Managing Cryptocurrency
Cryptocurrencies have changed the financial world. Owning and trading cryptocurrencies has become popular, but cryptocurrencies, like fiat currencies, require bookkeeping and accounting. An increasing number of businesses and individuals need to understand how to do bookkeeping for crypto businesses while working within a regulatory framework.
Accounting software for cryptocurrency offers features specifically designed to manage these currencies efficiently. Many major accounting software options have cryptocurrency integrations that make monitoring cryptocurrency easier.
Legible Offers Comprehensive Crypto Tax Management and Reporting
In the world of cryptocurrency accounting software, Legible is one of the advanced platforms on the market. It allows users to identify crypto tax liabilities and integrates with the tax systems you are currently using.
Legible has been designed with the tools needed to simplify crypto taxes. Features like “Client Engagement” make this accounting software for cryptocurrency a powerful tool for consolidating crypto into your existing tax preparation.
The tax client workflow provides visibility into how crypto taxes are being reported. You can quickly check progress, receive reminders, and complete tax returns that include cryptocurrency. Some features of Legible Crypto Tax Pro include:
-
- Enterprise-grade security to protect you and your clients
- An advanced client portal that allows you to connect new or existing clients easily
- Clear progress indicators that facilitate tracking client progress
-
- Advanced reporting that integrates with the tax software you are currently using
Why We Feel CoinTracker Is One of the Best Accounting Software for Cryptocurrency
The more than 8,000 cryptocurrencies on the market represent a relatively new investment vehicle. Cryptocurrency tax laws are constantly changing, making tracking crypto investments, their performance, and taxes feel daunting for your clients.
CoinTracker is accounting software for cryptocurrency that uses “automated portfolio tracking” to let clients analyze their trades, profits and losses, and the value of their currency in real-time. The “tax-loss harvesting” feature uses cost-based accounting methods to identify ways to save on cryptocurrency taxes.
Some features of Legible Crypto Tax Pro include:
- Seamless integration with 300+ exchanges, including Coinbase, Binance, Gemini, Coinbase Commerce, ensures your client is fully compliant with all crypto tax rules.
- Advanced reporting integrates with your current tax software, providing portfolio insights and tax reports.
What Makes CoinTracking a Valuable Cryptocurrency Accounting Software?
CoinTracking tackles the biggest challenges cryptocurrency investors have, which is keeping track of their investments and making sure they are tax compliant. Say goodbye to excel sheets and manually create crypto tax reports.
The “personal analysis” feature gives your clients:
- 20+ customizable crypto reports
- Realized and unrealized gains
- Audit reports and profit/loss reports
Your clients will not have to wonder if they are tax compliant. The “tax declaration” feature includes:
- 13 tax methods, including LIFO, FIFO, and AVCO
- Easy tax export for CPAs
- Tax reports for over 100 countries
CoinTracking benefits from two-factor authentication, data in API encryption, and the ability to restore trade backups. It gives your clients peace of mind knowing that their investment information or tax information will not disappear.
CoinTracking integrates with several exchanges and accounting software options, automating much of the tracking process.
Using SoftLedger for Real-Time Cloud Accounting
Your clients may have fallen in love with and invested in many cryptocurrency projects. It can be hard for them to know which ones to hold on to and which ones to let go of.
SoftLedger is one of the best cryptocurrency accounting software because it empowers your clients by giving them a global view of their cryptocurrency holdings, allowing them to make efficient and smart decisions.
SoftLedger replaces manual cryptocurrency tracking with a full-featured accounting system that focuses on the complexities inherent in accounting for crypto assets. SoftLedger seamlessly integrates with the top crypto exchanges, ensuring that your clients do not accidentally forget a critical report that could impact their tax liability.
SoftLedger benefits include:
-
- Integration with blockchains and exchanges
- Automatic calculations of realized and unrealized gains and losses
- Completely programmable using API for custom integrations
Contact us to learn more about how to get the most of your accounting software.
__________________________
This blog article is not intended to be the rendering of legal, accounting, tax advice, or other professional services. Articles are based on current or proposed tax rules at the time they are written, and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.
