Cryptio Accounting Software Review 2024: Pros & Cons

Cryptio Overview

What Is Cryptio? 

Cryptio is an institutional-grade crypto accounting platform designed to simplify and streamline the accounting and tax reporting process for financial institutions, corporations, and crypto-native businesses. It focuses on creating auditable records from the fragmented data across decentralized finance (DeFi), custody, and exchange platforms. Cryptio’s service integrates this data with traditional accounting software, such as Xero or QuickBooks, to facilitate accounting, treasury, and tax filings for businesses in the cryptocurrency space.

Cryptio’s technology allows for the collection and connection of on-chain data to a customer’s conventional accounting systems, addressing the challenges of dealing with decentralized and scattered financial information.

The platform has already attracted a significant client base, including firms such as MetaMask, Uniswap, and Bancolombia.

Cryptio Key Features 

• Aggregate all your transactions and assets in one place: Cryptio offers a centralized platform for tracking all cryptocurrency transactions and assets, featuring automated retrieval of transaction histories from various sources including wallets, custody services, and exchanges. It also supports automated tracking of DeFi activities and ensures transactions are auto-audited for completeness.

• GAAP & IFRS-compliant valuation system: Cryptio’s valuation system complies with GAAP and IFRS standards, ensuring transaction prices are accurately sourced from exchanges at the time of the transaction. It offers detailed transaction information and has partnered with Kaiko and CoinGecko for trusted data.

• Automated labeling and transaction reconciliation: The platform allows for the automation of transaction categorization and reconciliation, facilitating the assignment of transactions to appropriate accounts, identification of counterparties, and management of invoices and payments.

• Integrations with fiat accounting & ERP systems: Cryptio supports easy integration with traditional accounting systems like Xero and QuickBooks, enabling a seamless synchronization of crypto activities with fiat accounting practices through a powerful API.
  
• Visualize and report on crypto data: Users can generate various reports including asset roll-forwards, historical balances, and detailed transaction histories. The platform also supports tracking of intangible asset impairments and generates IRS & SEC-compliant reports, while providing insights for tax optimization.

Cryptio Pricing

Pricing for Cryptio starts at $299 a month for its “Basic” plan. This offers an accounting and tax module, basic self-service support, and access to the knowledge base. It’s a starting point for users to begin integrating their transactions into one system.

The more expensive “Pro” plan, at $750 per month, includes all features of the Basic tier, plus modules for historical financial reporting in compliance with GAAP & IFRS, DeFi and NFT tracking capabilities, and tools for managing inventory and spam. It also provides users with a dedicated account and implementation manager and access to health reviews.

Finally, there’s a custom package for Enterprise with variable pricing. This builds on the Pro tier by adding modules for audit readiness and internal controls, impairment testing, fair market value asset pricing, and auto reconciliation to third-party databases. It features enhanced support for audit readiness, on-demand training, strategic accounting advice, and a technical account manager. This tier is customizable for enterprise-scale needs.

A pricing calculator is readily available on the site, enabling users to submit parameters such as the number of entities, annual transactions, historical transactions, and estimated sources. This will send a quote request to Cryptio, who will then get back to you with a pricing estimate.

Our Expert Review of Cryptio

The Cryptio platform provides a very user-friendly experience, which organizes its wide range of functions in an impressively neat way. Each feature is tidily tucked away in a sidebar menu, from asset and transaction breakdowns to data importing, integrations with traditional accounting software, data integrity checks, and report-making.

To make things even easier, the platform comes with an interactive tutorial feature, which smoothly guides you step-by-step through each major process in the software.

Importing data

Importing data to Cryptio was easy, requiring nothing but a crypto address for on-chain transactions and asset tracking. A massive range of blockchains and layer-2 platforms are supported, with the ability to add all Ethereum Virtual Machine (EVM) chains for an address at once – very handy.

Most major centralized exchanges are supported for the direct importing of data via API key, which also goes for major crypto custody providers. 

All of the above categories also provide the ability to upload a .csv file, just in case any platform isn’t directly supported.

Data analysis

Once the data has been imported, the asset data and transaction history is sorted and summarized for the user, in an easy-to-follow way.

The asset breakdown page was very useful, showing a color-coded summary of tokens from all wallets & sources – even including panels for NFTs and DeFi positions.

When it comes to transaction lists, things can look overwhelming due to the sheer number of transactions that you may have conducted throughout the financial year. However, Crypto gives nice and clear indications of whether a transaction is incoming or outgoing, along with any fees, cost basis, and gains or losses if applicable.

Even more useful are the “Label” and “Filter” functions, allowing users to automatically tag or filter transactions according to custom, logic-based rules.

Accounting platform integrations

As mentioned earlier, Cryptio provides one-click integrations with multiple popular fiat accounting platforms, including Xero and QuickBooks.

A user will simply connect their respective account to Cryptio with their Xero, QuickBooks, or NetSuite login details, allowing them to rapidly integrate their Cryptio data with the platform.

Review transactions

Users can review their transaction logs and amend any missing details, to ensure that the data is both complete and accurate. This can be found in the Transactions dashboard, under the “Needs Review” tab.

Any transaction that is missing complete data for reporting standards will automatically be flagged and made available for amendment – along with a note about what data needs to be added.

Audit-Readiness & Generate Reports 

Once the data has been imported and completed, a user can check it for audit readiness, using the testing tools provided. These consist of various data integrity sanity checks, checks for inventory completeness, and more.

When the data has been finalized, users can generate comprehensive reports for accounting, tax, auditing, and financials.

Of special note are Service Organization Control (SOC) compliant reports, enabling audit readiness up to AICPA standards. This includes both SOC 1 and SOC 2 Type-1 and Type-2 compliant reporting, covering everything from data accuracy to operational security.

Overall, using the Cryptio software was easy to follow, especially thanks to the interactive tutorial. Whereas sifting through several assets and thousands (if not millions) of transactions can be a nightmare, the platform does an excellent job of making it easy to sort and analyze, through its various charts, filters, and labeling functions.

Customer Service

The customer service we received while trying Cryptio was top-notch, including a guided platform demo with Jimmy, one of the Cryptio team. This provided us with a comprehensive, hands-on overview with working examples, giving us a full-scale grasp of what could be done with the platform.

When it comes to more general support, the Cryptio website provides a Help Center page, complete with written step-by-step guides for most of the key processes carried out on their software. These are often accompanied by YouTube video guides, which are a very helpful touch.

There is also a chatbot on the website that is relatively helpful and will direct you to the relevant support page guide or articles to answer your questions. If the chatbot doesn’t resolve your issue, you can leave a message for the team, who will respond to your query via email. This function allows attachments of screenshots, etc., which helps eliminate some steps.

Finally, there is also a contact page that allows prospective clients to directly book a demo, as well as submit a general inquiry. Both of these are form-based, and once again will be responded to via email. Our own personal enquiry was answered very rapidly, within an hour of submission.

Who’s Cryptio For? 

Cryptio is primarily suited to enterprises and entities with large crypto volumes. This includes:

• Exchanges and Custodians: High-volume crypto businesses such as crypto exchanges and custodians will likely find Cryptio’s services highly beneficial. The platform offers seamless integration with finance systems and ensures precise reporting, even for entities managing 100M+ transactions.

• DeFi Enterprise: DeFi enterprises can benefit from Cryptio’s ability to convert on-chain DeFi activities into auditable financial records. The platform offers cross-chain reporting capabilities and has partnerships with L1 and L2 foundations enhancing DeFi auditability. It detects wallets across all EVM chains and supports native tracking of 500k+ assets over 40+ L1 and L2 chains, meeting complex reporting needs efficiently.

• Banks: Banks can streamline their operations by integrating on-chain transactions with core banking systems using Cryptio, with notable clients like Colombia’s largest bank, Bancolombia, underscoring its effectiveness. The platform also offers internal controls and collaborations with Big Four firms for data verification, facilitating detailed auditor reports. 

Who’s it Not For?

• Individuals: Cryptio’s advanced features and enterprise-level tools, including its extensive controls for accurate reporting and SOC certifications, might be overkill for individuals. The platform is tailored to reconcile high volumes of on-chain activity with enterprise systems, making it potentially expensive and unnecessarily complex for personal use.

• Small NFT Projects: Cryptio’s platform, while supportive of NFTs, isn’t specialized in the finer details of NFT valuation and tracking; its focus is much broader. On the other hand, Cryptio may serve well for a project’s treasury management. Larger NFT projects could benefit from its comprehensive tools for this aspect, but smaller ventures may find the platform beyond their realistic requirements.

Cryptio Alternatives  

Cryptio Vs. Bitwave

Both Cryptio and Bitwave are enterprise-focused, with Bitwave being a bit more opaque with its pricing regime – necessitating requests for quotes. Meanwhile, Cryptio also offers some pre-packaged options but also a custom quote-based system for larger clients. 

While Cryptio emphasizes IFRS- and GAAP-compliant reporting, both platforms offer a similar suite for general crypto, NFTs, and DeFi asset accounting. Bitwave appears to place a little more focus on its wide range of business integrations, including enterprise resource planning systems like SAP.

Cryptio Vs. Ledgible

Between Cryptio and Ledgible, Cryptio is the heavier-duty and more expensive platform, starting at $299 a month as opposed to Ledgible’s $49 a month. While Cryptio focuses on catering to enterprise, Legible is more accommodating towards tax professionals and individual tax reporting needs, via a broader range of integrations such as TurboTax.

Is Cryptio Safe to Use? 

Cryptio has many of the hallmarks of a reliable company, including being well-established, having reputable clientele, and raising multiple rounds of funding from some high-profile investors.

It’s also worth pointing out that although you feed transaction data into Cryptio’s software, it does not ask for any private keys or login credentials – meaning it has absolutely zero control over your funds.

That being said, here are some other factors you can consider when evaluating the company’s overall reliability and trust with your data:

When Was Cryptio Founded?

Cryptio was established in 2018 by Antoine Scalia, who brought with him a wealth of experience and knowledge from the venture capital industry. Scalia, a graduate with a Masters in Digital Business from HEC Paris, cut his teeth in the venture capital space as an analyst at Ventech, a leading French VC known for Series A investments in tech startups across Europe. 

Ventech’s portfolio boasts notable companies like Withings, (acquired by Nokia), StickyAds (acquired by Comcast), and many more. 

How Much Money They’ve Raised

Cryptio has successfully raised $11.2 million to date, highlighted by its most recent $10 million Series A funding round. This round featured contributions from notable investors such as Point Nine, Draper Associates led by Tim Draper, CoinShares, and others.

Is Cryptio Compliant with Accounting Regulations?

Cryptio takes pride in being Service Organization Control (SOC) compliant, specifically with both SOC 1 and SOC 2 Type-1 and Type-2 compliance. These AICPA-created standards ensure that Cryptio reporting is robust not only in financial data accuracy, but also operational security and protecting sensitive client information.

In addition to SOC standards, Cryptio is also compliant with GAAP and IFRS standards, ensuring accurate sourcing of transaction information including the exchange, pricing, time, and more. This is made possible thanks to its partnership with industry leader, Kaiko. 

Finally, the platform is capable of generating reports that comply with IRS and SEC regulations, highlighting its commitment to compliance and reliability.

Final Thoughts On Cryptio 

Cryptio emerges as a robust, enterprise-grade crypto accounting platform starting at $299/month, setting itself apart by its seamless integration with major accounting software and its proprietary blockchain data infrastructure. It supports a huge range of blockchains as well as centralized crypto platforms. 

Tailored for businesses needing IFRS/GAAP compliant reporting, its standout features include a comprehensive reporting suite and built-in internal controls. 

While it may not suit individuals and small projects due to its complexity and pricing, Cryptio’s platform is ideal for enterprises, major DeFi protocols, and banks seeking accurate, auditable crypto financial management. 

Our own experience noted its user-friendliness, extensive blockchain support, and exceptional customer service, marking it as a reliable and secure choice for large-scale crypto accounting needs.

Frequently Asked Questions