By the end of 2021, cryptocurrencies were traded over a million times every single day. While the majority were retail investors, a growing portion of those transactions belong to B2B businesses. Most crypto companies already accept BTC, ETH and other cryptos as payment.
Soon enough, even non-crypto companies will receive a part of their earnings and sales in crypto. So what are the implications? Well for starters, accounting and taxes will completely change for any business that deals in crypto. Because crypto prices can shoot up or absolutely tank in a matter of a few days, companies will have to come up with new ways to keep track of accounting.
The great thing is some companies have taken the initiative to create crypto accounting softwares, to make it easy for you and your team to oversee crypto assets, keep track of working capital, and file taxes efficiently.
Best Crypto Accounting Software in 2023
Koinly.io
Founded in 2019, Koinly is a cryptocurrency tax software platform and crypto portfolio tracker used by hundreds of thousands of crypto investors and accountants globally. Investors and traders at all levels use Koinly to track realized and unrealized gains and losses, view market price and performance by each crypto holding and optimize their tax position.
Koinly is a multi-tasking, free portfolio tracker on which to view your crypto holdings in the fiat currency of your choice, track how much fiat you’re holding on exchanges, and access a breakdown of asset performance and overall portfolio performance.
Koinly offers 700+ integrations across your favorite blockchains, wallets, and exchanges. Calculate crypto taxes and download comprehensive profit and loss or tax reports compliant in over 100 countries
Blox
Blox is a great tool for crypto tracking, management and accounting. The technology has features specifically built for accountants and bookkeepers, so it’s perfect for small businesses that deal in crypto. In addition, the software works for miners that need some way to keep track of their finances. However, it’s not just a platform for accounting. You can also stake your tokens on the platform, which not many crypto accounting softwares offer. Blox also built their own API that companies can use to fetch and deliver data within the blockchain efficiently. There are three plans, business, enterprise, and custom. For full pricing, you’ll need to contact them and speak ot them directly.
All these features combined make for a great product, and if you’re on the market for a crypto accounting software, this is definitely one you should consider.
SoftLedger
SoftLedger is another robust crypto accounting software. The company has a suite of accounting products that work for both crypto and non-crypto industries. The crypto component is used by exchanges, traders, miners, liquidity providers and coin issuers. It’s perfect for these types of customers because the company has a special API that records transactions and customer balances automatically. These records are immutable and can be created at the same time the business is operating. Furthermore, these records can track activity through multiple wallets, saving the user a lot of manual work.
This product is more geared towards traders, exchanges, and crypto businesses making a lot of transactions every single day. The software makes it easy for accounts to accurately find the information they need, quickly.
Gilded
Gilded is an old favorite in the crypto accounting space and has been around since 2017. The software works seamlessly with QuickBooks to make it easy to collect and sync crypto transactions. One of the best features is the built-in stablecoin payment processing, where you can instantly send and receive tokens like DAI, USDT, and USDC while keeping fees low. The software works best for accounting firms, crypto companies and firms that trade with Coinbase. It’s significantly faster and less costly than wire transfers, while saving accountants 10-20 hours every week by streamlining all the necessary invoices and reports.
Gilded is great for small and medium sized businesses in crypto (especially if you use QuickBooks or CoinBase). They’ve been around for several years, and have spent years optimizing their technology to make it a great crypto accounting tool.
Cryptio
Cryptio is a software for automating crypto accounting operations. It was started in 2018 and developed some incredible features over time. The platform allows you to aggregate all your transaction data in one place, gets extremely accurate crypto prices, and has integrations for many popular accounting softwares. One unique service they offer is they’ll connect you with an accounting firm to outsource your operations.
Out of all the platforms on the list, this is probably the most affordable for most people. Pricing starts at $60, and goes up depending on your needs.
Wrapping Up: Best Crypto Accounting Software
The crypto accounting software industry is still a relatively new niche, but it’s primed for explosive growth over the next decade. Each platform on the list has different strengths, and works better for different types of users. Some are better for traders while others are better if you’re on a budget. If you’re a business owner that works in crypto, each on is worth considering.
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