Sembro has launched the much awaited Bitcoin accounting software which according to Sembro Development President, Ian Worrall puts the product ahead of the competition. He said that the software the company developed as an infrastructure that only requires a one-time setup which takes less than 10 minutes, requires no importing of data from exchanges.
He further informed that it is available globally, provides flexibility to constantly changing regulations, offers more functionality, and above all, will save tax-payers time and money. Thus, according to him this Bitcoin accounting software is extremely suitable for the clients that are looking for assurance of performance.
In the announcement the company said that the Bitcoin Expense Tracker from it not only facilitates the documentation of gains and losses through an automated process for tax-reporting purposes but also provides a variety of financial calculations that the clients can use while accepting Bitcoin.
The financial calculation solution includes total account value(s), spending trends, realized gain/loss, unrealized gain/loss, etc. It also includes internal vs. external account transfers, and tax-obligations which can then be broken down and viewed per individual wallet address while also being supported by 21 different currencies.
This will be available in any country by using Blockchain technology. The press release from the firm says that as the IRS ruled that virtual currency is treated as property, making price fluctuations in Bitcoin subject to capital gains taxes, which can be cumbersome has been made simple by the Bitcoin accounting software.
The Bitcoin Accounting Software Makes Accounting Easy
According to Sembro Development now, all Bitcoin users must keep records of all Bitcoin purchases, sells, and transactions, including the time, date, and US dollar value at the time of the transaction as these are important factors that are going to determine what amount of taxes the companies are going to pay to the government.
Nonetheless, as the IRS reserves the right to impose penalties on any individuals or businesses that treated a virtual currency transaction differently than as stated by the IRS in Notice 2014-21, it becomes important for the companies to have an accounting software that provides them better and right calculation and tells them what the exact amount of tax they should pay to government.
Also, for the average Bitcoin trader and user, keeping records of all transactions is time consuming and difficult and for that reason they need a Bitcoin accounting software like the one from Sembro.
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