Shortly after the SMPLR team announced pre-alpha access to their platform, the project is making waves with its unique approach to handling companies’ financial structure and helping enterprises all over the world to operate transparently.
It is no big secret that the world of finances has drastically changed in the past 10 years. Blockchain technologies are changing the lives of crypto enthusiasts, as well as companies are starting to utilize crypto payments in their work as crypto is getting adopted by the masses, and businesses do not want to miss these opportunities since such kinds of payments are cheap and fast. We might also consider the fact that accounting is an extremely conservative industry, with established practices, and accounting for crypto, because of its nature—anonymity, and isolation from fiat – is HARD. Therefore, the market strives for a new, unique vision for accounting fiat and crypto payments in one place: thus, financial management tools need to adopt.
The crypto accounting market is facing several challenges that make it difficult for businesses and individuals to accurately track their crypto assets. These challenges include incomplete and fragmented data, a wide variety of currencies and blockchains, constantly changing transaction data, and difficulties merging crypto and fiat payments.
Incomplete and fragmented data is a major problem in the crypto accounting market. There are many sources of data for crypto transactions, and it can be difficult to reconcile them all. This can lead to inaccurate accounting records and make it difficult to track the flow of funds.
Another challenge in the crypto accounting market is the wide variety of currencies and blockchains. There are hundreds of different cryptocurrencies and dozens of blockchains, each with its own unique features and characteristics. This can make it difficult for businesses and individuals to keep track of their assets and ensure that they are accurately valued.
Constantly changing transaction data is also a challenge in the crypto accounting market. The value of cryptocurrencies can be highly volatile, and prices can fluctuate rapidly. This means that accounting records need to be updated frequently to reflect the latest market conditions.
Finally, merging crypto and fiat payments can be a difficult process. Many businesses and individuals use both crypto and fiat currencies to make payments, and reconciling these transactions can be time-consuming and complex. This is especially true for businesses that need to comply with accounting and tax regulations in multiple jurisdictions.
A new financial management platform, SMPLR, could be an answer to all these questions. The system of detailed and transparent reports provides valid information about the company’s balance and all the transactions, while Web2 and Web3 finances are to be united in one convenient dashboard. SMPLR stands on the front line of all market demands, bringing in multichain support, and opportunities to consider different financial regulations and relevant financial management tools. Here is what the project’s CEO, Artem Kirillov, has to say about how the team sees the market’s future.
“The integration of fiat and crypto accounting is a critical step towards improving financial management in today’s fast-paced and ever-changing world. With the rise of cryptocurrencies, the demand for an app that considers income and spending alongside managing different regulations is extremely high. The SMPLR platform is designed to cater to this need by providing various tools that facilitate seamless management of all types of financial processes inside the company.”
As we have looked at the general concept of the product, let’s talk more about the problems that SMPLR is to solve. According to the market research, the product team has performed with 50+ founders and C-level employees, these pains are the most significant:
1. Over 50% of the respondents acknowledged difficulties with payment delegation, particularly concerning marketing expenses
2. However, over 80% reported that gathering and organizing financial data is a significantly larger challenge.
If we are to mention some particular cases connected with the difficulties stated above, let’s look at issues a company had while operating with Web3 financial tools. A variety of small cryptocurrency payments for different purposes: giveaways, partner promotions, and bounties. Using exchanges for these transactions was impractical due to the need for 2FA, SMS, and email message verifications, which consumed a lot of time. Consequently, C-level employees had to manually process these payments using a b2c wallet and record them in a text file, since there were no available business solutions to track transactions at that time automatically.
If you are such a company, SMPLR could solve problems, such like:
1. Controlling the legitimacy of transactions;
2. Optimize the gas spending, exchange commissions, etc.;
3. Manage all meaningful transactions in one place (salaries and marketing expenses, for example);
4. Empower your employees to work with the company’s finances without providing any direct access to wallets and bank accounts.
And many more of them could be solved from one pilot seat and using one united dashboard.
Both for Web2 and Web3 enterprises, SMPLR provides a comprehensive set of tools and features to help them with solving key financial management problems. In the near future, the product plans to add the ability not only to track but also to manage assets in the crypto. There are some certain examples: the contacts feature to make sure you are sending your funds to the right person, and the advanced reports system to gather all the financial information you need. The key milestone of the product’s vision is to orient the customers’ pains and challenges, and these are the reasons certain tools are being developed or were already implemented on the platform.
SMPLR’s vision of a unified financial management platform is an exciting development in the world of fintech, and the pre-alpha access announcement has generated a lot of interest in dedicated media, like Yahoo Finance. With the full launch of the platform on the horizon, it’s clear that SMPLR is poised to revolutionize the way we think about financial management, bringing together the world of fiat and crypto accounting in a way that has never been done before.
Learn more about the platform here
About SMPLR
SMPLR is a full-cycle platform for SMB companies, self-employed businessmen, freelancers, and individuals that allows you to effectively track, use and manage cryptocurrencies and fiat funds. It allows to fully automate transaction records, to generate profit and loss statements in real time. A proprietary non-custodial wallet will help you securely manage assets and delegate payments within a team in one click.