We are going to take our accounting tools to a professional level this month.
I've just finished a consulting call with an accountant who is also a customer of ours, and he laid out the key difficulties of crypto accounting, and how Blockpath can solve them. In addition to the complete tax calculation app we are rolling out this week, Blockpath will also focus on the following problem:
Problem: It is difficult and time consuming to attach 'context' to crypto transactions. While typical fiat data provided by banks has the customer and product attached to the transaction, Bitcoin transactions do not have this data. We plan to fix this by creating a "Transaction Contextualizer" system.
Other than having a cool name, this system will allow the accountant to step through transactions, attach a customer/product/document/receipt, modify the exchange rate or QuickBooks item type, and push the changes to QuickBooks. We plan to tie this feature into our existing "Transaction Rules" system, so you can save your changes to a rule that can be automatically applied to other items.
In addition, we will import your BTC contacts from QuickBooks, to allow you to assign them to transactions. This is already possible from our Rules system, but we want to improve upon it and make it more accessible from the new Transaction Contextualizer.
So that's the goal for the next 3 weeks. Crypto is growing, and we will be here support the community and accountants by simplifying the accounting process as much as we can!