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Best Cryptocurrency Accounting Software

Best Cryptocurrency Accounting Software

07 Dec 2020

Reading Time: 3 minutes


"In this world, nothing can be said to be certain, except death and taxes"- Benjamin Franklin.

No one likes taxes, and no one likes doing taxes, especially if you are a freelancer or uncontracted worker as you need to do your own. For cryptocurrency traders, miners, and workers, it is also tricky as there are many arguments as to what cryptocurrency is classified as.

Thankfully, like with everything else in this world, there is an app for that.

Accounting is the processing and measurement of financial or non-financial data. The person who performs accounting is called accountant. It is an important profession that keeps our society moving and keeps track of our expenses. Not every accountant can do taxes for your crypto earnings so you should instead turn to an accounting software designed specifically for cryptocurrency.

Here are the best cryptocurrency accounting software/apps you can use right now:

1. Koinly

Koinly is the preferred cryptocurrency software due to its ease of use and versatility. It can import your data from seemingly anywhere. It is perfect if you have multiple currencies in different wallets and use a mixture of exchange sites.

This does have a payment option, but does offer a free version for those looking to just calculate their tax.

2. CryptoTrader.Tax 

This piece of tax software is free to use and allows you to receive your tax report in just three easy steps.

Step 1: Import your trades from whatever exchange site you use.

Step 2: Add your crypto income over the taxation period

Step 3: Download your tax report.

Many other services will ask you to jump through hoops, but CryptoTrader makes doing your taxes simpler than ever.

3. Accointing 

This cryptocurrency tax service is unique as it will track you through the taxation period and compile all the transactions and earnings you have. After this, you will receive a detailed tax form with little to no effort on your part. It is free to use. It is the easiest option for those just getting into cryptocurrency and need a simple way of doing their taxes.

Cryptocurrency is indeed the future, but nothing and no one is exempt from taxes.

Although we do not like taxes, there is a reason we have them. Without tax, our country could fall apart. Still, the main reason people hate doing tax payment is because of how complicated it can be. This is why software like the ones above have come. These kinds of innovations in tax will help everyone get the maximum return on their tax and help them avoid any of those ridiculous fines.

Cryptocurrency is definitely the future of currency. Even in that future though taxes will still exist. It is great that people have created these apps to help people get accustomed to doing them.

If you need help to find what price your crypto was worth when you bought it, click here and use our crypto tracker. We have all records of any given cryptocurrencies price over the past few years.

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