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With 1 in 5 Australians invested in crypto, you have undoubtedly come across a client with crypto holdings.
Top 4 Things to Consider When Evaluating Crypto Tax Software
04 September 2023
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3 minute read
Depending on how thick the stack of transaction record sheets was, you probably spent a brain numbing amount of time deciphering the activity and then struggled to bill the client appropriately. If you have experienced this situation before, you’re not alone.
Luckily, crypto tax software solutions exist to rid you of the crypto tax nightmare, allowing you to leave the hard work to your client and avoid wasting time learning about this complicated asset class.
It’s no secret that the automation offered by crypto tax software can significantly improve the efficiency of the entire process. Yet, with a multitude of platforms available, the question arises: how do you select the perfect fit? To guarantee an informed choice, here are the top four factors to consider when assessing crypto tax software.
1. Accountant Friendly Workflow
Most crypto tax software solutions are built for individuals, and don’t consider tax professionals in the workflow of the platform. Find a platform that provides an accountant portal to manage your clients and a way to onboard them to the platform that is sleek, professional and low touch. Once the client is in the system, the software should offer an intuitive method to import transaction data from different exchanges and wallets, eliminating manual data entry and minimising the potential for errors.
Bonus: search for a platform which allows for collaboration with clients within the platform. The platform should allow the clients to do the hard work of importing data, and allow the accountant to finish any reconciliation as required before generating the final tax reports.
2. Comprehensive Integrations
Many crypto investors use many different exchange accounts and wallets. If the software doesn’t support a wallet or exchange data format, it could result in time wasted manually entering the transactions into the software. Good software solutions should have 800+ integrations.
Bonus: In addition, effective software should adeptly handle complex activities like DeFi and NFT trading so you don’t need to become an expert in crypto to understand your client’s activity.
3. Top-Notch Customer Support
What’s worse than getting stuck and not knowing where to go for help? Prioritise those with responsive customer support through channels like email, live chat, or phone. Look for platforms offering comprehensive documentation (e.g., a help centre) and tutorials on how to resolve particular issues.
Bonus: have a look at online reviews (such as Trustpilot) to see what customers are saying about the support from your software of interest.
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Want a crypto tax software which ticks all the above? Check out Crypto Tax Calculator today and see how great it is for you & your clients.
As a special promotion, we are offering Accountants Daily readers an exclusive 40% discount to provide your clients. Sign up to the accountant portal for free here, invite your crypto clients using the personalised invite link and give them the code ‘AD40’ to claim the discount!
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