Crypto accounting software helps individuals and organizations track their digital assets and associated transactions. It assists users with tracking portfolios, managing cryptocurrency transactions, and calculating taxes related to cryptocurrency holdings. It is also known as digital assets accounting software and automates cryptocurrency accounting processes, helping businesses accept cryptocurrency for their receivables, make cryptocurrency payments, and trade crypto assets with ease.
Cryptocurrency accounting tools can integrate with cryptocurrency wallets, cryptocurrency exchanges, blockchain platforms, and cryptocurrency custody software. These solutions allow users to import data from external sources and automatically record transactions as they occur, preventing the errors associated with manual entry.
Crypto accounting solutions offer automatic spot price calculations, which help reflect the exchange rate between cryptocurrency and fiat money at the time of transaction. These tools typically offer features such as portfolio management, tax calculation, report generation, dashboards, and tax estimation.
To qualify for inclusion in the Crypto Accounting category, a product must:
Sync and track data from crypto wallets, exchanges, and blockchains
Sync data with existing accounting or ERP solutions
Run calculations using different accounting methods, including FIFO, LIFO, WAC, and ACB
Categorize transactions based on predefined rules to simplify financial data analysis
Generate reports for accounting, auditing, and financial performance evaluation