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How Sors achieved 99.9% of Crypto Data Accuracy Boost with Cryptoworth

INDUSTRY
Virtual Asset Service Provider
PRODUCTS & SERVICES
Blockchain Financial Services
REGION
Ireland and Hong Kong

Sors Digital Assets is a licensed Virtual Asset Service Provider (VASP) by the Central Bank of Ireland, with an additional office in Hong Kong. Established in 2018, they have a seasoned team providing comprehensive support for businesses operating in or with European and Asian markets. Services offered include portfolio management, node operations, OTC trading, treasury services, stablecoin launches, legal and accounting support, as well as token launches and distribution.

55%
Improvement In Data Quality
90%
Improvement In Workflows
The Challenge

As the landscape of web3 product development expanded, Sors faced a pivotal challenge: integrating automated accounting solutions for on-chain crypto data with their existing ERP systems. The existing systems were not designed for blockchain data, leading to significant data gaps in financial records involving crypto and fiat transactions.

"I emphasize our steadfast commitment to meeting regulatory deadlines and adhering to rigorous accounting standards. In our search for digital asset data solutions to bridge the data gaps we encountered for our crypto assets, we recognized a common challenge faced by our clients as they explore new growth opportunities in web3." Annamaria, CFO of Sors Digital Assets.

Sors finance team was looking for a reliable and adaptable accounting solution that could seamlessly handle the unique complexities of crypto assets while ensuring regulatory compliance.

Solution

Cryptoworth data solution works as an accounting subledger to Sors’ ERP. This solution is particularly valuable as it allows the CFO to seamlessly integrate it into their existing tracking and reporting processes, thus eliminating the need for any changes in their established habits.

  • Extensive Digital Asset Support: Coverage for over 130 blockchains, DEXes, wallets, and 800 DeFi protocols.
  • Automated Efficiency: The platform enhances efficiency by automating ERP journal entries, reducing manual errors, and facilitating reconciliation.
  • Enhanced Usability: Features like easy data search, quick filtering, and detailed transaction analysis bolster financial accuracy.
  • Robust Portfolio Tracking: Cryptoworth delivers timely and accurate reports, aiding strategic financial management.
  • Audit Simplicity: Its automated features ensure a transparent and auditable financial reporting process.
  • Unmatched Customer Service: Round-the-clock support streamlines problem resolution and optimizes time management.

Results

In their pursuit of more efficient financial operations and overcoming challenges from their previous accounting methods, Sors took a significant step by integrating Cryptoworth into their processes. The results of this move encompass both quantifiable and qualitative improvements, demonstrating the effective impact of Cryptoworth's solution.

  • 60% Increase in Operational Efficiencies
  • 99% Improvement in Data Ingestion
  • 100% Elimination of Manual Entry Errors

Key Takeaways from Sors Case Study
  • Timely Financial Information: Cryptoworth's real-time financial data provision allows Sors' management to confidently focus on growth and profitability.
  • Resource Optimization: Cryptoworth enables Sors to manage client projects and portfolios more efficiently, enhancing financial oversight without expanding the team.
  • Dedicated Support and Education: Cryptoworth prioritizes customer support with a wealth of educational resources, ensuring users can fully leverage the platform's capabilities.
"Just like Web2 is very different from Web3, we have to find an accounting tool that fits the purpose. I simply can only say you have to try Cryptoworth, and you will never look back. It will save you time and effort, and you will love it." Annamaria, CFO.
Conclusion

Sors Digital Assets' journey with Cryptoworth illustrates the transformative potential of specialized crypto accounting tools in the digital asset landscape. By addressing and overcoming the initial challenges of blockchain data integration, Sors has not only streamlined its financial operations but also set a new standard for data accuracy and operational efficiency in the industry.

Discover how Cryptoworth can level up your crypto accounting by contacting our team or signing up for a free trial today.

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