Bitwage Manages Crypto Payroll With Softledger
As a crypto payroll provider on the cutting edge, Bitwage found themselves lacking a robust ERP that could actually handle crypto accounting. Their reliance on spreadsheets resulted in inefficiencies and slowed growth.
See how SoftLedger’s platform and API reduced Bitwage’s accounting maintenance, freeing them up to expanding its market share and driving growth instead.
About Bitwage
Bitwage a cutting-edge crypto payroll service provider headquartered in San Francisco, is revolutionizing the integration of cryptocurrency into employee compensation systems.
The company specializes in handling payroll and benefits for businesses utilizing digital assets. What truly distinguishes Bitwage however is its unique service model. In addition to offering employers comprehensive payroll solutions, Bitwage enables workers to set up their own direct deposit accounts. In simple terms: Bitwage empowers employees to convert a portion or the entirety of their wages into the cryptocurrency of their choice.
As Bitwage expanded its operations, it also ventured into the realms of human resources and remote workforce management. These three markets have experienced remarkable growth, positioning Bitwage for sustained expansion.
The Problem
Operating in a rapidly evolving sector presents challenges, as industry-specific business solutions are often lacking. During its early stages, Bitwage faced the absence of a robust Enterprise Resource Planning (ERP) system capable of handling cryptocurrency accounting.
The volatile nature of Bitcoin and other crypto assets, coupled with associated trading fees and transfers, necessitated a powerful software solution. Bitwage needed an accounting software that could accurately calculate crypto cost basis and record all relevant outputs and receipts for crypto-funded payrolls.
Before discovering SoftLedger, Bitwage relied on extensive Excel spreadsheets and an in-house admin portal, resulting in inefficiencies and data processing delays, lasting days or even weeks.
The SoftLedger Solution
By transitioning to SoftLedger and harnessing its dedicated crypto accounting module, Bitwage has unlocked the freedom to pursue new procurement partnerships while prioritizing strategies to maximize profitability. With reduced accounting maintenance requirements, the company can now devote valuable time to expanding its market share and driving growth.
Bitwage is also in the process of integrating APIs that will seamlessly connect SoftLedger to their existing systems. This integration is expected to streamline the accounting process, eliminating the need for Excel spreadsheets to track cost basis.
With the APIs fully integrated, the Bitwage team will be able to reallocate their manpower towards serving existing customers and attracting new ones.
Moreover, the cloud-based nature of the SoftLedger accounting platform enables instant and location-independent access from anywhere in the world, providing Bitwage with unparalleled flexibility and efficiency.
To experience the benefits of SoftLedger for yourself, book a demo today.
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