Gilded is a B2B blockchain payments and accounting software provider that recently launched “Compass.” Compass makes it possible to link Bitcoin wallets to a company’s general ledger in a sophisticated way. Businesses can now reconcile bitcoin and fiat transactions in real-time using QuickBooks Online. The feature is also expected to be available in Xero, NetSuite, and other major accounting applications. Users have access to a wide range of tools to aid them in their on-chain business activity.
The Complete Crypto Accounting Solution Is Now Available
The process of mapping cryptocurrency transactions to QuickBooks Online has just become seamless. Compass is striving to become the most revolutionary QuickBooks integration for crypto assets. The video below gives a high-level overview of this new accounting workflow to hit the market.
The fundamental accounting function of Gilded synchronizes all income and spending activities to a single general ledger account. This approach works effectively for organizations that process transactions via crypto wallets.
Compass is creating an environment where businesses no longer have to manually categorize and classify transactions on a daily basis. Instead, this accounting workflow is expected to drastically enhance internal efficiency, while fueling the use of alternative payments.
According to a blog post, companies are already leveraging Compass for their crypto accounting. Gitcoin, a platform that rewards users for working on open-source software, is using Compass to power its crypto accounting efforts.
“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!” —Samantha Ulrich, Accounting Manager at Gitcoin
What Is The Purpose Of Compass?
Accounting companies and crypto enterprises with a high frequency of transactions should use Gilded Compass to set guidelines for synchronizing crypto transactions.
Compass will save your accounting team’s time by simplifying transaction categories for firms of all sizes. In return, this will make it easier to balance wallets and analyze assets at the end of each reporting period.
Gilded customers now have access to a comprehensive array of tools such as:
- Payments and invoicing in cryptocurrency
- Cryptocurrency paychecks
- Support for cryptocurrency accounting in QuickBooks
Features of the Compass:
Customizable Automation for QuickBooks
Online Compass makes accounting for bitcoin transactions in QuickBooks more effective. This allows Gilded users to build rules that automatically classify and fill crypto transactions in particular areas in QuickBooks Online.
For example, if you like to map each wallet to a different account in QuickBooks Online, you can set up your mappings in the Gilded dashboard to automatically load your chosen accounts.
Spreadsheets Are Becoming Outdated.
Accounting is no longer a last-minute consideration for blockchain startups. Gilded is on a mission to assist crypto-forward businesses in achieving accurate, thorough, and consistent financial reporting. They believe Compass is the most powerful crypto accounting solution on the market. Xero, NetSuite, and other major accounting solutions will eventually have the same capabilities.
Founded in 2018, Gilded automates bitcoin payments, payroll, and bookkeeping for worldwide businesses. For additional information, check out gilded. finance.
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