Why You Shouldn't Ditch Your Traditional Accountant

Yellow Flower

Why You Shouldn't Ditch You Traditional Accountant

This might be controversial, but here me out. You need two accountants. Yep two.

Managing the financial side of a blockchain project requires an advisor who understands the nuances of crypto transactions. A crypto accountant helps ensure proper on-chain accounting, prepares crypto-tax reports, manages treasury functions, wallet structures and security, understands multi-jurisdictional structures, and can be a general sounding board as you work through the blockchain specific sections of your road map.

It's a full-time job. The learning curve is steep. The pace of change is frantic and never ending. But a great crypto accountant is worth their weight in gold.

If you already have a great traditional accountant who helps you with business services and tax, they probably know very little about blockchain and crypto. But you know what they will be good at? Everything else. General taxation. Business structures. CGT concessions. Lending. Asset protection. For them it's a full-time job as well. Their learning curve is steep. The pace of change is not as frantic, but the scope is larger.

Expecting your crypto accountant to be what you need from a web3 perspective won't work. Asking your crypto accountant to be everything you need across all areas of accounting and tax will eventually end badly.

We take a different approach to most crypto accountants. We don't compete with your existing traditional accountant. We are not interested in taking their clients. But we recognise that we have experience and expertise that they don't. Which is why we position ourselves as a partner for your ideal finance and accounting team.

What you might be surprised about, is it usually works out more cost effective and you get better outcomes. You know you aren't paying for someone to learn. You get great advice when you need it.

Two accountants working together to bring your project success. You'll be amazed how well it works.