This article is relevant if you are using NetSuite and considering using Bitcoin in your business.

Background

The Huffington Post recently published an article about “How to Make Use of Bitcoin In Business“.  This is a good time to remind NetSuite users that Bitcoin is very real and provides tangible and meaningful benefits to businesses that accept it.  Previous readers of my articles know that we produced the Bitcoin Transaction Coordinator which is the official SuiteApp to enable Bitcoin processing in NetSuite.

Here, I thought I would outline the key points of the article and then share how I use it in our professional services practice.

Key Article Points

1. “Start accepting bitcoin as another payment method”: Indeed, the Bitcoin Transaction Coordinator makes accepting Bitcoin a breeze.  By being able to treat Bitcoin as a payment method, businesses have choice by avoiding any bitcoin foreign currency risk.  Have a look at the article I published in Bitcoin Magazine for Three Methods for Simple Bitcoin Business Accounting for more background.
2. “Bring it on business trips”: I carry Bitcoin (a small sum) where ever I go.  In my mind, it’s just another form of money and I can pretty much count on, if I need to, converting it to local currency where ever I am.
3. “Start thinking about blockchains”:  I don’t think this one is that important.  But what is important is to understand that blockchain is the name of the computer science breakthrough that allows for an immutable public ledger.  This new unchangeable public ledger has major implications for trade for which the world is just beginning to realize.
4. “Take advantage of bitcoin’s fast payment to pay to or buy from overseas vendors”:  This is absolutely true.  I have four people on staff that I pay every two weeks via Bitcoin.  They live in China, Montenegro, Philippines and Canada.  I send money instantly and it cost about 5 cents USD to transact.  No bank wire fees and they receive their funds immediately.
5. “Make accounting more transparent”:  Absolutely true when you know how to account for it. The point of the article is about the public ledger.  But really, going back to the Bitcoin Transaction Coordinator that indeed produces proper accounting within NetSuite ledgers to allow you to easily make both good economic assessments and any tax based calculations.
6. “Most-regulated cryptocurrency”: I think this element of the article is not well articulated.  The point of  using Bitcoin versus an alternative digital currency (there are many) is that Bitcoin is the most widely accepted.  In fact, from a market cap perspective, Bitcoin holds approximately 80% of the value of all the digital currency combined. Thus, you have the widest market to work with it thus offering you the most useful options.

How I Use Bitcoin at Prolecto Resources

People who know me understand my enthusiasm for the currency.  I have been working with Bitcoin since 2011 and have offered considerable leadership to organizations such as the CPE Credit: Bitcoin Talk to the AICPA: All the Way to the General Ledger on how to treat it on the general ledger.  My firm has implemented NetSuite for the largest Bitcoin merchant payment processor, BitPay.    I offer all of our clients 5% off their invoice if they pay with Bitcoin.  Some indeed take advantage of our offer.  Remember, I need Bitcoin to pay our people so I need to acquire it.  If you indeed have interest in using Bitcoin and NetSuite, we should have a conversation as I am sure I can produce valuable and meaningful offers.

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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