Accounting Workflows

Accounting is cycle.

Bookkeeping

• Examine statements to ensure accuracy.
• Ensure that statements and records comply with laws and regulations.
• Compute taxes owed, prepare tax returns, ensure prompt payment.
• Inspect account books and accounting systems to keep up to date.
• Organize and maintain financial records

Accounting Cycle

Document/Statement	Frequency	Roles
Transaction Source Documents	As transactions occur	Various roles (Sales team, Procurement, etc.)
Journal Entries	As transactions occur	Bookkeeper/Accountant
General Ledger	As transactions occur, typically updated from the Journal	Bookkeeper/Accountant
Trial Balance	Usually prepared at the end of an accounting period (monthly, quarterly)	Bookkeeper/Accountant
Adjusting Entries	At the end of the accounting period (monthly, quarterly)	Accountant
Adjusted Trial Balance	After adjusting entries are made, before financial statements	Accountant
Income Statement (Profit and Loss Statement)	Usually prepared at the end of an accounting period (monthly, quarterly, annually)	Accountant
Balance Sheet	Usually prepared at the end of an accounting period (monthly, quarterly, annually)	Accountant
Statement of Cash Flows	Usually prepared at the end of an accounting period (monthly, quarterly, annually)	Accountant
Closing Entries	At the end of the accounting period after financial statements are prepared	Accountant
Post-Closing Trial Balance	After all closing entries are made	Accountant

This table provides a general guideline for each document/statement, the usual frequency of updating, and the typical role responsible for each step in the accounting cycle.

Software Products

What are the best software tools that optimise results of these jobs to be done?

• Request Finance
• Onchain Accounting

Context

• Process Types
• Finance
• Flow

Links

• Twitter List

Questions

Which accounting principle — matching, conservatism, or going concern — is most challenged by crypto-native business models where token value fluctuates and vesting schedules span years?

• At what token treasury size does fair-value accounting for governance tokens become material enough to require board-level oversight?
• How does DeFi yield generation change the revenue recognition question for a protocol that earns fees in multiple tokens?
• Which accounting process — month-end close, tax preparation, or audit preparation — takes longest in a crypto-native company versus a traditional business?