Setting up Crypto Accounting Infrastructure is a huge Technical and Operational challenge. Traditional accounting won't cut it.
Crypto Bookkeeping is complex and different
It involves tracking transactions on a decentralized ledger, dealing with multiple exchanges and wallets, identifying unique tax implications, and complying with constantly evolving regulations. It requires specialized knowledge and expertise to ensure accurate record-keeping, tax compliance, and financial reporting.
Expertise required to make informed decisions
Lack of clear guidance from tax authorities on many crypto-related issues has created challenges for businesses operating in the cryptocurrency space. Experts in the field are often called upon to make informed decisions about how to handle various tax-related issues involving cryptocurrencies.
To ensure compliance with GAAP/IFRS and tax authorities, we can create a crypto accounting system with the following methodology, tailored to your specific needs.
Step 1 - Understand your business model
We start with understanding your business model & setting up an accounting plan.
Step 2 - Selecting Crypto Accounting Software
Choose a bookkeeping software that is tailored specifically to your needs.
Step 3 - Setting up data and chart of accounts
Hook up wallets, exchanges, etc. and accordingly set up various accounts.
Step 4 - Reconcile transactions
Classify transactions based on understanding & constant back and forth with you.
Step 5 - Close books and share reports
Customized reports are shared with you on a timely basis after each period close.
Step 6 - Maintenance and monitoring
Assume the monthly crypto bookkeeping responsibilities & continuously monitor.
Want a longer, deep dive into what we do? Click below.
Gain insight into our work methodology and experience our process firsthand by viewing this video showcasing how we approach and execute our work.
What we offer
At our firm, we provide complete peace of mind for all your crypto accounting needs with our customized suite of services. From ongoing maintenance to complex problem-solving, we tailor our offerings to meet your unique requirements.
Typical Accounting Firm
Crypto Company CFO Services
DeFi and NFT Calculations
Corporate Tax Returns
Year End Financial Statements
Crypto Company Tax Structuring
Initial Coin Offering Support
Month End Compliances
Frequently asked questions
Why do I need a crypto accountant as against my regular bookkeeper?
Crypto bookkeeping is different from traditional bookkeeping as it involves unique complexities and challenges that a regular bookkeeper may not be familiar with. Here are some reasons why you might need a crypto bookkeeper as opposed to a regular bookkeeper:
Complexity of Crypto Transactions: Crypto transactions are complex and involve multiple steps, such as buying and selling cryptocurrencies, exchanging cryptocurrencies for other assets, and transferring cryptocurrencies between wallets. Crypto bookkeepers understand how these transactions work and can ensure that they are accurately recorded in your books.
Recording of Transactions: Recording crypto transactions requires specialized softwareand tools that regular bookkeepers may not be familiar with. Crypto bookkeepersuse specialized accounting software that is designed to track cryptocurrencytransactions and can ensure that all transactions are recorded accurately andin compliance with accounting standards.
Valuation of Crypto Assets: Crypto assets are highly volatile, and their values can change rapidly. Crypto bookkeepers can help you accurately value your crypto assets and ensure that they are properly recorded on your balance sheet. Tax Compliance: Cryptocurrency transactions are subject to tax regulations, and crypto bookkeepers can help ensure that your business is incompliance with tax laws. They can help you calculate your tax liabilities, file tax returns, and provide advice on tax planning strategies.
Overall, a crypto bookkeeper has specialized knowledge and expertise in handling the unique complexities of crypto transactions. They can help ensure that your crypto transactions are accurately recorded, your assets are properly valued, and your business is in compliance with tax and regulatory requirements.
We already have an internal crypto bookkeeper. How can MetaCounts help?
We can assist with reconciling your cryptocurrency wallets and exchange accounts. Our team will provide a journal entry that includes detailed calculations and can either be forwarded to your internal bookkeeper for posting to your regular bookkeeping platform or pushed directly to your bookkeeping platform for your convenience. Our thorough reconciliation process ensures that your transactions are accurately recorded, and your financial position is up to date.
Furthermore, as your company grows and your cryptocurrency transactions increase, it may become challenging for your internal bookkeeper to keep up with the workload. MetaCounts can provide support to ensure that your accounting remains accurate and up to date. We can also prepare specialized reports relating to crypto activity which helps in decision making for the stakeholders.
We can also assist you in migrating from regular accounting software to crypto-specific software, even if you are already accounting for crypto activities. This process can be complicated as it requires ensuring that the opening cost basis is accounted for accurately. Our team has the necessary expertise and proficiency to handle this task effectively.
Note - An outsourced crypto back office service like us will cost you less than a full time bookkeeper on an annual basis.
What crypto platforms do you use? Can you work with our existing crypto accounting platform?
We have extensive experience working with major crypto accounting platforms, including Bitwave and Cryptoworth. If your company is already using these platforms or any other similar platforms, we can seamlessly integrate our services with your existing setup. Our team is highly adaptable and can work with a variety of different software and accounting systems to provide you with the best possible service. Whether you're a small startup or a large corporation, we have the expertise to help you effectively manage your crypto transactions and ensure that your financial records are accurate and up-to-date.
How will this work in terms of providing MetaCounts access to our transaction data?
To begin working with our crypto bookkeeping services, we will share an instructions document that outlines exactly what information we will need from you. This document will provide clear guidance on how and whereto upload your information, ensuring a smooth and efficient process.
In most cases, we require both CSV files and Read-only APIs to access your exchange accounts and wallets. This is because some providers may not share all necessary information in one format. By utilizing a combination of both, we can ensure that all transactions are accurately recorded and imported into your crypto accounting platform. Once the APIs and wallet addresses are connected to the platform, transactions will continue to be imported automatically in the future.
In some cases, we may also require snapshots of wallet balances at period end and centralized exchange statements. This helps us to match token balances at specific period end dates and ensure the accuracy of your records. Rest assured that our team is highly experienced and can guide you through the entire process, making it as seamless as possible. By working closely with you and utilizing the latest technology, we can ensure that your crypto bookkeeping needs are met with precision and efficiency.
What if we have hundreds of wallets and contracts on the blockchain and don’t know where to start?
Simply reach out to us and we'll take care of the rest. Our team has extensive experience dealing with complex files and large volumes of data, so you can trust that we're well-equipped to handle even the most challenging tasks. We're comfortable working with a wide range of wallets, contracts, and transactions on the blockchain, so you don't have to worry about the scale of your project. Our goal is to provide you with top-notch service and support, regardless of the size or complexity of your crypto bookkeeping needs.
Furthermore, we can work with unsupported and complex chains such as Solana, Tezos, Cardano etc. Using Python, we can process unsupported data to bring it into software recognized format.
Can you provide information on the pricing structure for the crypto bookkeeping service?
We offer competitively priced crypto bookkeeping services that are tailored to your specific needs. To provide you with a quote, we'll ask you to fill out a simple form on our website so that we can analyze your transactions and estimate the amount of work involved. We will then provide you with a ballpark estimate, which includes an hourly rate and a budget in terms of hours. If we end up requiring less time than budget, we'll only bill you for the actual hours. If we need more hours, we'll comeback to you for further approval with clear reasons.
Please note that due to the unpredictable nature of crypto transactions, it's difficult to provide an exact quote. For example, it may take us only 1 minute to recognize a transaction on the Ethereum chain, while a similar transaction on the Solana chain could take us 5 minutes. However, we have a highly efficient team with extensive experience in handling crypto transactions. In fact, we've processed over 1million transactions for our clients, so chances are we've encountered similar transactions before and can treat them efficiently. Plus, our streamlined research process means you'll save time and money. Additionally, for first-time users of a crypto accounting platform, we charge an upfront setup and foundation amount.
We are a listed company that require GAAP compliant reports. Are you able to provide those?
Yes, we can provide GAAP/IFRS compliant reports for our clients, including listed companies. We have experience in preparing financial statements in accordance with Generally Accepted Accounting Principles (GAAP)and can tailor our services to meet your specific needs. We understand the importance of providing accurate and reliable financial information to stakeholders and regulators, and we strive to ensure that our reports meet all GAAP requirements.
Do you provide additional services beyond crypto bookkeeping?
Yes, we provide additional services beyond crypto bookkeeping. In fact, we offer a complete suite of financial services, including but not limited to fiat bookkeeping, CFO services, tax returns, year-end financial statements, payroll, month-end compliances, and more. Our team consists of experienced professionals who are CPAs and CFAs. We are well-versed in accounting and finance, and dedicated to providing our clients with the highest level of service and expertise. Whether you need assistance with day-to-day bookkeeping tasks or require more complex financial reporting and compliance services, we are here to help. Just let us know what your specific needs are, and we will work with you to develop a customized solution that meets your requirements.
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