It’s been a short time since my last post, therefore i believed these days would be an honest time to share info on one among the comes that’s occupied loads of our time over the past few months: our new method of accounting.
As our America customers can apprehend, we have a tendency to only recently passed the point in time for filing America financial gain taxes. whereas BlockTrades itself could be a Cayman Islands company that doesn’t get taxed, its shareholders do ought to pay taxes, as well as taxes on profits from the corporate. To cypher those profits as with efficiency as potential, each currently and within the future, we have a tendency to determined to make software system capable of automating all the clerking for our company additionally as software system for catching accounting issues and mistakes by third party vendors.
Unlike most firms, BlockTrades deals solely in cryptocurrency, not solely with its customers, however conjointly with its external contractors. BlockTrades doesn’t even maintain a checking account. within the cases wherever it will got to pay somebody during a act currency, it works with associate degree external payment agent that sells off the cryptocurrency for money to create the ultimate payment.
As a result, the majority incoming payments and expenses for BlockTrades ar recorded in blockchain records which will be analyzed via software system (except for deposits/withdrawals and trades on external exchanges, however these records may also be foreign as laptop records). this suggests that we have a tendency to don’t ought to manually enter things like check payments into associate degree accounting package: any payment we have a tendency to build or receive via any of our blockchain pocketbook is mechanically accessible to our method of accounting.
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