Crypto Invoicing, Expenses & Accounting

To help accounting professionals better understand and serve companies using cryptocurrencies, Australian social enterprise, Digital Playhouse and web3 startup, Request Finance organized a webinar.

The session explored how B2B invoice payments, and expense reimbursements in cryptocurrency can be managed from an operational, and accounting perspective. By Ivan Hong. Originally published 11 May 2022 and shared with permission from here. Disclaimer: This article is to be considered as general advice only. The opinions contained herein should not be relied upon as providing specific advice for you or your clients. The information contained within this presentation is based upon our understanding of the relevant legislation, regulations and other materials as of May 2022. Why More Companies Are Using Crypto Critics of cryptocurrencies often say that these privately-issued forms of digital money lack real-world utility. But the numbers seem to tell a different story. Within just sixteen months of launching, over 1,700 companies have paid more than $200m in invoices using the enterprise crypto payments platform, Request Finance. Zooming out, the volume of cryptocurrency transactions globally grew to $15.8 trillion in 2021, up 567% from 2020. ‍

Two compelling reasons can explain the growing enthusiasm of enterprises for crypto: operational efficiencies, and financial gain. Faster, Cheaper Global Payments in Crypto For starters, crypto payments can offer cheaper, faster, round-the-clock payments as compared to traditional banks. The reason lies in their design. Blockchains are global ledgers that are tamper-resistant, always accessible, and decentralized. That gives cryptocurrencies one crucial feature - they do not require an intermediary to process transactions. No bank branches, no card processors, no payment gateways.