Acctual: Streamlining Accounts Payable and Receivable

Acctual is a crypto accounting platform that simplifies financial management for businesses using digital assets. Acctual streamlines bill payments, invoice management, and financial data sync with Xero and Quickbooks.

Acctual allows companies to handle their accounts payable (AP) and receivable (AR) processes in crypto and fiat currencies, providing a seamless experience for crypto-native and traditional finance users.‍

This Project Highlight is part of a series of Web3 Financial Operations guides and case studies produced by FinOps3. Explore all FinOps3 tools and content on the FinOps3 Platform. 

Problems with Traditional Accounts Payable and Receivable

Traditional accounts payable and receivable systems suffer from inefficiencies, high costs, frequent errors, and a lack of transparency. Manual processes and outdated systems cause delays, while transaction fees and currency conversions drive up costs. Human errors and fraudulent activities are also common, making the system prone to mistakes.

However, with Acctual's blockchain-based system, these concerns can be significantly reduced. The system automates processes, reducing the potential for human errors and fraudulent activities, and offers lower transaction fees and full transparency, providing much-needed relief from anxiety and uncertainty.

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Key Features of Acctual

Acctual offers several core features that enhance how businesses manage crypto operations. These features simplify complex processes and provide security and confidence in financial management.

Here’s what sets Acctual apart:

• Automated Invoice Matching ensures seamless linking of payments to invoices, reducing manual tracking.
• Error Prevention helps avoid common mistakes by detecting duplicates and streamlining approvals.
• Collaboration Tools allow teams to manage payments from a single platform.
• Compliance and Security safeguard transactions by filtering risky wallets.
• Vendor Flexibility enables payment without requiring vendors to create accounts, making the process easier for all.
• Integration with Accounting Software: Seamlessly syncs with systems like QuickBooks and Xero, keeping all financial data organized and up to date.

How to get Started with Acctual ‍

To get started with Acctual and handle bills, here’s how you can send and pay them:

Accounts Payable:

1. Sign Up and Connect Wallet: Create an account and link your wallet.
2. Import or Create an Invoice: Go to "Pay a Bill" and either upload an invoice or create one.
3. Select Wallet: Choose your wallet for payment. You can also select a Safe! Just connect your signer wallet.
4. Approve and Complete Payment: Review and confirm the payment details.
5. Automatic Matching: Acctual automatically links payments to invoices.

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Accounts Receivable:

1. Create a New Invoice: Navigate to the "Send Invoices" section.
2. Enter Details: Input the recipient’s information, amount, and due date.
3. Send: Submit the invoice to the recipient via email or crypto address.
4. Track Status: Monitor the payment status within the Acctual platform.

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Both processes are designed to be seamless and efficient, making managing accounts payable and receivable easy. For a comprehensive walkthrough, you can view video tutorials for each process: Accounts Payable and Accounts Receivable. These videos provide step-by-step guidance to ensure a smooth Acctual platform experience.

Conclusion 

Acctual provides a solution for managing accounts payable and receivables. By automating invoice management, reducing errors, and offering secure blockchain transactions, Acctual simplifies financial processes for businesses. With features like automated invoice matching, collaboration tools, and compliance measures, Acctual ensures an efficient, transparent, and secure experience. Whether you are sending or paying bills, the platform streamlines the process, making it a valuable tool for businesses operating in the evolving landscape of crypto finance.

FinOps3 is a platform and knowledge hub for Safe-powered on-chain finance. It aims to accelerate the adoption and retention of Treasury Managers and Financial Operators in the Safe Ecosystem by providing resources and guidance that make setting up and running a Treasury Management System powered by Safe easy and rewarding.

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