Paxful, a global peer-to-peer cryptocurrency marketplace and start-up headquartered in the United States, pursues its mission to give people a simple, fair and highly secure platform for trading cryptocurrencies. To drive international business growth, its accounting department based in Estonia needed reliable software for running complex financial operations across the company’s global divisions. Microsoft Dynamics 365 Business Central was the spot-on solution to automate processes, speed up reporting, and simplify invoicing.
Paxful offers peer-to-peer transactions based on digital currencies. “Our vision is to help people all over the world to take control of their finances using cryptocurrencies. Especially people who live in remote, underserved areas where personal finance management options are not readily available,” says Darja Antropova, Chief Accountant at Paxful.
However, the start-up’s legacy accounting system couldn’t keep up with its rapid expansion and began showing weaknesses in handling fast calculation of foreign exchange rates, for example. Paxful turned to local software integrator, Columbus Eesti, to implement Microsoft Dynamics 365 Business Central. Using unique software developed by local Microsoft partner Columbus Eesti to seamlessly integrate Business Central with third-party solutions, the system went live within two weeks, with the accounting team able to start migrating business data. “After 15 days, we were submitting the first VAT declarations. And within one or two months, we had transferred all the information necessary to be fully operational. It was spectacular,” says Antropova.
Modern software for modern business
“I used to submit tax declarations manually, which took about one day per month. With Dynamics 365 Business Central, I can just export a file and send it to the tax authority website, which just takes 10 minutes,” explains Antropova.
The company’s previously siloed platforms for financial operations, such as payroll software and an invoicing solution, are now aligned in a single, coherent workspace. “We can import all the transactions from payroll software to Dynamics 365 Business Central in one click. And it takes about 10 seconds to transfer a month’s-worth of information into the system. Same with the e-invoicing system,” Antropova says. “With the previous document management system, it took up to 24 hours for an invoice to reach the accounting software. All in all, we save roughly 100 hours of work per year.”
“I worked with different solutions before. But none produced reports as quickly as Dynamics 365 Business Central,” observes Antropova. The accounting department was able to redirect time and resources to focus on higher-value work.
Fueling international expansion
Paxful can also scale and add features to its accounting platform depending on its needs. “Once you are in the Microsoft environment, you have so many different possibilities to digitize your processes,” notes Antropova. For now, Business Central is used primarily by the Estonian office, but the start-up plans to broaden its use to branches overseas. “If we open new entities around the world, teams there could easily start using Dynamics 365 Business Central, as everything is consolidated and constantly upgraded within the same space,” concludes Antropova.