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What is Cryptocurrency Accounting Software?

Updated: Sep 14, 2023

Crypto accounting software empowers businesses through transaction data automation and innovative tools - making crypto data management effortless.

Despite the fact that cryptocurrency has evolved how we approach digital assets, the accounting process for crypto finances is falling behind. To keep up with the evolving market, accountants and businesses are urged to rethink how they account for crypto transactions.

Integrating cryptocurrency into your business is an exciting step forward towards the future of finances, but sticking to old accounting systems and methods can only take you so far. In fact, relying on spreadsheets and ledger papers to account for cryptocurrency may be detrimental to your business by impeding overall efficiency and workflow.

If you’re opening your finances to the new world of digital currency, it’s sensible to incorporate innovative software and tools that align with the latest blockchain technology.

Traditional accounting systems are undeniably familiar and comfortable to work with, but they’re also slowing you down and can cause further obstacles in the long run. The conventional accounting tools you’ve become accustomed to aren't optimised enough for easy crypto transaction management.

Can you instantly track all of your different crypto exchanges and wallets in real time? Create automated invoices and billing? Or what about importing and exporting transaction data to other systems in seconds?

These are all issues that crypto accounting software can resolve for you, while your traditional accounting methods probably can’t – or at least not efficiently.

Cryptocurrency accounting software - what is it?

Crypto accounting software provides automated solutions for financial reporting and transaction processes involved with cryptocurrencies. Individuals and businesses can navigate their crypto transactions, records and invoices with ease through the help of crypto accounting software and tools.

The emergence of sophisticated software aims to assist accountants, bookkeepers and individuals alike with overcoming the challenges of managing crypto assets. Many individuals and businesses are still unfamiliar with cryptocurrency, let alone how to manage it. Hence, crypto accounting software can help alleviate initial stress when they first tap into crypto investments.

How cryptocurrency accounting software can help accountants and businesses

Cryptocurrency requires a more holistic approach to accounting than your typical finances, so it’s important to adapt your accounting practices for digital currency.
AEM Journaler is an example of a reliable crypto accounting software that many crypto accountants and blockchain businesses use to streamline their digital assets. If you’re looking to adopt a new accounting system to manage your cryptocurrency more efficiently, Journaler is the software for you.
  • Expedite accounting tasks via automation

Managing crypto finances on a digital platform is the optimal method for ensuring greater productivity, smooth workflow and improved organisation. Unlike spreadsheets and accounting papers, crypto accounting software features automated technology and advanced accounting tools which leave little to no room for error.

Crypto accounting software can track, manage and organise your crypto finances for you, resolving time-consuming matters in one click. Our software Journaler pushes the boundaries of traditional accounting methods with automated reporting tools that allow you to get more done without strenuous effort.

Using Journaler’s automated software, you can consolidate live blockchain wallets, exchange wallets and all associated data in one place for easy review; import and export transaction data; accurately report your crypto tax liabilities with our tax calculator; and access a range of features that facilitate the crypto management process. All without the hassle of manually managing confusing spreadsheets.

  • Simplify NFT transactions

If you’re currently learning how to manage your crypto finances more effectively, it’s possible you’ll also be dealing with NFT transactions in the future - if you aren’t already involved in that market.
Fortunately, Journaler can also facilitate the process of buying and selling NFTs. With our automated invoicing and billing features, it’s easy to send invoices to buyers, as well as create bills to keep your NFT transactions on record.

If you’re an artist or business selling NFTs, our free and easy-to-use multi-cryptocurrency wallet app AEM+ also allows you to raise automated invoices for fast and simple NFT transactions. Reduce the time it takes to create bulk invoices by taking advantage of the efficient tools incorporated in forward-thinking crypto accounting software like Journaler and AEM+.
  • Sync your transaction data with Xero

When incorporating cryptocurrency into your financial assets, you may be confused about integrating it into your existing accounting systems. This often leads to siloed transaction data, making the accounting process for your cryptocurrency more complicated than it needs to be.

Journaler’s sophisticated system resolves this issue, allowing you to sync your transaction data straight into Xero for a quick, seamless experience. It also prevents the headache of manually exporting your data by automatically transferring your data and ensuring nothing is missing or inaccurately shared.
Crypto accounting systems with Xero integration are specifically designed with accountants and businesses in mind, so managing crypto transactions can be a smooth, painless experience.

Journaler's Xero integration feature allows users to combine all their transaction data in one place with the additional help of intuitive tools that make the accounting process even simpler.
  • Add another layer of security and protection

The extra benefit of using digital crypto accounting solutions is that it provides an additional level of security and protection for your crypto assets that ledger papers and spreadsheets can’t offer. Crypto accounting software prevents the possibility of losing important data or files, while also enabling easy access across your trusted devices.

Avoid the pain of accidentally losing or destroying your accounting papers by installing crypto accounting software into your business.

Evolving the crypto accounting process

Crypto accounting software aims to reform traditional accounting methods by maximising efficiency and productivity with innovative tools. Simplified management is the future of crypto accounting.
Integrated with features such as automated technology, advanced reporting tools, cross-platform integration, and added security measures, crypto accounting software is the best way to get ahead of your crypto finances.

Interested in crypto accounting? Learn more about our intuitive crypto accounting solutions and how they can help leverage your crypto transaction management and processes.

Leanne Sta Ana Leanne is a Marketing Assistant at AEM Algorithm. With a strong background in copywriting and content creation, Leanne combines her love for creativity and innovative marketing with strategic research and methodical thinking. Leanne graduated with High Distinction in the Bachelor of Communications (Professional Communication) at RMIT University with a specialisation in Media.



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