Editor’s Note: the following is a guest post submitted by ZenLedger.
Bookkeeping is the cornerstone of any business. You need an organized record of all the transactions that occur within an organization before you can understand the cash flow within your business. It’s why everyone from solo practitioners to nonprofits, to multinational conglomerates, entrust professional CPAs with the vital task of balancing the books.
So much of bookkeeping is about classifying and recording transactions. Clients rely on CPAs to demystify exotic asset classes and ensure they remain compliant with tax codes, laws, and regulations. With the increase in demand for cryptocurrencies, it pays to be informed.
If you’re a CPA, it’s only a matter of time before a client asks you about dealing with cryptocurrency.
What happens when you receive payments in crypto? How do you classify the buying, selling, and trading of cryptocurrencies? In this post, we’ll answer these and other questions. Here are 8 bookkeeping tips…