THE COMPLEXITY OF ACCOUNTING & UTILIZING CRYPTOCURRENCY
There are significant rewards in the utilization of cryptocurrency in business today. However, accounting for this requires significant efforts in accurate tracking, reporting, and consistent treatment of these complex transactions. All crypto transactions are complex carrying gain or loss due to changing valuations, timing, and utilization of various exchanges and wallets. Couple this with tracking the purpose for which the coinage was utilized and incorporating this in your accounting system creates a very complex and rapidly changing environment. Without adequate processes and systems in managing these complex events, your records will be insufficient which can lead to significant taxation and auditing issues for your company’s success.