Major crypto companies agree on at least one thing: QuickBooks is the best choice for their accounting software.
The above was, ahem, sarcastic.
FTX Used QuickBooks
Mr. John Ray III, who assumed the reins after the Enron collapse and NOW leads FTX after its shocking collapse, noted that this was an unusual choice for financial record keeping. He quickly amended his statement to avoid disparaging QuickBooks, saying, “Nothing against QuickBooks. Very nice tool.”
But let’s be honest, QuickBooks is intended for single consumers or very small businesses.
Not exceedingly complex, controversial, multi-arm, international, multibillion dollar companies like FTX.
Celsius used QuickBooks TOO
Celsius, a major crypto lender who declared bankruptcy in July 2022, used 15 separate QuickBook files to keep track of its’ finances.
Celsius currently owes its former uses over 5 billion dollars. They lost it all when the Terra-Luna stablecoin ecosystem imploded.
When creditors finally obtained the QuickBooks info, it looked like it had potentially been fabricated AFTER the fact.
Perhaps Celsius wasn’t even using QuickBooks at all?
If Crypto companies really want to keep using QuickBooks…
There is a possible solution.
Softledger compiled a selection of popular QuickBooks “Add-Ons” if your crypto company still insists on using QuickBooks. These include Gilded Finance Compass system, Ledgible, and Bitcoin Sync.
If all else fails
Each year in the US alone, there are over 100,000 (presumably for hire) students graduating from a Masters in Business Administration program.
They may have some insight into more appropriate financial accounting systems.
A Google search might help if you can’t afford to hire an MBA.
