Our Cryptocurrency Accounting Services

The past few years we’ve been seeing more entrepreneurs doing things with digital assets within their businesses. 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, use blockchain as part of a major software development project, 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 and tokens? How do you report those assets on your balance sheet? What kinds of transactions count as taxable income to the business and how do you report that income on your P&L? These are all issues that need to be accounted for in your bookkeeping.

The field of cryptocurrency is still changing rapidly, as software companies design products that can be used in different kinds of business settings and applications. Backyard Bookkeeper follows the trends and stays informed, so that we can make appropriate recommendations to our crypto clients. Our cryptocurrency bookkeeping services will incorporate the necessary information into the financial reports in the most efficient way, representing gains, losses, and assets accurately throughout the year.