AEM Journaler can help you with this! It is the very first in the industry to have a full suite of essential accounting tools that allows for businesses to fully capitalise on the tracking and reporting of cryptocurrency holdings, transactions and tax liabilities. Journaler manages the transaction flows from the moment the cryptocurrency transaction occurs on the blockchain, all the way to reporting it in your Xero file.
Cryptocurrency; we’re sure that you’ve thought about it, tried it or considered getting involved. It’s clear as day to observe the continuously unrelenting trend of individuals, businesses, banks and governments investing and researching helpful blockchain solutions, bolstered increasingly by businesses accepting and holding cryptocurrencies.
Many businesses utilize Xero or other accounting systems, but can’t find a straightforward means of reconciling and reporting their crypto transaction data. There are countless reasons for this, but the most prominent aspect is the difficulty surrounding the formulation of a seamless process. While there are plenty of applications designed for individuals, there is a severe lack of integrated tools available to accomodate for businesses.
So how have we responded to this?
Over the last few years, we have noticed this gaping hole in the market for providing businesses with a simple solution for all the necessities involved in keeping track of their crypto transactions. This is because it is no easy effort, as it requires an in-depth understanding of financial processes, and an intimate knowledge of accounting and cryptocurrency operations. This is why here at AEM, we have spent countless hours exploring the intricacies of the compelling cryptocurrency ecosystem, and worked with Xero accountants to understand their struggles and needs.
That’s how we came up with AEM Journaler, which lets you add and view cryptocurrency wallets as well as filter and report on the transactions straight through to Xero. Journaler acts as a perfect add-on, allowing you to quickly automate your crypto accounting process without getting overwhelmed.
For many people, the most intimidating aspects of crypto may be the wild price swings, or not knowing if the particular currency exchange rate data is trustworthy. Dealing with extrapolations can be daunting, and often means building custom spreadsheets, hence not being able to keep all your accounting data in one place. This is why we’ve decided to revolutionise the process and bring in simplicity thanks to Journaler, making sure that the cryptocurrency reconciliations and reporting become a breeze.