PennyWorks provides full-service, done-for-you crypto bookkeeping for digital asset transactions across all chains and protocols. The service delivers auditable NAV accounting, fund fees, and performance reports via dashboard or API on a required cadence. This platform ensures rigorous tracking and timely reporting for DeFi investors and operators managing complex on-chain activities.
Funding
Funding not disclosed
Founders
Product
Problem
Businesses handling digital assets face challenges in maintaining accurate and auditable financial records due to the complexity of blockchain transactions and the lack of standardized bookkeeping practices. Traditional accounting methods are often inadequate for tracking diverse chains, protocols, and wallets, leading to inconsistencies and potential compliance issues.
Solution
PennyWorks offers a full-service digital asset bookkeeping solution that automates transaction tagging and validation across various blockchain platforms, ensuring accurate and auditable financial records. The service delivers detailed journals, capital gains reports, and financial statements, enabling businesses to maintain compliance and streamline their accounting processes. PennyWorks automates the tagging of transactions, reconciles data with archival nodes to ensure integrity, and provides optional support for IRS reg 88 FR 59576 tax lot tracking. The platform is led by DeFi veterans and is designed to handle intricate DeFi scenarios, managing diverse chains, integrations, and custom smart contracts.
Target Audience
PennyWorks primarily serves businesses, including DeFi funds, that require comprehensive and accurate digital asset bookkeeping to maintain compliance and streamline accounting processes.
Features
- Automated transaction tagging across chains, protocols, wallets, and chart of accounts
- Auditable journals that link to the source of each transaction
- Reconciliation with archival nodes to ensure data integrity
- Optional support for IRS reg 88 FR 59576 tax lot tracking
- Tailor-made software for handling intricate DeFi scenarios
- Support for diverse chains, integrations, and custom smart contracts
- Full account journals, capital gains and open lots, asset flows, income statement, and balance sheet