Consola.finance announced the opening of its end-to-end accounting and financial platform created especially for Web3 companies. Created to fill a gap in the market for accounting-related tools, Consola.finance’s platform offers consumers trading, staking, payment tracking, and automated crypto bookkeeping solutions in one streamlined place.
International accounting standards do not have a structure for bookkeeping, and there is currently no benchmark process for crypto bookkeeping in particular. Consola.finance’s platform offers a method for automating the financial operations of a web3 firm with features like transaction and price fetching, fiat valuation, auto-categorization, cost base calculation, profit and loss computation, dashboarding, and reporting.
"Consola.finance takes the manual time-consuming work out of on-chain accounting, freeing up my time to focus on other high-value operations," said Matt from Rook DAO.
Crypto Accounting Platforms
Consola.finance Debuts a Finance & Accounting Platform for Web3 Firms
Trend Themes
1. Web3 Accounting Platforms - The emergence of Web3 technology presents a new opportunity for accounting and finance platforms to cater specifically to web3 firms, automating crypto bookkeeping processes to cater to a growing market.
2. Automated Accounting - As the use of blockchain technology increases, automated accounting platforms that utilize smart contracts and machine learning to calculate financial operations pose significant disruption to traditional accounting practices.
3. Decentralized Finance (defi) Integration - With Consola.finance's integration of trading, staking, payment tracking and automated crypto bookkeeping into one platform, it demonstrates a growing trend towards bridging the gap between DeFi and traditional financial operations.
Industry Implications
1. Accounting - As Web3 technology continues to evolve, the accounting industry faces disruption, creating an opportunity for firms to specialize in on-chain accounting and integrate blockchain technology into traditional accounting practices.
2. Finance - Decentralized finance (DeFi) has gained significant traction in recent years, creating a space for finance firms to explore innovative ways of integrating DeFi into traditional financial operations, empowering clients with comprehensive financial management solutions.
3. Technology - With the increasing prevalence of Web3 technology, companies specializing in the development of automated accounting and financial platforms have the potential to revolutionize traditional accounting, creating new opportunities for innovation.