The world of cryptocurrencies and digital assets moves fast—faster than ever before and faster than most traders and investors can keep up. That’s why more and more investors are looking for their own professional cryptocurrency accountant—specialists who understand the unique challenges of the world of crypto and are able to help you successfully navigate it and thrive.
At Onchain Accounting, we’ve been providing crypto services for traders, investors, and enthusiasts for almost a decade, and in this post, we will explain what cryptocurrency accountants do and why our role matters to every investor.
What are the core functions of a cryptocurrency accountant?
Tax Compliance
Since cryptocurrencies are viewed as assets, they can be subject to tax, namely income tax and capital gains tax. One of the core functions of a crypto CPA is to ensure that you remain compliant with all the relevant tax guides connected to functions such as crypto trading, mining, staking, etc.
Tracking and recording digital transactions
As your cryptocurrency accountant, it is our job to keep meticulous records of every transaction, which we use to calculate cost basis as well as capital gains or losses. We consolidate all the relevant data into a clean, accurate record that can be used for bookkeeping and tax filing purposes.
Tax filing and compliance
As you are well aware, filing your taxes involves the grueling task of filing your fair share of IRS forms. When you hand over tax filing duties to us, we will make sure that all your activities are meticulously filed and reported.
Tax planning and strategy
When it comes to taxes, you need to think long term. At Onchain Accounting, we provide our clients with strategic insights and guidance to help keep up to date with ever-evolving tax laws and minimize their overall tax liability.
CFO Services
Keeping your finances in order should not slow down your projects. At Onchain, our crypto financial controllers are able to handle core functions like monthly reporting, expense management, and treasury tracking with crypto-native precision.
DeFi and NFT Accounting
DeFi is the umbrella term that stands for financial services such as staking, lending, and liquidity pooling. Our team understands the nuances of DeFi protocols and NFT marketplaces. We will use this understanding to help you categorize transactions correctly, calculate cost basis, prepare audit-ready reports, and overcome other reporting challenges.
Conclusion
As the crypto ecosystem grows more complex, traders and investors are having a difficult time keeping up with everything that’s going on, and leaving things to chance is no longer an option. That’s why it has become necessary to call on the services of a crypto CPA, which has become a necessity for every investor looking to stay compliant, avoid costly mistakes, maximize profits, and thrive in a fast-moving digital landscape.
At Onchain Accounting, our team understands how important it is to keep track of everything going on around you in the world of crypto. Whether you’re a casual investor, active trader, or entrepreneur, we are ready to provide clarity, accuracy, and much-needed knowledge and expertise to help keep your crypto assets in check and audit-ready all year round.
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