Sign InBook a demo

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.

"

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.

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.

More Case Studies

Trillion Digital Assets Case Study
Trillion Digital Assets (TDA), a boutique over-the-counter agency desk dedicated to providing spot liquidity in the digital asset markets, faced challenges in finding a suitable vendor to scale their accounting capabilities for handling complex fiat and digital asset workflows. Discover how SoftLedger provided a transformative solution, offering seamless integration, scalability, and automation to streamline TDA's accounting practices and ensure audit readiness, setting the stage for continued growth and success.
Anti Capital Tackles Complex Crypto Management with SoftLedger's API
Before adopting SoftLedger, Anti Capital faced the arduous task of juggling multiple software solutions for its complex crypto management tasks - while trying to avoid the inefficiencies of spreadsheets. The introduction of SoftLedger's automated API function was a game-changer. This newfound efficiency has accelerated their reconciliation process and opened doors for expansion into uncharted territories.
Matrix Exchange Builds a Custom Crypto Accounting Solution With Softledger
Facing the challenge of identifying suitable accounting software, Matrix quickly realized that traditional solutions lacked the necessary functionality to handle crypto transactions.

They turned to SoftLedger, adopting their custom crypto accounting solution to manage all their cost bookings, client transactions, and crypto assets.

Frequently Asked Questions

Yes, users have the option to use their own chart of accounts or SoftLedger’s standard chart of accounts when getting started with SoftLedger.  SoftLedger’s flexibility allows users to make changes to their charts by easily adding new accounts.

Ready to Get Started?

Book a demo for a free test-drive of the SoftLedger software and APIs
Book a demo

Subscribe to our
newsletter

Read SoftLedger reviews on G2

© Copyright 2024 SoftLedger, Inc.

Features
Industries
Company
Blog
magnifiercross-circle