update 18 August 2021

Cryptio and Request Collaborate to Offer Modernized Accounting Services

Two of the major platforms in the crypto accounting scene have banded together in a process that involves Cryptio integrating Request. The integration will result in a unified front concerning the joint effort, capital, and directives which will help develop new accounting solutions and streamline existing solutions for crypto-based companies. 

The merging of the two platforms will result in a proper invoicing system with the accounting system already developed to simplify the bookkeeping process.

This action will allow companies to utilize their preferred accounting system creating a simplified accounting process for crypto-based companies. This allows the creation of a paper trail, a component absent in the current system. Thus, the merger will create a transparent and secure bookkeeping process for blockchain-based transactions. 

The Outcome?

As a result of creating a paper trail, blockchain transactions can be compiled to develop financial records critical to many companies’ accounting processes. Thus, through this collaboration, the transparency will drastically improve by using the compiled crypto data that will be made visible. Moreover, transparency will improve financial security and create an efficient and reliable accounting network to manage blockchain transactions. 

The successful implementation of this system will work to sideline fraudulent players and unscrupulous companies that get flagged due to conducting illicit financial transactions. 

The new platform and bookkeeping solution will also lessen the scrutiny by financial watchdogs on businesses since compliance levels will increase to levels similar to what most other payment methods offer. 

This level increase attributes to the ability of companies to account for every transaction made. Through this improved system, businesses can also conduct internal audits that will improve financial decision-making. For example, companies can review their spending habits, expenditure, and losses to decide where to cut costs. 

Specifics of the Merger

Cryptio, a French-based platform, was created to help meet many businesses’ need for accounting solutions. These needs mostly translate to dealing with cryptocurrencies. The lack of valid paper trails for transactions in the current system created a security issue and other issues for companies dealing with blockchain transactions. 

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Thus, traditionally, companies would have to outsource for professionals to facilitate the accounting process. However, the integration of Request, an invoicing platform applied in the accounting procedures by many crypto-first companies, ultimately simplifies the system.