How BPB used month-end closing features to onboard web3 clients.

‍How Berkowitz Pollack & Brant CPA firm leveled up their crypto accounting for their web3 clients using Cryptoworth month-end closing features.

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‍This case study explores how BPB CPA addressed bottle-neck challenges related to the onboarding of new web3 clients by implementing Cryptoworth, leading to significant improvements in their operational efficiency and reporting accuracy.

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Customer Objectives

The main objectives for BPB team were clear:

• They needed to automate the consolidation of transactions and streamline reporting directly into Xero, moving away from cumbersome spreadsheets.
• Enhance the accuracy and efficiency of reconciling transactions from various explorers and sources in the accounting process.

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Challenges Faced

Chet Cotter, Director of Managed Solutions and Technology at BPB CPA, articulated the firm’s struggles with the manual and time-consuming processes associated with Web3 accounting. The complexity of pulling transaction data from various explorers and sources made reconciliation a daunting task. Their reliance on spreadsheets for this process was proving to be inefficient and prone to human error, highlighting the urgent need for an automated solution.

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Crypto Accounting Solution

BPB CPA’s journey to find a solution led them to Cryptoworth’s crypto accounting subledger software. It offered the precise capabilities needed to address their web3 accounting challenges:

• Automated Transaction Collection: Cryptoworth’s ability to connect wallets and exchanges, pulling transaction data automatically, eliminated the need for manual data entry. Its EVM-sync, allowed the accountants to find all hidden transactions from unaware networks
• Cost Basis Calculation: By automating this calculation, Cryptoworth minimize human error, making the process more reliable and efficient.
• Seamless Integration with Xero: Cryptoworth facilitated the creation of journal entries and synchronized them with BPB’s existing fiat ledger in Xero, with its two-way native sync, streamlining the reporting process.

These standout features of Cryptoworth addressed the core issues BPB CPA faced, transforming their Web3 accounting workflow from a manual, spreadsheet-based process to an automated, efficient system.

Discovering Cryptoworth was a game-changer for us. The ability to automatically pull transactions and directly sync them into Xero has transformed how we manage digital asset accounting, making it more efficient and accurate.
Chet Cotter, Director of Managed Solutions and Technology at BPB CPA.

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Results Achieved

The implementation of Cryptoworth’s crypto accounting solution brought about remarkable improvements in BPB’s accounting operations:

• Enhanced Efficiency: The automation of transaction consolidation and the direct streamlining of reporting into Xero significantly reduced manual workload and improved operational efficiency.
• Improved Accuracy: By automating the cost basis calculation and minimizing the reliance on spreadsheets, Cryptoworth helped BPB CPA achieve higher accuracy in their financial reporting.
• Time Savings: The streamlined processes allowed BPB CPA to allocate their time and resources more effectively, focusing on providing value-added services to their clients.

"Working with BPB CPA has been an exemplary showcase of how our technology can adapt and streamline complex accounting processes in the Web3 space. Our aim is always to enhance our clients’ operational efficiency, and seeing the results with BPB CPA reinforces our commitment to innovation and excellence."
Richard Pasquin
Director of Cryptoworth.

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Key Takeaways

• Automation is Key: Cryptoworth’s automated solutions were crucial in transforming BPB CPA’s Web3 accounting processes, proving that automation is essential for efficiency and accuracy in modern accounting practices.
• Tailored Solutions: Cryptoworth’s ability to provide tailored solutions that integrate seamlessly with existing systems like Xero highlighted the importance of adaptable technology in addressing specific industry challenges.
• Expertise and Innovation: The collaboration between BPB CPA and Cryptoworth showcases how expertise in accounting and innovative technology solutions can come together to solve complex challenges and drive operational excellence.

Berkowitz Pollack & Brant’s successful partnership with Cryptoworth not only optimized their crypto accounting processes but also positioned them as a forward-thinking firm capable of expanding their client scope to include future companies tapping into crypto assets.

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Are you seeking to modernize your accounting processes and overcome the challenges of Web3 transaction management?

Contact Cryptoworth to discover how our solutions can transform your operations, as they did for BPB CPA. Schedule a consultation today and take a step towards achieving unparalleled efficiency and accuracy in your financial reporting.

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