Envision yourself as a 19-year-old who decides to forgo further education and instead relocates to a foreign nation, armed only with a laptop and a desire. Envision yourself battling insurmountable odds and continuing to pursue your dreams despite constant opposition. Imagine you’ve developed software that addresses a pressing issue faced by millions of Web3 users. That’s the tale of Arnav Bathla, the young Indian who developed the first cryptographic ledger programme.
When it comes to the Web3 environment, though, what exactly is crypto accounting software, and why is it so crucial? Accounting software for cryptocurrencies is a useful tool for decentralised businesses to monitor and report on their cryptocurrency transactions and holdings. Bookkeeping, accounting, and tax preparation for crypto-based enterprises are simplified by automation. In addition, it offers analysis and interpretation of their financial standing and performance.
In this article, we’ll discuss Arnav Bathla motivations for creating Coinbooks, an accounting platform for blockchain-based businesses, as well as some of the obstacles he faced along the way. We will also highlight how Coinbooks is helping to make crypto accounting simple, open, and transparent for all parties involved in the Web3 ecosystem.
Arnav Bathla journey
Arnav’s interest in computers and other forms of technology dates back to his childhood. At age 12, he taught himself how to write programming and create websites. He took motivation from the tales of college dropouts like Mark Zuckerberg and Steve Jobs, who went on to start successful technology enterprises. He aspired to do the same thing they had done: make a significant contribution to society.
Arnav attended a prominent institution in India for his computer science degree, but he quickly realised that he was not learning anything new or useful. The absence of new ideas in the curriculum bored and annoyed him. He left school to start a technology firm he had always imagined creating.
Arnav Bathla loaded up his belongings and purchased a one-way flight to the United States in search of better prospects and greater resources. There were no people he knew, no money, and no strategy. All he had was his laptop and a lot of drive. From e-commerce to social media to video games, he dove into a wide variety of enterprises. He tried several different accelerators and incubators, but was always turned down or given negative feedback.
It was hard for Arnav Bathla to make ends meet. At one time, his bank balance was a meagre fifty cents. He skipped meals for many days. In the absence of a bed, he made do with sofas and the floor. He was alone and depressed. But he kept working towards his goal. He never stopped expanding his knowledge and abilities. He never stopped refining his methods and wares.
In 2020, Arnav Bathla read an article on Bitcoin and saw the possibilities of crypto and Web3. The idea of decentralised currency and peer-to-peer transactions astounded him. He dove further into the world of cryptocurrencies and blockchain technology, discovering Ethereum, smart contracts, DeFi, NFTs, DAOs, and more. This, he saw, was the way the web and the economy of the future will function.
Coinbooks is a piece of crypto accounting software that Arnav Bathla developed for distributed enterprises. He saw the need for a product that would assist crypto-based enterprises with financial management. He envisioned a programme that could handle a wide range of functions, including but not limited to: supporting different currencies and assets; automating bookkeeping, accounting, and taxes; providing real-time reporting and analytics; and integrating with a wide variety of blockchains, protocols, and platforms.
It was not simple to create Coinbooks. While working on his project, Arnav encountered several technical and commercial obstacles.
There were a number of technical hurdles, including:
- Coinbooks had to integrate with a wide variety of blockchains, protocols, and platforms so that it could handle a wide variety of crypto transactions and assets from places like Ethereum, Binance Smart Chain, Polygon, Uniswap, Aave, Compound, MakerDAO, OpenSea, and others.
- In order to determine whether its DAOs, protocols, funds, exchanges, NFT platforms, etc. were a good match for its offering, Coinbooks had to do market research to test its hypotheses and assumptions. It needed to get user input and data, then iterate on its features and functions.
Arnav Bathla vision
Arnav Bathla goal is to open up crypto accounting to the Web3 community and make it user-friendly and transparent. His goal is to help decentralised groups improve their financial management.
Some of the features and benefits of Coinbooks are:
- Coinbooks centralises and chronologically arranges your cryptocurrency holdings and transactions from all your various wallets and exchanges. Data input and reconciliation are no longer labor-intensive tasks.
The financial success and health of crypto-based enterprises can be monitored in real time with the help of
- Coinbooks’ real-time reports and dashboards. Income, expenditures, profit, loss, balance sheet, cash flow, etc. are shown, along with other vital statistics.
- Coinbooks ensures compliance with local tax laws by automatically calculating and generating tax records for various countries. Using this method, crypto-based enterprises may fulfil their tax responsibilities and stay out of trouble.
- Coinbooks allows you to store and trade in a wide variety of currencies, both traditional and digital. They are then converted into the specified currency at either the current or a previously specified exchange rate. Stablecoins, tokens, NFTs, etc. are all supported.
Users and organisations like DAOs, protocols, funds, exchanges, and NFT platforms have praised Coinbooks. For example:
- For our DAO, Coinbooks is a huge deal. It facilitates open and honest treasury, budget, and governance operations for us. Accounting and tax preparation are streamlined as a result. Additionally, it gives us access to insightful statistics about our financial health and performance. MetaCartel DAO Co-Founder Alice
- We’ve tried a lot of other crypto accounting tools, but Coinbooks is by far the best. It works in tandem with our infrastructure and protocol without any hitches. It keeps tabs on all of our crypto assets and transactions in real time. It computes and produces tax reports for many jurisdictions in accordance with the most recent requirements. Bob, Compound Protocol’s Chief Financial Officer
In this essay, we delved into the life of Arnav Bathla, the youngest Indian responsible for the development of crypto accounting software. We all know how he packed up his laptop and hopes for the future and left college to pursue them in the United States. We saw how he endured setback after setback, rejection after rejection, and yet pursued his goal. We saw how he developed Coinbooks, a blockchain-based accounting system for decentralised businesses.
We’ve also shown how Coinbooks is helping to standardise crypto accounting throughout the Web3 community by lowering barriers to entry and increasing transparency. We have seen how it streamlines financial processes like accounting and taxes for companies that deal in cryptocurrency. We have seen firsthand how it offers continuous analytics and reporting on their fiscal health and success. We have seen that it works with a wide variety of assets and currencies, such as stablecoins, tokens, NFTs, etc. We saw how it worked with smart contracts, which are used to regulate how decentralised organisations function.
Coinbooks is a piece of software that fills a genuine need in a rapidly expanding industry. An important and impactful piece of software for the Web3 community. This programme illustrates Arnav Bathla’s determination and dedication to his work.
You may sign up for a free trial of Coinbooks right here. Join their Discord or Telegram channel by clicking here or here, respectively. You may find them on Twitter here or Medium here if you’re interested in following them.
You Can Also Read Here Monument Traders Alliance Reviews: Is It Worth Joining?