Stablecoins in Accounts Receivable: An Accountant's Guide to Getting It Right

It's 9 AM. Your first client of the day mentions they're accepting USDC for B2B payments, and your coffee hasn't even kicked in yet. Suddenly one cup of coffee feels woefully inadequate.

No need to update your resume or fake a medical emergency – with the right tools and just a few practical adjustments to your accounts receivable workflow, you'll soon be handling stablecoins as easily as ACH transfers.

Let's walk through exactly how to integrate these digital dollars into your existing systems, before your coffee gets cold.

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How to easily manage stablecoin payments with Bitwave

Bitwave is the bridge between your traditional finance world and digital asset payments. Built specifically for enterprise finance teams, Bitwave seamlessly integrates with your existing ERP system to make stablecoin payments feel as familiar as processing a regular bank transfer. 

If your organization is looking to modernize its payment infrastructure with stablecoins while maintaining compliance and control, here's exactly how Bitwave makes that happen:

1. Invoice received

When a vendor's invoice hits your ERP system, Bitwave springs into action automatically allowing users to craft a payment and queue it to Coinbase. No need to switch between multiple platforms or manually input crypto addresses – the system recognizes the payment request and queues up an on-chain payment while maintaining your existing compliance workflows. This also allows for more than one bill to be paid in a single payment!

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2. Establish Auth for payments

Once an ERP is connected as well as your payment account, next you will need to authenticate permissions for the receiver address to be used for security measures to ensure funds are being delivered to the correct wallet. This is inclusive of validating the email, the wallet, and whitelisting the wallet.

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3. Customize payment options

Just because we're dealing with digital assets doesn't mean you have to change your approval process. Bitwave lets you customize which wallets to use for different payment types while keeping your standard approval workflows intact. Think of it as adding superpowers to your existing controls, not replacing them. We also allow for a default setting wallet in the event one was not set prior.

4. Once approved, Bitwave takes care of the technical heavy lifting

Through direct integration with your custodial account (like Coinbase Prime), payments are processed securely on-chain. The result? Lower costs and settlement times measured in minutes rather than days.

5. Closing the loop

Here's where the magic of automation really shines: Bitwave automatically syncs all transaction details back to your ERP system. Send remittance advice to vendors, maintain perfect audit trails, and rest easy knowing your crypto payments are as well-documented as any traditional transaction. No manual reconciliation required – just clean, compliant, and complete financial records. - NOTE - this is currently not all automated as users needs to click a button but shortly the plan is to automate this.

Bitwave also offers comprehensive support for token-based invoices, including complex tax and reporting treatments such as marking-to-market, over-the-top derivatives, and embedded derivatives.

From blockchain to balance sheet, Bitwave’s got your back

Ready to see how Bitwave streamlines vendor payments with stablecoins? Watch this quick video from EDAS 2024 to learn how on-chain payments are the future of business payments with Google and Coinbase.

Want to see how Bitwave can transform your accounts receivable with stablecoins?Request a free demo today and discover a world of faster settlements, lower fees, and a seamless integration with your existing systems. Our team of experts will be happy to show you how Bitwave can help you leverage the power of stablecoins while maintaining complete control and compliance.