For those in the know, cryptocurrency is the future of investments. Digital assets have already begun to carve out a place in the world economy and are only expected to become more commonplace in the years to come. However, for all the talk of cryptocurrency’s bright future, one area where it still lags behind traditional investments is financial management and accounting compliance standards. In order to make sure your crypto portfolio is GAAP compliant, you need a financial management system that can handle the unique complexities of digital assets. Here’s a look at why crypto investors need a financial management system, like NetSuite, and how that can help to ensure GAAP compliance.

What is GAAP?

GAAP stands for Generally Accepted Accounting Principles. These are the standards that all public companies must use when reporting their financials. While private companies are not legally required to follow GAAP, most do so anyway in order to give their investors accurate and consistent information.

There are a few key things that GAAP compliance requires. First, all companies must use accrual-based accounting, which means that they record revenue and expenses when they are earned or incurred rather than when the money is actually received or paid. This provides a more accurate picture of a company’s financial health.

In addition, GAAP compliance requires companies to use double-entry bookkeeping. This means that every transaction must be recorded in two separate accounts. For example, when a company buys digital inventory, it will record a debit in the Inventory account and a credit in the Cash account.

Lastly, GAAP compliance requires companies to prepare financial statements on a regular basis. These statements must include a balance sheet, an income statement, and a statement of cash flows.

Why is GAAP Compliance Important for Crypto Investors?

There are a few reasons why GAAP compliance is important for crypto investors. First, it ensures that your portfolio is being accurately valued. If your portfolio contains a mix of traditional investments and digital assets, you need to make sure that the value of your digital assets is being correctly reported and accounted for on your financial statements.

Second, GAAP compliance helps to ensure that your portfolio is diversified correctly. If all of your assets are valued using different accounting principles, it becomes very difficult to tell whether or not your portfolio is properly diversified based on industry diversification targets. By having a financial management system for Crypto companies that can account for your digital assets using GAAP, you can be sure that your diversification reporting metrics are accurate.

Third, GAAP compliance gives you the peace of mind that comes with knowing your portfolio is being accurately reported. If you’re ever audited by the IRS or other regulatory body, you’ll be able to rest assured knowing that your financial statements are accurate and compliant with GAAP.

Challenges of Digital Assets for Accounting and Treasury Management Teams

Whether you are a private investor or a venture capital firm, the first and most obvious reason why crypto investors need a financial management system is because digital assets are not like traditional investments. Unlike stocks or bonds, which have been around for centuries and are well-understood by the financial world, cryptocurrency is still a relatively new phenomenon. As such, there are a lot of unique complexities that come with investing in digital assets. From managing multiple exchanges to dealing with volatile prices, crypto investors have their work cut out for them when it comes to financial management.

A good financial management system, Like NetSuite for Crypto Companies, should be able to handle all of these different complexities in one place. It should also be easy to use and understand yet powerful enough to give you the information you need to make informed investment decisions. In addition, the system should be flexible enough to adapt as the cryptocurrency market evolves over time.

Bridging the GAAP Gap

Another reason crypto investors need a financial management system is because it can help ensure continued compliance. While not all crypto investors are currently subject to GAAP compliance, that could change in the future as digital assets become more mainstream. If and when that happens, having a financial management system in place will ensure that you are able to meet all of the necessary reporting and accounting obligations.

NetSuite for Cryptocurrency Companies

For cryptocurrency investors who need a financial management system that can help them overcome the unique challenges of digital assets, NetSuite is an excellent option. NetSuite is a cloud-based software solution that gives users access to powerful accounting, invoicing, and treasury management tools. In addition, NetSuite’s software is designed to be easy to use yet flexible enough to adapt as the needs of your business change. If you are looking for a financial management system that can help you overcome the challenges of digital assets and ensure GAAP compliance, NetSuite is an excellent option.

In Summary

Cryptocurrency is still in its early stages and lags behind traditional investments in many ways. One area where this is especially true is financial management. In order to make sure your crypto portfolio is GAAP compliant, you need a financial management system that can handle the unique complexities of digital assets. A good system should be easy to use and understand yet powerful enough to give you the information you need to make informed investment decisions. In addition, the system should be flexible enough to adapt as the cryptocurrency market evolves over time. By using a system like NetSuite, you can help ensure GAAP compliance and rest easy knowing your investments are correctly accounted for.

About Zanovoy

Zanovoy is a leading New York-based NetSuite partner, specializing  in serving the needs of cryptocurrency, NFT and blockchain companies. We have a deep understanding of the financial management challenges that come with creating, owning and managing a portfolio of digital assets, and our team is ready to help you overcome them. Contact us today to learn more about how we can help you streamline your financial operations and ensure you’re ready for changes that are inevitable in an increasingly volatile crypto-market.

Data Transformation: The Benefits of Taking the Time To Right Your Wrongs

Data transformation is the process of converting data from one format or structure to another. This can be done for a variety of reasons, such as to make it easier to work with, to improve its quality, or to make it more compatible with other systems.

The importance of data transformation and data quality

While it may take some time and effort to transform data, the benefits can be well worth it. Here are some of the main advantages of taking the time to transform your data:

1. Improved data quality

One of the most common reasons for transforming data is to improve its quality. This can be done by standardizing formats, eliminating errors, and filling in missing values. By taking the time to clean up your data, you can ensure that it is more accurate and reliable.

2. Greater compatibility

Another benefit of data transformation is that it can make your data more compatible with other systems. For example, if you are moving to a new database system, you may need to convert your data into the new system’s format. By transforming your data ahead of time, you can avoid any potential compatibility issues.

3. Better performance

In some cases, transforming data can also improve its performance. For example, if you are working with large data sets, you may be able to improve processing times by converting the data into a more efficient format.

How to properly transform your data

Now that we’ve covered some of the benefits of data transformation, let’s take a look at how to actually transform your data. Working with a Data Transformation Consultant can be hugely beneficial, as their expertise will ensure that your team is able to successfully navigate the data transformation process from start to finish. However, even if you’re not working with a consultant, there are still a few things you can do to ensure that your data transformation project is successful:

Define your goals

Before starting any data transformation project, it’s important to first define your goals. What do you hope to achieve by transforming your data? Once you have a clear understanding of your goals, you can begin to formulate a plan for how to best achieve them.

Choose the right tools

There are a variety of different tools and technologies that can be used for data transformation. When choosing the right tools for your project, it’s important to consider your team’s skillset and the size and complexity of your data sets.

Identify all software systems and data storage points

It is common for businesses to add additional software systems to manage different challenges as they change and grow. However, over time these systems can become outdated or no longer fit the needs of the business. This can lead to inefficiencies and data silos. It’s important to identify all data storage points early on in the data transformation process to ensure that all roles and departments’ needs are covered.

Map data overlap

When multiple data management systems are in use, often the same data or information is stored across multiple systems. This can be a point of risk, as identifying the master data source can be difficult, and maintaining the synchronization of data across multiple systems is time-consuming and error-prone. It is important to clearly map which systems hold different data points and, if possible, ensure integration technology is used to maintain these data sets between different systems.

Clean up your data

As we mentioned earlier, one of the main reasons for data transformation is to improve the quality of your data. Before you begin transforming your data, take some time to clean it up. This will help to ensure that the transformed data is of the highest quality possible.

Test, test, and test again

Once you have transformed your data, it’s important to thoroughly test it to ensure that everything is working as intended. Try running some reports and queries against the data to make sure that the results are accurate. It’s also a good idea to have a backup of your data in case something goes wrong during the transformation process.

Common issues that can occur during data transformation and how to prevent them

There are a number of potential issues that can occur during data transformation. However, working with a Data Transformation Consultant can help safeguard you against these common mistakes that are made when attempting a data transformation process in-house.

Here are some of the most common and how to avoid them:

Data loss

One of the most devastating issues that can occur during data transformation is data loss. This can happen for a variety of reasons, such as human error or technical problems. To avoid this, it’s important to have a backup of your data before starting the transformation process.

Data quality issues

Another common issue that can occur during data transformation is data quality problems. This can happen when incorrect, duplicate, or missing data is transformed. To avoid this, it’s important to clean up your data before starting the transformation process.

Incorrect mapping of data

One of the most common issues that can occur during data transformation is incorrect mapping of data. This can happen when the wrong data is mapped to the wrong fields, or when the data is not properly formatted. To avoid this, it’s important to carefully map your data before starting the transformation process. This includes understanding the correct formats and data types that are available in your current database and what your new data location requires.

Why work with a data transformation expert like the team at Zanovoy?

Zanovoy’s Data Transformation Consultants can help you successfully transform your data by providing you with specialist advice on the best practices of planning and executing data transformation projects.

Our team of experts have years of experience in successfully executing data transformation projects for a range of clients, across a number of industries. We understand the importance of getting it right the first time, and our team will work with you to ensure that your data transformation project is a success.

Some of the benefits of working with Zanovoy on your data transformation project include:

  • A successful track record – our team of experts have a proven track record in successfully executing data transformation projects.
  • Expertise and experience – our team has the expertise and experience to advise you on the best approach for your data transformation project.
  • Flexibility – we understand that every data transformation project is different, and our team will work with you to ensure that your project is tailored to your specific needs.

If you’re looking for a partner to help you successfully transform your data, contact Zanovoy today.

Zanovoy takes out 2 Awards at NetSuite SuiteWorld 2022

We are thrilled to announce that Zanovoy has won 2 awards at this year’s global NetSuite SuiteWorld Partner Summit event! This is a new level of success for our team, and we are honored to have our dedication to our clients recognized at this level.

North American Emerging Markets Alliance Partner of the Year: Services

This award recognizes the NetSuite partner who has shown excellence in delivering support to service businesses, such as financial services or professional services, who are operating in an emerging market. Zanovoy was selected for our success working with customers such as Fincura, Journy, and CVC Capital Partners.

Asia Alliance Partner of the Year

This award recognizes the overall top Alliance partner for the JAPAC region. Zanovoy was selected based on our success working with customers across Asia to help them maximize their investment in NetSuite through support, managed services, and customizations. Our work with clients such as LSG Industrial & Office Products, Paymongo, and Kumu has contributed to us securing this award.

About Zanovoy:

Zanovoy is a leading provider of NetSuite solutions and services. We work with businesses of all sizes to help them get the most out of their NetSuite investment. With offices in the USA and Philippines, our team has grown globally to support the needs of our diverse and fast-growing client base.

We have gained industry expertise in a wide range of verticals including Life Sciences, Fintech, Oil & Gas, Distribution, Manufacturing, Healthcare and Crypto, NFT and Blockchain Companies. Our holistic service offerings are designed to provide our clients with a single touch point for all managed services requirements across our supported software applications which includes, NetSuite, Coupa Spend Management, Salesforce, Celigo, Avalara, and Gainsight.

Zanovoy Joins NetSuite Alliance Partner Program

Fast-growing IT services company joins program to meet the growing demand for cloud ERP across industries

New York, NY — July 13, 2019 — Zanovoy, a fast-growing technology management and consulting firm, today announced that it has joined the Oracle NetSuite Alliance Partner Program. With NetSuite, Zanovoy will be able to help its customers increase efficiency and accelerate growth by taking advantage of a powerful cloud ERP platform to gain real-time access to industry-specific business metrics.

“Our customers are looking for technology that can support them at every stage of growth,” said Colin Harrison, CEO, Zanovoy. “By joining the NetSuite Alliance Partner program we are combining the power of NetSuite with the exceptional service that our customers have come to expect for their implementation and customization needs.”

By providing a specialized solutions formula tailored to each client’s specific industry, needs and scale, Zanovoy can help customers optimize performance, resolve critical issues and thrive in an evolving marketplace. As a member of the NetSuite Alliance Partner Program, Zanovoy will be able to promote, implement and customize NetSuite for organizations of all sizes across industries including fintech, professional services, wholesale distribution and advertising, media & publishing.

“We are pleased to welcome Zanovoy to our Alliance Partner Program,” said Craig West, vice president of alliances and channel, Oracle NetSuite. “Zanovoy is well positioned to serve fast growing businesses with its financial management and implementation expertise. This experience combined with NetSuite’s track record of success with companies of all sizes across a range of industries will greatly benefit our future joint customers.”

About Zanovoy

Since 2016, Zanovoy has helped multiple fast-growing companies harness their full potential by leveraging the benefits of our many partner products, including Adaptive Insight, Avalara, Celigo, and Salesforce. Zanovoy provides management and implementation consulting services in the areas of corporate performance management (CPM), enterprise resource planning (ERP), digital transformation and management consulting.

About NetSuite Alliance Partner Program

The NetSuite Alliance Partner program provides business transformation consulting services as well as integration and implementation services that help customers get even more value from their NetSuite software. Alliance Partners are experts in their field and have a deep and unique understanding of NetSuite solutions. NetSuite provides Alliance Partners with a robust set of resources, certified training, and tools, enabling them to develop expertise around specific business functions, product areas, and industries so they can efficiently assist customers, differentiate their practices, and grow their business. For more information, please visit http://www.netsuite.com/portal/partners/alliance-partner-program.shtml.

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