This article is relevant if you are a startup company in the emerging Bitcoin industry.
Background
Worldwide, the Bitcoin industry is growing rapidly. In some respects, it reminds many of the the early days of the World Wide Web. All kinds of startup companies see the value of the Bitcoin protocol and are seeking to build on the emerging crypto-currency phenomenon.
Most North American based startup companies grab a copy of Quickbooks to run basic accounting. Yet, Bitcoin represents a new asset class demanding special accounting considerations. Treating Bitcoin as a foreign currency through tried-and-true accounting practices solves many of the challenges I hear entrepreneur face when working with Bitcoin — either by accepting it for payment or by paying typical bills or people for their work.
The challenge though is that Quickbooks, and most low cost accounting systems, are not designed to handle foreign currency.
Bitcoin Transaction Coordinator for NetSuite
NetSuite is the recognized leader in fully-integrated cloud-based accounting and backoffice management. The Bitcoin Transaction Coordinator for NetSuite (BTC 4 Netsuite) is the first fully integrated ERP system to work seamless with Bitcoin. You can learn all about the offering here. Bitcoin startup companies understand crypto-currency and the emerging economy enabled by the new protocol. Yet, the rest of the world is still behind as accounting software systems were designed for conventional fiat currencies and all the assumptions that go with them.
BTC 4 Netsuite solves these challenges in an elegant manner. I recommend reading more.
Startup Offering
A Bitcoin startup company is in a unique position to take advantage of the NetSuite system effectively without charge. Learn about this new offer here. My firm, Prolecto Resources, can help Bitcoin startup companies adopt NetSuite to effectively properly account for Bitcoin while being ready to scale as they launch their new products and services.
If you are a Bitcoin startup company and would like to learn more, contact us.
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Marty Zigman
Holding all three official certifications, Marty is regarded as the top NetSuite expert and leads a team of senior professionals at Prolecto Resources, Inc. He is a former Deloitte & Touche CPA and has held CTO roles. For over 30 years, Marty has produced leadership in ERP, CRM and eCommerce business systems. Contact Marty to set up a conversation.
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