The Brief

Client Profile: A Chicago-based Bitcoin accounting firm managing three subsidiary companies across different states in the U.S.
Industry Domain: Bitcoin and cryptocurrency accounting services
Challenge Faced: The client struggled with inefficient month-end closing procedures, inaccurate financial reports, subpar data processing, and limited vendor negotiation capabilities. Their existing accounting software lacked the advanced features necessary to meet the demands of the fast-paced cryptocurrency sector.
Project Objective: To streamline the client's accounting operations by introducing new procedures, improving software capabilities, and establishing timely and accurate month-end reporting.

The Solution

Backoffice Pro delivered an integrated solution tailored to meet the unique requirements of the Bitcoin accounting sector. Key components included:

Custom Accounting Software Modifications: Adapted the client's QuickBooks Online platform by restructuring the Chart of Accounts and introducing additional general ledger accounts for enhanced tracking.
Expert Accounting Staff: Deployed two dedicated accountants to manage daily financial tasks and engage in ongoing communication with the client.
Month-End Closing Procedure: Revamped the month-end closing process by collaborating with the client’s finance controller and management to develop clear, well-documented procedures, improving the accuracy and timeliness of reports.

Backoffice Pro's interventions delivered significant improvements in operational efficiency and cost savings. Key results included:

Faster Month-End Closures: Financial reports are now consistently completed by the 10th of each month, earning recognition from both investors and bankers.
Cost Reductions: The client experienced substantial cost savings through streamlined processes and better vendor negotiations.
Documented Procedures: A well-organized accounting process ensures that financial data is up-to-date and readily accessible for decision-making.