Streamlining web3 finances with rover finance
With fiat and crypto both being used for financial transactions today, the complexities are bound to increase! Do you process salaries in fiat or crypto? Or do you process it in a mix of both? What about financial tracking for your business? Unfortunately, with having to use too many different tools for financial management, and everything being way too manual - web3 businesses are burdened.
Inefficient financial management, however, is not only costly financially but also time-consuming. When a web3 business’s focus should be on building a decentralised future, quite a bit of time is wasted on managing finances.
Inefficiency can hurt your web3 business!
As a business owner in the advancing web3 space, decluttering your administrative responsibilities should be your prime focus. This will help you move forward linearly toward success, without unnecessary distractions. Don’t believe us? Let us illustrate the many negative effects that inefficient financial management can have on your business’s progress -
Only makes sense to start with the core aspect of financial management - payroll!
Crypto native businesses are largely remote and have employees across the globe. This gives them flexibility in hiring as well, allowing them to hire a diverse team of full-time employees, freelancers, and part-timers. But managing payroll for such a diverse workforce can be a logistical nightmare for anybody who takes on this responsibility!
The financial management of payroll in such companies is usually more complex, because some employees prefer being paid in full crypto, while others in full fiat. Keeping track of changing preferences, and the multi-jurisdictional chaos that comes with this, can only result in errors or delays in salary disbursements.
What’s keeping your web3 business afloat? Cash flow management!
The larger focus of financial management is usually on maintaining a positive cash flow through accurate and timely invoicing or billing. However, with the large volume of invoicing in such companies with the added complexity of crypto and fiat transactions, there's a larger scope for human error. Since web3 companies majorly focus on hiring developers, designers, growth leaders, content writers, etc. - and do not prioritize hiring an experienced Chief Financial Officer to take care of these nitty gritties, the scope for error only widens!
Invoicing is also often recurring in nature, and manually processing these recurring transactions is not only time-consuming as well as costly but also prone to errors. This could result in delayed invoices leaving a negative impression on your clients. It could also lead to inaccurate invoicing that may result in loss of revenue - the one thing any nascent company dreads!
An often overlooked leg of financial management - bookkeeping!
A crucial aspect of efficient financial management is accurate and timely bookkeeping. Keeping financial records in check is critical, to say the least. It ensures smooth compliance and decision-making. This has a direct impact on financial management especially since it is the cumulative record of the company’s financial performance. Manual bookkeeping with the volume of largely digital transactions, in crypto or fiat, that a web3 company witnesses - is likely to result in financial inaccuracies.
Would an all-in-one solution help?
Let’s move on to a non-financial aspect of financial management. Sounds confusing? We will take you through it. Due to the absence of an automated all-in-one financial management tool in web3, companies have to manually handle their financial management system. Furthermore, they have to integrate various platforms for every different task - payroll, invoicing, and bookkeeping. This is time-consuming, cumbersome, and costly. It also exposes the information of the company to a larger number of platforms, thereby becoming a security risk.
Enter - Rover Finance!
It provides extreme flexibility and allows employees to choose whether they want to be paid in full crypto, full fiat, or a random mix of both - for example, 70% crypto and 30% fiat. Since it is automated, tracking the preferences, salary disbursements, and any other financial information to full-time employees, part-timers and freelancers, is MUCH EASIER! This isn’t it - Rover Finance lets you automate your invoicing, bookkeeping, and salary processing all in one platform. This not only reduces costs and is less time consuming, but it also comes with an added security factor!
We could delve into the plethora of benefits that Rover Finance offers, but let’s leave that for next time - for now, check out us at -https://linktr.ee/rover.finance