Best Crypto Accounting Software 2024
Key Takeaways
- Top crypto accounting software choices often integrate with popular business accounting software.
- Crypto accounting software can track crypto payments made to your business.
- Monthly and annual plans are available.
You know how you have to keep track of your regular money so you know what’s what during tax time? The same goes for crypto. Regulators keep a close eye on cryptocurrency trades. That means individuals and large companies need to track their crypto transactions and file their taxes accordingly.
Organizing and filing tax information isn’t usually considered fun. When it comes to crypto, it’s definitely no walk in the park. Between the ever-fluctuating prices, countless exchanges, and fees for every transaction, trying to do crypto accounting manually can be a drag.
Enter tax software for crypto. This type of software can ease the pain of doing taxes on crypto, and let you breathe easy come tax time.
We’ll give you the TL;DR on a few of the top options below.
Best Crypto Accounting Software
| Company | Monthly Price | Exchange Integrations | Tax Software Integrations |
|---|---|---|---|
| Bitwave | Contact for pricing | Binance Coinbase Gemini Kraken + more | Quickbooks Oracle Netsuite Xero Sage Intacct Workday |
| Cryptio | Basic – $299/month Pro – $750/month Enterprise – contact for pricing | Binance Coinbase Gemini Kraken + more | Oracle Netsuite Xero Quickbooks |
| Ledgible | $49/mo – for 200 transactions, and $100 for each set of 2,500 transactions after the first 1,000 Enterprise plan also available | Binance Coinbase Gemini Synthetix + more | Quickbooks Oracle Netsuite Xero TurboTax TaxSlayer |
| Cryptoworth | Free up to 100 transactions Tier 1 – $285/month Tier 2 – $555/month Tier 3 – $910/month Enterprise – contact for pricing | Binance Gemini Coinbase Deribit + more | Quickbooks Oracle Netsuite Xero |
1. Bitwave
Pros And Cons Of Bitwave
Pros
- Automatically sync your entire transaction history any time you connect a wallet or exchange
- Easily send bulk crypto payments to multiple addresses when paying invoices or processing payroll
Cons
- Pricing is unclear and you have to arrange a demo if you want to use the software
Key Features
Bitwave provides a full suite of accounting, bookkeeping, and tax tracking solutions for practically any crypto use case.
- Automatic tax reports for cryptocurrency swap transactions — which is when you trade one cryptocurrency for another, effectively selling the first one and purchasing the second one
- Provides IRS-compliant reports from your imported transaction data
- Tracks tax liabilities on profits earned from crypto lending
- Trusted as the go-to crypto tax solution by large organizations like OpenSea
Who Should Use It?
- Institutions: The company offers a Bitwave Institutional suite of enterprise tools and services for crypto custodians, exchanges, wealth managers, and liquidity providers. You can generate independent contractor forms for employees, track and report on client funds, and produce financial statements separated by subsidiary.
- Crypto Miners: For those who mine crypto, Bitwave automatically tracks mining profits and tax liabilities, and also has special customization features for tasks such as writing off certain costs.
- Nonprofits: Crypto donations have grown more popular in recent years. Bitwave provides nonprofits with the tools they need to manage their crypto donations, including automatic categorization and appraisal of donated tokens, NFTs, and other digital assets.
2. Cryptio
Pros
- Integrates seamlessly with mainstream accounting platforms
- Used by big names in the crypto & financial sector
- Highly customizable use-cases
Cons
- Not suitable for individuals
- More expensive than other platforms
Key Features
Cryptio is a modern crypto accounting and tax software that comes with all the features you’d expect and then some:
- Tracks all cryptocurrency transactions and assets in one place, automatically pulling data from wallets, custody services, and exchanges, and includes DeFi activity tracking with built-in auditing.
- Follows GAAP and IFRS standards, ensuring accurate transaction pricing with data from trusted sources like Kaiko and CoinGecko.
- Automatically categorizes and reconciles transactions, making it easier to manage accounts and invoices.
- Easily connects with Xero, QuickBooks, and other accounting software to sync crypto and traditional finances.
- Creates detailed reports, tracks asset values, and generates IRS and SEC-compliant documents for tax and compliance purposes.
Who Should Use It?
- Exchanges and Custodians: Cryptio offers seamless finance system integration and precise reporting for high-volume crypto businesses.
- DeFi Enterprises: Cryptio converts DeFi activities into auditable records, supporting cross-chain reporting and tracking over 500,000 assets across 40+ blockchains.
- Banks: Banks can streamline on-chain transactions and audit processes with Cryptio, trusted by major clients like Bancolombia.
3. Ledgible
Pros
- Integrates with over 200 exchanges
- Allows for real-time collaboration on tax documents with your clients or team
- Can generate reports for lending, staking, and DeFi trading
Cons
- Doesn’t offer a free version
- More focused on CPAs than individuals
Key Features
Ledgible is a crypto accounting and tax software that provides services for individuals, as well as a complete suite of client management tools for tax professionals and accountants.
- Comes with tax advisory and planning dashboards that help you plan out your future spending and tax liabilities
- Provides services for individuals, but it was built with CPAs, tax professionals, and accountants in mind
- Provides client and team management portals that allow tax professionals to work on behalf of clients
- Accounts not only for gains and losses, but also for fees charged when making transactions
Who Should Use It?
Ledgible provides three tax products. Each serves a different market niche when it comes to tax preparation:
- Ledgible Crypto Tax: Ledgible’s tool for consumers looking to file their own taxes
- Ledgible Crypto Tax Pro: Ledgible’s solution for accountants and CPAs which integrates with popular software like UltraTax CS and GoSystem Tax RS
- Enterprise Accounting: Made for large businesses that require custom features such as user accounts, special exchange connections, and large transaction volumes
4. Cryptoworth
Pros
- Has a free version which includes unlimited exchange and wallet connections and up to 100 transactions
- Tons of crypto-native integrations including DeFi, GameFi, and NFTs
Cons
- Free version does not support integrations with tax software like Quickbooks and Xero
Key Features
Cryptoworth’s tax and accounting services include the basics like automatic transaction reports and tax prep, but the service also includes the following extra features:
- Integrations with top NFT marketplaces OpenSea and Rarible for NFT accounting and tax calculations
- Integrations with over 100 decentralized finance (DeFi) protocols including Uniswap, Curve, Yearn, and others
- Support for tracking tax liabilities from staking on chains such as Ethereum, Solana, and Polygon
- Streamlined integrations to GameFi (Gaming Finance) ecosystems for tracking taxes from blockchain video games like Axie Infinity
Who Should Use It?
- DeFi Traders: Cryptoworth supports native integrations with over 100 DeFi protocols, so importing your DeFi trades and transactions is a breeze if you’re a DeFi trader.
- Crypto Gamers: Cryptoworth is among the few tax and accounting software solutions that offer native GameFi integration. Simply search for your GameFi token and, if it’s supported, you will be able to import your data as easily as for any other cryptocurrency.
Why Use Crypto Accounting Software?
You wouldn’t use a hammer to pound screws, right? There’s a proper tool for every job, as Grandpappy used to say, and crypto accounting software is the right tool for businesses that use crypto.
Sure, there are more affordable crypto tax software options out there. But consumer-market software often misses the mark when it comes to business use.
If you’ve ever used a consumer crypto tax service, you already know you’ll never get a detailed expense report out of some of these tools. For the most part, they spit out tax reports you can send to the IRS (but which nobody else understands). Grandpappy was right again.
Accounting
As the old business saying goes, you’ll never save your way into a profit. The top line sets the course of the ship. But you can increase profits by understanding the numbers. Whether you use in-house accounting or outsource to a firm, crypto accounting software gives you easy access to more data.
Need to know how much you spent on fees on a given platform? Export a report. Want a breakdown of your crypto loan interest? Export a report. Getting the tax numbers right is essential. But access to data that can help increase the bottom line is often worth the added investment.
Bookkeeping
How long would it take your bookkeeping staff to keep up with your business’s crypto escapades? And how many bookkeepers understand how to categorize a liquidity pool swap? This is new territory, folks.
If your business has more than a few crypto transactions per year, the payroll hours (and potential mistakes) can add up quickly. Crypto accounting software makes everyday crypto transactions painless. Many services also let you export to popular business accounting software like Quickbooks, Oracle Netsuite, Quickbooks, or Xero.
Paying With Crypto
Legitimate business expenses are tax-deductible, but what if you pay with crypto? Heck, even Newegg takes crypto these days. A 1.5 ETH purchase on your books won’t make sense to anyone–least of all, the IRS. For tax and accounting purposes, crypto-funded purchases have to be converted to the equivalent value in dollars at the time of the expense.
Crypto accounting software does the heavy lifting here, tracking your cost basis and the value in USD when you make the crypto payment. Cool. Now, you probably won’t go to jail. At least not for that.
Getting Paid In Crypto
Just like paying in crypto, receiving crypto as payment requires some accounting gymnastics. Your crypto accounting software can convert a 0.6 Bitcoin payment to its value in USD, so you’re compliant. It’ll track the crypto asset as well, just like other business property. If you eventually convert your crypto to cash, you’ll already have an accurate cost basis. No more guessing and praying.
Connecting Traditional Tools
Crypto doesn’t have to be like the weird mumbly guy that nobody remembers at the family reunion. Your business crypto transactions can mingle (but not co-mingle) with your other business transactions.
Crypto accounting software connects to popular accounting software, joining the big family picture. Bitwave and Ledgible can both talk to Oracle Netsuite and Quickbooks. Cryptio has native integration with all Oracle Netsuite, Quickbooks and Xero. You get the idea. Everyone’s part of the family now.
To Sum It Up
Whether your accounting or tax business is just starting out or you have large enterprise clients, you’ll want to use crypto accounting software to keep track of your clients’ finances and tax liabilities.
Frequently Asked Questions
Cryptocurrency accounting software is used to analyze crypto transactions, track losses and gains, and determine how much you owe in taxes from your crypto trades throughout the year.
Crypto accounting software integrates with large exchanges and crypto wallets in order to automatically sort and organize your transactions. This way you don’t have to manually track down every trade you made.
This software also automatically generates tax reports that can be submitted to the IRS.
Yes, Cryptoworth has a free version up to 100 transactions.
QuickBooks does not provide crypto accounting as a part of its product. Instead, you can use crypto accounting software such as Bitwave, Ledgible, Cryptio, and Cryptoworth to do your crypto accounting and export the results to QuickBooks.
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