Does your company transact on the Blockchain? If so, you’re probably struggling with accounting for your Blockchain transactions in a manner that is GAAP compliant. Each time a cryptocurrency is spent or converted to another currency, a calculation must be performed to determine the gain or loss on the transaction that is based on the crypto inventory tracking methodology elected by management (i.e. FIFO/LIFO/Average Cost). Depending on the volume of crypto-transactions, performing these calculations can be nearly impossible without automation. We have partnered with Blockchain Accounting Solutions (BAS), which has developed a new software that is an answer to the complex problem of accounting for cryptocurrency transactions.
BAS was formed by one of our Rockstar consultants, Charles Hawkins. Our consultants aren’t just fantastic finance and accounting minds but also tech wizards! Charles is a thought leader in this field and has been invited to speak at several conferences as a Blockchain accounting expert alongside partners from Deloitte, BPM, Ernst & Young, and Oracle. His software can automatically download all transactions off the Blockchain for most cryptocurrencies. It then uses its technology to calculate the gain/loss transactions as well as instantly coding them into journal entries. These entries can then be easily uploaded into any accounting ledger, so there is no need for a costly new accounting system implementation.
This software is the optimal answer for anyone who receives or spends cryptocurrencies and is designed to fit around any business. BAS first starts by understanding the needs of the business and then develops custom algorithms and rules so that the software works to solve each Client’s specific needs. Agility will then work with your company’s finance and accounting team and the BAS team to help you integrate the software into your day to day accounting and ongoing financial reporting.
Agility and BAS have several clients ranging from crypto exchanges to investment funds to retail. Our clients have also used the software to assist in providing support for inquiries by the SEC. You can contact BAS by visiting the BAS Website at www.BlockchainAS.io or contact Charles Hawkins at Charles@blockchainAS.io or Agility here.