Crypto Tax is Too Hard; How to Make it Easier

Tax

Use this four-step workflow to save time when managing crypto clients.

Promoted by Crypto Tax Calculator 1 minute read

Cryptocurrencies are complex. Throw in taxation and asprinkle of vague guidelines from the ATO, you’ll find they are nothing short of a time-consuming nightmare.

More than 25% of  Aussies own crypto,so the chance that your clients have traded crypto is very high. With the data-sharing agreements between Australian exchanges and the ATO, you could find the ATO flagging many of your clients for owning cryptocurrency this year.

Without software, managing crypto clients is time-consuming due to the sheer complexity of transactions and the endless back-and-forward contact with clients. This leads to difficulty with billing, often resulting in wasted time and unbilled hours.

The accountant portal on CryptoTaxCalculator (CTC) has been designed specifically to allow for efficient management of crypto clients, saving you precious time and helping you manage the nightmare that is crypto.

Implement This Workflow to Save Time Managing Crypto Clients:

Step 1: Add your clients to the portal

CTC’s accountant portal lets you unify your client management process at no cost to you. Add all your crypto clients into the portal so you can manage them all in one place. 

Step 2: Send a personalised client invite 

Once you have added your crypto clients to the portal, enter their email to send them a personalised invite email. This email will prompt them to link their crypto wallets and exchange accounts, eliminating the need for annoying back-and-forth email chains trying to collect client data. The invite also allows clients to pay for their reports directly, so you don’t need to worry about billing.

Step 3: Reconcile transactions

Once clients link their wallets and exchanges, the system imports and normalises the transaction data into one standard format. CTC facilitates transaction reconciliation by automatically matching transactions and providing automated reconciliation suggestions.

Step 4: Generate client reports

Generate a comprehensive pack of reports, giving you all the information needed to audit and file your client’s crypto taxes.

This workflow is invaluable for accountants dealing with crypto clients. By streamlining the process and automating repetitive tasks, you will save time, bill effectively and eliminate the headache of crypto tax. It’s time to upgrade your workflow and let CTC's Accountant Portal do the heavy lifting for you.

Get started with CTC here, and start saving time this tax season.

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