Bitwage is a modern payroll service provider that’s defining how cryptocurrency can be integrated into the world of employee compensation. Headquartered in San Francisco, the company handles payroll and benefits for companies using digital assets. However, what truly sets Bitwage apart is the company's service model. Not only does it provide employers with payroll solutions, but it also allows workers to sign up for direct deposit accounts on their own.
In simple terms: Bitwage allows anyone to turn part or all of their pay into the cryptocurrency of their choice. However, Bitwage is much more than that. Since its founding, they’ve branched into the world of Human Resources and remote workforce management. As all three of these markets continue to see exponential growth, there’s no telling where Bitwage may end up.
The challenge in being at the forefront of a fast-growing industry is that industry specific business solutions often aren’t available. When Bitwage first started up, they didn’t have any sort of accounting ERP (Enterprise Resource Planning) software in place. This left them to go searching for a solution that could handle cryptocurrency accounting.
Bitcoin and other crypto-assets are always fluctuating in value, and there are fees associated with trading and transferring them. That’s why Bitwage needed software that could efficiently calculate cost basis and record all the necessary outputs and receipts of crypto-funded payrolls.
Before discovering SoftLedger, the company was utilizing massive Excel spreadsheets and an in-house admin portal. This was problematic, often taking days or weeks to process and update the data.
By switching to SoftLedger, Bitwage has already earned the freedom to seek out new procurement partners while simultaneously focusing on profit-maximization strategies. Since they don’t need to do as much legwork in order to maintain their accounting, they can free up valuable time to focus on growing and expanding their market share.
“Without having to do as much legwork on the actual journal entry and facilitating the maintenance of the accounting, I’m actually freed up to do more value-adding projects.” - David Flores, CFO.
Further, Bitwage is currently putting into place the necessary application programming interfaces (APIs) that will allow SoftLedger to work with their systems. Once this happens, company leaders predict that the cost basis accounting process will be virtually instantaneous. It will also free them from the “headache” of having to work through Excel spreadsheets in order to observe the cost basis.