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Tips for Small Businesses
The past year or two we’ve been seeing more entrepreneurs doing things with digital assets within their businesses. Tracking crypto and other digital assets comes in many different forms for many different companies. They might accept cryptocurrency from customers, mint NFTs as part of their brand or operations, mine crypto to create an additional stream of business revenue, or simply put some of their business savings in digital assets to get a higher rate of return than traditional banks can offer.
This creates some interesting challenges for accountants and bookkeepers. Digital assets such as cryptocurrencies and NFTs have constantly fluctuating values, which can make them complicated to track. A traditional bank account will issue you statements, giving you a running balance of USD in your account. How do you create a ledger for a digital wallet, especially if you have multiple wallets transacting in multiple currencies? How do you report those assets on your balance sheet? What kinds of transactions count as taxable income to the business? How do you report that income on your P&L?
We will cover these questions and much more in our workshop at the UVU Bitcoin Tech Summit this Friday. If you are a business owner and you have started incorporating digital assets in your operations, please join us to learn more. We can help you track crypto and other digital assets for your small business.