With the constant improvements being made in various fields of technology, the human race is becoming more advanced than it ever was. The various developments have impacted and influenced almost every sector of life, including almost every business.
These businesses are now changing their traditional ways of operations, and are turning to the new, modern, and online means to deal with their day-to-day work. One such modernization is the use of cryptocurrencies and blockchain transactions.
With the world changing at a magnificent pace, keeping up with all such changes can become a cumbersome job. To help and ease new investors and business personnel in their everyday work and modernization, many online websites and service providers are available on the internet.
They can be accessed from the comfort of your homes, and are just one click away. They provide remote as well as on-site solutions to clients and cater to all of their needs. For further information, interested people can visit this site.
Upon witnessing the recent surge in the market of cryptocurrency and blockchain transactions, many companies have turned towards them, in hopes of larger profits.
This has posed the problem of efficiently managing and record-keeping such transactions. To overcome this, many accounting solutions are available in the market, which is specialized software to handle blockchain transactions. A few of such accounting solutions are mentioned below:
1. TaxBit
TaxBit was founded and released in 2018, as a software corporation that provides accounting and taxation software to different businesses using cryptocurrencies for their everyday operations. The Utah-based tech provider offers end-to-end solutions for the digital economy to a variety of clients, including investors, individuals, and the government. Some of the service suites include the core management suite, core accounting suite, and consumer management suites.
Recently, TaxBit has had collaborations with other giant corporations, including Coinbase Ventures, and PayPal. All these have made it a name that one could trust for their business. The software provided by TaxBit uses crypto as a sub-ledger, which means it collects all the data and transactions done via crypto and tabulates it. Additionally, it also provides the users with the exact tax amount, which they are entitled to pay.
TaxBit is a secure software that is used by even the government officials of many states of the USA. Companies looking for accounting solutions could consider this option.
2. SoftLedger
SoftLedger is one of the most promising software solutions for businesses that involve crypto and blockchain transactions. Originally founded in 2016, the company offers its users and business owners superior quality solutions which can be easily integrated with the main transaction server of the company.
This way users would not have to manually feed the software with every blockchain transaction. Moreover, this software can easily track large-scale cryptocurrency transactions and payments and organize the data in a sequential fashion.
Lastly, SoftLedger is also capable of converting real cash into a few of the leading cryptocurrencies, such as Bitcoin and Ethereum, and vice versa, thereby reducing the workload of company heads by a lot.
3. Cryptio
This France-based crypto platform was released in 2018 as a firm that provided a platform to crypto investors. The firm now also provides accounting solutions, with the same name. Cryptio keeps a record of all transactions done related to a particular company, maintains a record book, and separates out the different transactions, such as the ones done by using digital currency or using the blockchain transactions.
This software also helps the company save a lot of money in the annual audit process, as the audits are also made automatically by the same and are stored in web-based cloud storage. Auditors can easily check the year-end statements and match the records online, thus saving their time, money, and resources.
4. Xero
Xero existed before cryptocurrency and blockchain transactions and was founded in 2006. This New Zealand-based tech giant is very famous all over the world for its various accounting and banking solutions and software. This software is cloud-based and can be accessed by anyone, anywhere. The company started offering accounting solutions and software to small and medium-sized businesses which now made use of cryptocurrency and other means of blockchain.
The software comes with a mobile app, which makes it very easy to operate. Users can use the software from a remote location, or on the go, using their mobile phones. The software also reconciles and checks in with your bank, in case of any mishap or money laundering. This helps in keeping all the transactions secure and hassle-free and makes the users completely worry-free.
5. QuickBooks Online
QuickBooks is an accounting software package, which was first released in 1983, as Quicken, the accounting software made for early computers. It was not until 2014 when QuickBooks Online was released as the crypto accounting software, which was capable of recording and managing every transaction on its own. QuickBooks Online comes with a variety of features and in a number of different versions, such as the Android and iOS Mac versions. The latter is available only in the US at the moment.
This is easily one of the most advanced accounting solutions available in the market right now. QuickBooks Online is capable of maintaining a ledger for all sorts of businesses and boasts a Foreign Currency Feature. This feature allows users from all over the globe to add various cryptocurrencies as per their will and preferences. The software comes with a 30-days trial period, and with three levels of prices.
Conclusion
With the world turning to digital currencies and blockchain transactions in their everyday activities, companies and service providers are now required to accept payments and transactions using the same. It also generated another necessity, the need to effectively manage and keep a record of these transactions.
Thankfully, with the advancements in technology and developments all around, various accounting solutions are now available. The above-mentioned accounting solutions would surely help you maximize your tax benefits and profits, and allow the smooth running of your businesses, without any chaos and hassle.
Rhydian Choi 
Kim Marks