Hey there,
Whether it's a sizzling bull run or a chilly bear market, one thing's for sure: managing your assets smoothly is super important. Remember our past chats about the headaches Web3 teams face? We've all been there - juggling assets scattered across different accounts, chains, and apps. It's like trying to herd cats, right?
Here's some exciting news: Koshance is here to make sense of that chaos! Koshance is more than just a crypto finance management platform; it's a game-changer for teams who are deep into building the next big thing in Web3. We're all about taking the financial busywork off your plate, so you can keep your head in the game of building and innovating.
The Koshance Beta is officially up and running! We can't wait for you to check it out and share your thoughts with us.
Koshance Beta Highlights:
1. Bring your team onboard
Financial operations is rarely a one-man job. In fact, for any decent sized project it may reflect lack of delegation & collaboration. Think of Koshance as the Financial SaaS tool you always wished for. It is designed for your entire team to collaborate effectively.
Creating your workspace is easy - simply signup with an email address. Once in, invite your team members to join the workspace. (Granular level role based access is on the way!)
Some of us use the same email address for multiple organisations. You can be a part of multiple workspaces with different teams and accounts. Switching workspaces is as easy as moving between tabs.
2. Set up your Workspace
Next, bring your existing accounts on the platform. Your assets may be spread across several EOAs and SAFEs across different chains. Import them on the dashboard using the address or by connecting your wallet.
Currently, we support Ethereum, Polygon, BSC, Optimism, and Arbitrum chains, and we regularly expand our chain support!
3. Overview your finances - Dashboard
The dashboard acts like a snapshot of your finances. For founders, a key number is the All Accounts balance, which sums up all assets from the imported accounts. This is the holy grail number.
Balances categorised according to the account type can help assess your distribution.
You will find two useful visual overviews to get a quick glance at what’s going on in your accounts.
Cash flow of total assets in past months - to understand the trend of expenses and income for your overall financial health.
Asset distribution among different tokens - to give you a quick overview of your exposure.
Overall the dashboard view can help track the financial health and set direction for the future. For instance, was the revenue generated proportional to the marketing efforts last month? Is it nearly time to top up the influencer spend account considering the burn till date this month and the average burn? Overall do we have enough runway for the next 6 months?
4. Get into the Details - Account level Balances & Transactions
Now let’s get down to individual accounts. Clicking on any account opens the account-specific view. Here you can track account-level asset balances and history of all the transactions.
The transactions are easily readable and no longer need a few hours of overhead to make sense of the Etherscan pages.
We take care of ‘what was sent to whom and when’.
Add your ‘why’ to transactions
With the tag and remark system, add context to the transaction as you execute them or whenever you find time. An organized list of transactions will save hours of back and forth during tax season. Skip sitting with the accountant to make sense of each transaction.
The key here is to effectively communicate the context behind transactions. Remarks could be as varied as
Who is this transaction for?
Is this a recurring department spend?
Does this transaction require any follow-up actions?
Use the filters to focus on specific spending patterns. For example, using the ‘influencer relations’ tag, you can sort through all our expenses and understand how your influencer spending has changed over time. Or simply filter how much has been paid to a particular freelancer over the last quarter. Finally, export your results filtered through keywords, date range and/or chains!
5. Address Book
An org-wide address book will compile identified and verified account addresses for quick team use. Contacts added will also be reflected on your transaction list for easy identification of the to and from parties.
Start by adding addresses to the address book. Of course you can bulk upload a number of addresses through a csv too. It’s all about making the most of your time.
Coming Soon! - Operate your Accounts from Koshance
This is simply the beginning. Imagine the convenience of not just tracking your accounts but also managing them directly from one dashboard. It's coming soon.
Stay tuned for exciting updates!
Try Koshance
Interested in a demo or want access? Visit koshance.com or hit us up on DM.
We are eager to speak with you!