Top 5 Crypto Accounting Software Of 2023
Unfortunately, most of us aren’t that rich - and Richie Rich is a fictional character! Even the lucky few that come close are cautious of their riches. They track and record every transaction, report taxes, invest in various places and balance every account. You may know about software solutions that help them with conventional assets but what about the modern age virtual cash - cryptocurrency?
This is where Crypto Accounting Software comes in. This tool helps businesses and individuals with accounting processes by automating them. It keeps track of the cryptocurrency transactions made across various exchanges, wallets, services and decentralized blockchain networks. We bet even Richie Rich would use this tool if he owned crypto!
So, read on to learn about the top 5 Crypto Accounting Software of 2023!
Every one of us wishes we had jumped on the cryptocurrency bandwagon early on, don’t we? Going back as little as early 2017 the price of one Bitcoin was a mere $1000 – wait, that’s still a lot of money!
Well, that one Bitcoin would bring you a cool $60,000 just four years later (in 2021). #ChaChing
Want to hear something more disheartening? The first exchange of Bitcoin for dollars (in late 2009) witnessed 5,050 bitcoins traded for $5.02, that’s a rate of $0.00099 per bitcoin. Surely, you’re well-versed with the “2 pizzas for 10,000 bitcoins” story of 2010, too. Well, let's not cry over spilled milk!
Today, cryptocurrency has come a long way and today is an extremely popular but complex sector, with individuals, small businesses and even large enterprises entering the arena. With the ever-increasing number of cryptocurrencies, transactions, wallets and exchanges, bookkeeping virtual assets is no easy task!
Enter Crypto Accounting Software - it tracks and records cryptocurrency transactions made on crypto exchanges and crypto wallets in real time. It offers a unified view of all account balances and crypto assets and financials, while also providing the current value of fiat currency and exchange rates at the time of transactions.
The tool can support multiple accounting methods and is used by enterprise-level organizations, crypto businesses, CPAs, accounting firms, small businesses, individuals, crypto miners, investors, traders and portfolio managers among others.
If your enterprise needs such a tool, check out our list of the top 5 Crypto Accounting Software of 2023!
Top 5 Crypto Accounting Software Of 2023
In a (digital) nutshell, Crypto Accounting Software simplifies the accounting process of cryptocurrencies and crypto transactions from various exchanges, wallets, services and decentralized financial blockchains by automating workflows. It offers real-time updating and a unified view of all crypto transactions, assets, profits and losses, activities and more!
So, let’s get into the list of the top 5 Crypto Accounting Software for 2023 – in random order.
Tool 1: Koinly
We arrive at our first station, digitally. Koinly was founded in 2018 and has its headquarters in London, England. The company has over 50 employees spread across 4 locations around the world. Koinly supports over 100 countries, has filed 11,000 tax reports, tracked over $250 million, is used by over 6,000 accountants and has customers all over the globe.
Koinly allows you to easily import your trades and connect your blockchain wallets using public addresses and supports over 300 exchanges and wallets. This is enhanced by artificial intelligence (AI), which can detect transfers between your own wallets and track original costs. With capable portfolio tracking, keep your total ROI, growth, holdings, profit & loss and capital gains in check. It also helps you calculate and prepare comprehensive tax reports in under 20 minutes.
Koinly offers exceptional crypto accounting and tax reporting solutions that equip you with all the tools you need to manage your crypto wallets, DeFi, NFTs, Futures and Margin Trading. It allows you to prepare reports for ATO, IRS, HMRC, CRA and more. It even allows you to import data from over 700 integrations!
What You’ll Love: Outstanding performance, Supports multiple languages, Chat/ Email support available, Free trial available, AI and Machine Learning Capabilities.
Tool 2: Cryptio
Cryptio was founded in 2018 and has its headquarters in Paris, France. The company has a workforce of around 50 employees with another office in London, England. Cryptio boasts an impressive client base, including Filecoin, Metamask, Exodus, and Tezos is trusted by 350+ leading enterprises in cryptio and beyond.
Cryptio serves as your single source of truth that unifies and aggregates your digital assets and transactions, supplemented by enterprise-grade accounting, audit and tax software. The platform comes with real-time and automated retrieval of your transaction history, automated DeFi tracking, real-time insights and asset tracking. It also offers an accounting partner program, which provides training and education in better understanding your crypto clients, early access to features and expert support and advice.
Cryptio offers powerful financial reporting that seamlessly connects to your existing accounting and ERP (Enterprise Resource Planning) solutions, be that they natively fit Xero, Quickbooks, Netsuite or others through integrations. The platform comes with a range of integrations, connecting you with leading platforms across blockchains, exchanges, custody solutions, defi protocols, token standards, accounting & ERP platforms.
What You’ll Love: Suitable for startups, Prompt customer service, Flexible pricing, Workflow automation, Mobile-app available.
Tool 3: Cryptoworth
Founded in 2017, Cryptoworth is headquartered in Toronto, Ontario, Canada. A strong believer in a web3-oriented future, it has a client base of over 100 companies hailing from US, Canada, Latin America, Europe, Africa, Asia and Oceania, including companies such as PwC, Moonbeam, Stacks, Solana, Everstake and more. The company’s numbers speak for themselves, with over $10 billion in revenue volume from 1 billion transactions annually!
Cryptoworth brings you enterprise-grade digital asset accounting and bookkeeping solutions that help you simplify your workflow and reduce complexities, end-to-end. The platform offers you a modern SaaS solution that speeds up your month-ends and optimizes your operations and processes, including accounting and financial calculations, cost basis, taxes, transaction reconciliation, transaction auditing and more. You can also track your crypto invoices and bills automatically.
Cryptoworth is a complete platform that covers a range of services and solutions. This includes an easy-to-use DeFi solution, NFT solutions that streamline operations and automate NFT accounting, staking and node operation automation to improve staking accounting and bookkeeping efficiency. This solution ensures that you stay compliant as its APIs can power enterprise platforms with crypto accounting and reporting capabilities.
What You’ll Love: User knowledge repository and guides, User-friendly interface, 24X7 Support, Monthly & Annual packages, Advance data security.
Tool 4: Bitwave
Bitwave was founded in 2018 and has its headquarters in San Francisco, California, USA. With a workforce of over 70 employees, the company consists of a team that has been working in crypto since the financial phenomenon’s early days. Bitwave has numerous big names as clients, including Figment, OpenSea, Messari, Blockdaemon and more.
Bitwave is the first software platform built specifically for businesses which allows them to maintain and track digital assets in real-time on their balance sheets. The platform’s crypto and blockchain accounting solutions help save time, increase accuracy and enhance efficiency. It’s a powerful and highly configurable platform that specializes in high-volume transactions. The platform also offers other services such as crypto tax tracking, impairment, staking, crypto bookkeeping, DeFi accounting, NFT services, bill payments using crypto, reporting and APIs.
Bitwave possesses a powerful Rules Engine, which can help automate your blockchain and crypto bookkeeping processes. This engine comes with pre-set rules but is highly configurable to allow you to automatically set and track cost-basis on a per-transaction or individual lot basis. Furthermore, it can process your monthly reconciliations quickly and can automatically categorize and journal similar transactions for tax purposes.
What You’ll Love: Outstanding performance, Easy to use, Chat/ Email support available, Value for money, Comprehensive dashboard.
Tool 5: SoftLedger
SoftLedger was founded in 2016 and has its headquarters in Pittsburgh, Pennsylvania, USA. Despite having a relatively smaller workforce, the company has made a big name for itself in the Crypto Accounting Software sector. What’s even more impressive is that the company offers non-crypto financial services too and has been named a High Performer in G2’s Winter 2023 list.
SoftLedger brings you comprehensive Crypto Accounting Software that can automate all your crypto transactions across multiple wallets and exchanges and help you manage them. It is the first full-featured accounting system that supports cryptocurrencies like Bitcoin, Ethereum and more. The platform seamlessly integrates with crypto exchanges and blockchains and lets you import crypto data from any source. Now you can get clarity and insight into your financial performance to make informed, strategic business decisions!
SoftLedger offers you powerful, real-time, accurate and actionable financial reporting. The platform can automatically calculate and track your realized and unrealized crypto gains and losses at transaction levels to compile in-depth reports with detailed cost basis, live market rates and more. It can even give you consolidated reports in fiat currency or cryptocurrency.
What You’ll Love: User knowledge repository and guides, User-friendly interface, Prompt customer service, Workflow automation, Basic reporting.
Winding It Up
Crypto adoption is rising across sectors and soon, most crypto-centric businesses will require dedicated tools for its management. Organizations, SMEs and individuals can all benefit from the use of Crypto Accounting Software to centralize and unify their crypto transactions that are spread over various exchanges, wallets and services. It offers real-time views of their transactions, profits and losses along with other analytics and insights. For enterprises, Crypto Accounting Software can majorly boost their efficiency in tax filing and reporting as well.
Yet, each company has unique accounting requirements for crypto, which is why you should ensure you pick a tool that suits your unique business needs!
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