Bitwage Manages Crypto Payroll With Softledger

The challenge with being at the forefront of a fast-growing sector is that industry-specific business solutions often aren’t available. When Bitwage first started up, they lacked a sturdy accounting ERP (Enterprise Resource Planning), which left them 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. This dynamic made it imperative for Bitwage to have a powerful 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, in conjunction with an in-house admin portal. This was inefficient and problematic, often taking days or weeks to process and update the data.

By switching to SoftLedger, Bitwage has earned the freedom to seek out new procurement partners while simultaneously concentrating on profit-maximization strategies. Since they don’t need to dedicate as many resources to maintaining their accounting, they are able to focus their valuable time on growing and expanding their market share.

Bitwage is also adding APIs that will allow SoftLedger to work with their systems. Once this happens, company leaders predict that the accounting process will be virtually instantaneous. It will also free them from the headache of needing Excel spreadsheets to observe the cost basis.

And since the entire SoftLedger accounting platform is cloud-based, they’ll be able to access it from anywhere in the world - instantaneously and location-independent.