As more and more companies, from startups to corporations, embrace cryptocurrencies as a value asset or even a means of payment, and begin experimenting with tokens and NFTs to participate in the world’s future digital assets, one party seems to struggle keeping up: The accountant.
“The openness of the accounting sector to new asset classes is of paramount importance. This includes knowledge around the accounting, valuation and disclosure of digital assets,” says Dominique Olivier Rey who pioneers cryptocurrency accounting logic in Switzerland with his fintech startup Numarics. The co-founder and CEO of Numarics is a Swiss certified public accountant, a certified banking professional and a certified business economist, and publishes about the classification of tokens and auditing balance sheets with tokens for accountants and auditors in Switzerland.
Rey is passionate about blockchain and cryptocurrencies and the way people will pay, document, archive and manage value in the future. For the many accountants with question marks, he enthusiastically compares blockchain to fully automated high-security accounting programs.
Welcome to the first 100% digital business accounting in Switzerland that can do crypto.
With his startup Numarics, he co-developed Switzerland’s pioneering digital business accounting solution that also integrates cryptocurrencies into accounting.
Numarics means professional corporate accounting for startups, freelancers and SMEs in Switzerland via app – mobile and in real time. In addition to VAT, balance sheet and income statements, the fintech startup takes over, among other things, the documentation of receipts, accounts receivable management, and reliably provides financial data that facilitates business decisions.
The co-founder of the business growth platform sees the incorporation of digital assets as another building block to set the course for a technology-based future.
“I bought bitcoin. Can this be processed in my business?”
With Numarics, users benefit from the smooth connectivity of cryptocurrencies and the accounting of tokens with the technical understanding of properties and storage processes necessary to correctly account for the digital assets. This is regardless of whether the tokens are held by a crypto trading platform or in wallets directly on the blockchain. The Numarics team is familiar with the applicable regulations and practice requirements in Switzerland for this purpose and knows how to handle the so-called register value rights (tokens or crypto assets) in accounting.
Rey is responsible for the final quality management of the automated financial accounting processes. His credentials include recognition as an audit expert by the Swiss Federal Audit Oversight Authority (FAOA) and membership of the EXPERTsuisse Banking Audit Commission.
“Accounting for ownership and trading of digital assets is no longer a problem when using Numarics fed with our know-how,” Rey says. “Predominantly, the problem of accounting for digital assets lies in finding an accountant who is even familiar with the rapidly growing crypto assets world, the pricing, sources and types of crypto assets, such as Tokens, Liquidity Pools, Light Wallets, Mobile Wallets, NFTs, Staking and more.”
The company Numarics was recently confirmed as an official member of Treuhand Suisse. The Swiss Fiduciary Association is considered a seal of quality in the market. Membership stands for professional competence, quality and trustworthiness. SMEs and private individuals find their reliable fiduciary partner in this association, and it is 100% virtual and digitally controlled with Numarics. Artificial intelligence eliminates sources of error and discrepancies that are usually due to human carelessness, lack of checks and lack of time.
With the fintech startup’s forward-thinking solutions, the Numarics mobile app was named the winner of Best Of Swiss Enterprise Apps 2021.
For business owners, who are looking to incorporate digital assets into their business activities, Rey advises to look for the accountants or global technological solutions that are able to provide a seamless, secure, and easy-to-use bridge between digital and traditional assets. At the moment, Numarics is only available for businesses based in Switzerland.