Cryptocurrency accounting and how to overcome the maze of blockchains?
The number of cryptocurrency brokerage, transfer and custody companies is growing rapidly. However, the accounting of these companies is still a challenge for many. There is no long-term experience in cryptographic accounting, and clear rules have not yet been developed. The annual reports of companies exposed to cryptocurrency are often omitted because blockchain transactions cannot be accounted for or interpreted.
However, solutions do exist!
Although there is no special standard for cryptocurrency accounting, the accounting of cryptocurrencies can still be based on the current International Financial Reporting Standards (IFRS). In choosing the right approach, it is important to understand the cryptographic activity of a particular company, i.e. whether the company uses cryptocurrency as a means of payment or invests, trades, mines or issues cryptocurrency instead.
We are well versed in blockchain technology and speak the same language as cryptographic companies. We can safely say that we serve and advise cryptocurrencies, because as our customers develop, so do we, adapting our knowledge and technological solutions to the rapidly evolving business world around us.
The following are the main reasons why cryptocurrency companies prefer to engage us for accounting services:
We know your business and can do your accounts.
We have modern technologies that are convenient for our customers.
Our tax specialists know how to tax cryptographic transactions.
We are supported by an international network of colleagues in 130 countries, so even the most global customers have their questions answered.
We keep abreast of the rapidly evolving field and changes in the law.
Our customers can focus on their core business without any worries.
New requirements for companies holding cryptocurrency licenses in Estonia
On 11 December 2019, the Parliament of Estonia passed a new version of the Money Laundering and Terrorist Financing Prevention Act, the amendments to which primarily concern cryptocurrency service providers. The changes took effect on 10 March 2020. Our risk management services advisors can help bring your business in line with the new requirements!
We are honoured to be trusted with the accounting of:
Grant Thornton Baltic’s accounting team services companies of all size with varying needs and demands.
In doing so we have significant experience in working with a range of accounting software. We never put a limit on the choice of software and if needed we are able to continue utilising the software of your preference. Nonetheless, if you require advice in picking the right accounting tool, our experienced team will help you determine the most suitable option for your business.
What to consider when picking an accounting software?
When contemplating outsourcing your accounting, it makes perfect sense to also reconsider the tools that have been used so far. Although, switching over to another accounting software might seem a complex and time-consuming process, it is often an investment worth making if the new solution enables more extensive automations. Thus, increasing cost-effectiveness and improving the timeliness of accounting data. Moreover, in analysing the different accounting software available the team gains a deep understanding of the existing accounting processes, enabling them to further optimise for efficiency.
Take a look at our clients’ most utilised accounting software Acclouding.
Why Grant Thornton Baltic?
We service over 1000 clients across the Baltics
25 professional accountants in the Estonian team
Advanced and convenient technological solutions
Close collaboration with our advisory services
High cybersecurity standards and safe data exchange
Business Intelligence and financial management
Failure to provide sufficient attention to corporate development and financial planning may trigger difficulties.
Grant Thornton Baltic’s experienced financial advisers will help assess whether the means for attaining the goals listed in your business plans are adequate, and calculate the capital required.
Our financial advisers will also prepare in-depth financial forecasts and budgets, as well as feasibility studies and financial analyses. All this will provide you with the information required for making decisions and enhance the speed and quality of decision-making.
Today, companies create a huge amount of data, but not all data is necessarily a value adding information. The intelligent use and presentation of data helps decision-makers to make better-informed decisions.
Business analytics helps to improve the quality and speed of management reporting and to identify opportunities for development and growth. In our business analytics solution, we use Tableau software, one of the largest business intelligence software in the world, helping people see and understand their business data better.
Our experienced professionals help to tame the data so that the management of the company is data-based. We help you map, structure and integrate your company's data so that it becomes easy-to-understand information.
A smooth migration
It does not matter whether your accounting has been done internally or utilised an external service provider, we will make the migration of data and processes smooth. We believe that the best cooperation relationship can be born through communication and thorough planning.
Mapping out all your business processes
Agreeing on the division of tasks between Grant Thornton Baltic and your business
Agreeing on the common communication and reporting standards as well as deadlines
Finding the best technological solutions and software for you
Agreeing on the pricing
Migrating all your relevant accounting data
Compiling the necessary internal accounting policies
Making sure that the migration is as smooth as possible and begin offering the service once the contract is signed.
If you trust us with your accounting, we will be a part of your team.
We will take full responsibility for the correctness and compliance of our work, while making sure that your accounting is done professionally and always on time.