Blockchain and accounting are a match made in heaven. Blockchain is a distributed ledger technology that allows for secure, transparent and tamper-proof recordkeeping. Accounting is the process of recording, classifying and summarizing financial transactions to provide information that is useful in making business decisions.
The combination of these two technologies can help organizations streamline their accounting processes, improve transparency, and reduce the risk of fraud. Here are the top 10 blockchain accounting software applications that businesses should consider using:
- Bulla Network
- Request Network
- Utopia Labs
- Parcel.money
- Wyre
- Aragon Court
- Blockonomics
- PaymentX
- Bitwage
- Coinbase Commerce
Let’s dive deeper into each application.
1. Bulla Network
Bulla Network is a payroll, accounting, and invoicing platform that takes advantage of the immutability, transparency and security of blockchain. With Bulla Network, businesses can create and send invoices in seconds, track payments in real-time, and reduce the risk of fraud.
Factoring, or invoice financing, is growing at nearly 15% a year. Traditional invoices can take weeks or months to be paid, which can put a strain on cash flow. Fraud and a lack of transparency also plague the current system. NFT-based invoices solve these challenges by providing faster payment, transparency, and security.
2. Request Network
Request Network is a decentralized network that allows businesses to request, track and pay invoices on the blockchain.
With Request, businesses can send invoices in various currencies, track payments in real-time, and automate accounting processes. Unlike Bulla Network, Request does not tokenize invoices, which means that the invoices themselves are not tradable, decentralized assets.
3. Utopia Labs
Utopia Labs is a collaborative payroll and expense management solution for DAOs, or decentralized autonomous organizations. Utopia Labs allows businesses to automate payroll with recurring payments and manage expenses with reimbursement requests.
Similar to Request Network, Utopia does not tokenize invoices. This means that Utopia Labs' invoices can't be traded on a factoring marketplace, and they are less composable than an NFT invoice, which could have add-on features like embedded financing.
4. Parcel Money
Like Utopia Labs, Parcel Money powers DAOs with decentralized accounting solutions. Parcel Money offers a suite of tools to help businesses automate their accounting processes, including mass payouts, payroll workflows, and payment requests.
Parcel Money allows businesses to create and manage invoices on the Ethereum blockchain. This means that businesses can take advantage of the network's infrastructure, including smart contracts, to automate accounting processes. Also like Utopia, Parcel is built on Gnosis Safe.
5. Wyre
Wyre bills itself as the crypto stack for the new economy. Its APIs enable crypto wallet infrastructure, fiat on-off ramp rails, blockchain connectivity, crypto swaps, and KYC user onboarding.
Payments infrastructure, too, is a critical piece of the puzzle for business accounting on blockchain. Wyre's APIs can help businesses automate accounting processes by integrating with crypto wallets and exchanges.
6. Aragon Court
Aragon Court is a decentralized court system that adjudicates disputes over crypto assets and smart contracts. Aragon Court can be used to create enforceable rulings that can be integrated into accounting processes.
For example, if there is a dispute over an invoice amount, Aragon Court could be used to render a decision that could then be automatically reflected in the organization's accounting records.
7. Blockonomics
Blockonomics is a cryptocurrency payment gateway that allows businesses to accept Bitcoin payments on their websites. Blockonomics also provides an invoicing solution that integrates with the payment gateway.
With Blockonomics, businesses can create invoices, track payments, and automatically reconcile transactions. This makes it easy for businesses to use blockchain to streamline their accounting processes.
8. PaymentX
PaymentX is a crypto payroll solution that allows businesses to pay employees in Bitcoin and other cryptocurrencies. PaymentX also offers an invoicing solution that can be used to bill clients in crypto.
Businesses can create recurring invoices and white-list crypto addresses, get payment histories, and more.
9. Bitwage
Bitwage is a bitcoin payroll and invoicing solution that allows businesses to pay employees and contractors in cryptocurrency.
With Bitwage, businesses can streamline their accounting processes by paying employees and contractors in cryptocurrency. This can help businesses save time and money by eliminating the need to convert cryptocurrency into fiat currency.
10. CoinBase Commerce
Coinbase Commerce is a payment processor that allows businesses to accept cryptocurrency payments on their websites. Coinbase Commerce also offers an invoicing solution that can be used to bill clients in crypto.
Takeaways
The use of blockchain in accounting is still in its early stages, but there are already a number of software applications that businesses can use to streamline their accounting processes.
Blockchain can help businesses improve transparency, reduce the risk of fraud, and save time and money by automating accounting processes. Sign up for Bulla Network to start using blockchain to streamline your invoicing process, or join our Discord to learn more.
