Automating Crypto Accounting
In the world of cryptocurrency, accounting and tax compliance can be a complicated and time-consuming task. This is especially true for businesses that deal with multiple transactions on different exchanges and wallets. With the rise of cryptocurrencies, there's a growing need for effective and efficient crypto accounting tools that can help users stay on top of their finances. That's where Mensari comes in.
Mensari is a crypto accounting tool built for web 3 companies and NFT projects. Now we are leveraging the power of Machine Learning (ML) to automate certain bookkeeping activities with the use of classification. Our platform aims to simplify the accounting process for cryptocurrency users by using AI and ML algorithms to accurately categorise and track transactions in real-time.
Manually classifying transactions can be a very tedious and error-prone job to do, especially when dealing with thousands of crypto transactions. One of the key features of Mensari is its ability to auto-classify transactions. We use a combination of auto-classification rules and machine learning to automate the transaction classification process.
User can define their own rules on transactional data, which can automate a large percentage of transaction classification. To further help with automation, we also employ machine learning to identify if there is any pattern being formed outside the rules and thus automatically suggest the classification for unclassified transactions.
The initiation of the primary model training procedure commences with the utilisation of an API to gather and assemble tabular data. This dataset is then uploaded to a cloud-based storage platform for conducting training and testing. The training and testing process is executed utilising the Google Cloud Artificial Intelligence (AI) infrastructure.
The model produces a prediction that is deemed either correct or incorrect based on user evaluation. In the event of a correct prediction, the resulting auto-classification is stored and the corresponding functionality is fully automated. Conversely, in the case of an incorrect prediction, the model undergoes retraining with newly acquired user data by transmitting the updated information back to the cloud-based platform, thereby restarting the entire process until the achievement of satisfactory results.
Mensari also has integrations with popular cryptocurrency exchanges, wallets and other popular accounting softwares . The platform automatically imports transactions from connected accounts, eliminating the need for manual data entry. This saves users a significant amount of time and reduces the risk of errors, making the accounting process faster, more accurate, and more convenient.
In conclusion, We at Mensari are trying our best to be the game-changer in the world of crypto accounting. By using AI and ML algorithms to automate the process of transaction classification, the platform has made the process of accounting for cryptocurrencies much more efficient and user-friendly. Mensari is a must-have tool for anyone looking to stay on top of their crypto finances.