Streamlining Innovation: OnChain Accounting’s Role in Crankk’s Revolutionary IoT Crypto Network Growth
Elevating Decentralized Telecom Through Strategic Accounting Partnerships
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.
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.
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.
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.
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.
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.
“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.