's vast transaction volume but also positioned the company for greater efficiency and success in the ever-evolving world of cryptocurrency trading.
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