Streamlining Innovation: OnChain Accounting’s Role in Crankk’s Revolutionary IoT Crypto Network Growth

Elevating Decentralized Telecom Through Strategic Accounting Partnerships

Introduction:

Crankk Inc, a leading decentralized LORA telecommunications company built on the Kadena Network, approached OCA for accounting assistance. We were honored to engage with Peter Varga, the founder, and learn about the remarkable community and product his team has developed. Like many blockchain-based startups, Crankk efficiently operated as a bootstrapped venture, deferring accounting efforts. Ready to propel Crankk to the next level, we embarked on this collaborative journey and are pleased to share our progress.

Problem:

Crankk faced the challenge of reconciling thousands of on-chain and hundreds of off-chain transactions to prepare for their 2023 taxes. Despite having a general grasp of their financial standing, the complete picture remained elusive. They sought monthly financial statements to monitor progress effectively.

Solution:

Given Kadena’s less common blockchain status, integrating with a compatible crypto subledger posed a significant hurdle. Traditional timelines for integration did not align with our expedited needs. Fortunately, our partnership with CryptoWorth allowed for swift integration, meeting our two-week deadline.

Process:

Our approach involved connecting wallets to the crypto subledger, syncing transactions, and filtering out spam transactions. We identified transaction patterns to understand client behavior, leveraging blockchain explorers for transaction insights. Through collaborative efforts with clients, we categorized transactions and implemented automation rules where possible. Simultaneously, we created a parallel ledger in traditional accounting software to reconcile off-chain transactions. A thorough ledger sync and comprehensive general ledger review followed, culminating in the generation of financial statements.

Product/Solution:

Monthly reconciliations provide Crankk with comprehensive financial insights, including profit and loss statements and gains/losses from digital asset transactions. Tailored accounting software tracks individual cost bases, simplifying year-end filing and mitigating tax complexities associated with KDA token transactions.

Ongoing:

Monthly financial statements and updates on anomalies empower Crankk to make informed decisions in real-time. We conduct regular reviews with clients, offering guidance and support. Accurate financial reporting is pivotal to operational success, enabling businesses to adapt effectively. We are committed to our partnership with Crankk Inc, supporting their growth trajectory and contributing to the advancement of decentralized telecommunication systems.

Client Testimonial:

“Working with OCA has been an exceptionally pleasant experience, far exceeding my expectations. As a crypto founder, taxes and accounting may not top your list of preferred tasks. Choosing an accountant with crypto expertise is crucial for success. OCA’s dedication to crypto clients and consistent delivery of quality service is invaluable. I highly recommend OCA to anyone in the blockchain space in need of tax and crypto bookkeeping services.” – Peter Varga, Founder, Crankk Inc.

In the rapidly evolving world of blockchain, Crankk stood out as an innovative force. Specializing in token development and blockchain consulting, Crankk aimed to redefine the industry with cutting-edge solutions. Their goal was clear yet ambitious: secure crucial funding to fuel growth and establish themselves as a leading force in the blockchain revolution.

Life Before OnChain Accounting for Crankk

Disorganized Financial Records: Crankk was grappling with disarray in their financial management. With a multitude of transactions spread across various blockchain networks, wallets, and traditional bank accounts, there was a lack of systematic organization and tracking.
Lack of Financial Transparency: Operating without a dedicated crypto sub-ledger or traditional ERP system, Crankk struggled to maintain transparency in their diverse financial activities, including token sales and liquidity management. This opacity was a significant hurdle in establishing trust with stakeholders.
Inadequate Financial Forecasting: The absence of a structured financial strategy and forecasting tools impeded Crankk’s ability to plan effectively for scaling their operations and managing potential funding.
Difficulty in Attracting Investors: The unstructured and unclear financial data made it challenging for Crankk to attract investors, particularly for crucial funding rounds vital for their growth and expansion in the blockchain sector.
Limited Financial Decision-Making Capability: Without a comprehensive and clear view of their financial status, Crankk’s management team faced significant challenges in making informed financial decisions, hindering strategic planning and operational efficiency.

Life with OnChain Accounting

Structured Financial System: OnChain Accounting overhauled Crankk’s financial system, implementing an advanced crypto sub-ledger integrated with traditional accounting frameworks. This fusion brought about systematic organization and accessibility to Crankk’s financial data.
Comprehensive Financial Overview: OnChain Accounting meticulously categorized and inputted all past blockchain and traditional transactions into the new system. This process illuminated Crankk’s financial history with unprecedented clarity and detail.
Strategic Financial Forecasting: Leveraging the newly organized financial data, OnChain Accounting developed a robust financial forecast. This included a strategic plan for the allocation and utilization of Crankk’s resources, paving the way for effective scaling and market positioning.
Enhanced Investor Confidence: With clean, comprehensive financial statements and a solid forecast prepared by OCA, Crankk approached their funding rounds with a compelling narrative. This clarity and professionalism played a key role in successfully securing significant investment.
Informed Financial Decision-Making: Equipped with a clear financial roadmap and ongoing support from OnChain Accounting, Crankk’s management team was now able to make well-informed financial decisions. This strategic advantage drove the company toward achieving its ambitious goals in the dynamic world of blockchain technology.

Streamlining Innovation: OnChain Accounting’s Role in Crankk’s Revolutionary IoT Crypto Network Growth

Elevating Decentralized Telecom Through Strategic Accounting Partnerships

Introduction:

Problem:

Solution:

Process:

Product/Solution:

Ongoing:

Client Testimonial:

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