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Consola finance Launches Automated Finance

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Joyashree Dey Follow

INDIA

Jan, 12 2023

Jan, 12 2023

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“Our platform automates processes such as bookkeeping, accounting, and reporting, saving valuable time and reducing human errors, the company stated in a statement put on its LinkedIn profile on Tuesday. "Our mission is to bring clarity and control to companies’ crypto finances" (Jan. 10).


Consola claims that its bookkeeping and accounting functions, which are now available on Ethereum, Polygon, and Solana, include transaction and price fetching, fiat valuation, auto-categorization, cost basis calculation, profit and loss computation, and reporting.


“We have built a completely new on-chain data infrastructure that provides the highest quality of blockchain data available, and have partnered with leading node providers and auditing firms to ensure the accuracy and reliability of our data,” the announcement said.


The launch occurs at a time when there is more regulation surrounding the cryptocurrency sector as a result of the collapse of the FTX exchange in November last year.


“As macro headwinds buffet consumers and over-leveraged implosions pockmark the sector landscape, industry observers openly doubt whether crypto even represents the inflation hedge it once promised,” PYMNTS wrote last month.


PYMNTS was advised by several executives that 2017 will be the year that people begin utilizing bitcoin and other cryptocurrencies as payment and purchasing options.


However, that window of opportunity now seems to be passing, and the road to widespread adoption of cryptocurrency as a payment option is looking more and more like it will be difficult. The way cryptocurrency powered business models are changing front- and back-end business processes globally was also covered by PYMNTS in a recent article.


These models provide attractive options for fraud prevention and security that are driven by transparency, in addition to providing novel, fresh solutions to issues relating to sending huge amounts of money across borders and exchanging currencies.


The CFO of Chia Network, Misha Graboi, spoke with PYMNTS on how companies can use distributed networks for business-to-business (B2B) interactions without sacrificing functionality for security.


Although adopting bitcoin technologies for payments is pretty simple, Graboi said that some of these technologies stand out for their capacity to increase transparency throughout the entire value chain.


“[They] provide the security that is inherent in bitcoin, and the functionality inherent in smart contracting languages and platforms, but do it at a fraction of the energy use we see today [across cryptocurrency transactions],” he said.


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Joyashree Dey

CBW - External Analyst

INDIA

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