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NODE40 enhances cryptocurrency reporting software for financial professionals

Tony Zerucha

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NODE40, the specialist blockchain accounting firm behind the Balance cryptocurrency reporting software, has unveiled a new tier for Balance designed specifically for professional accountants and tax preparers.

The upgraded Professional tier allows CPAs, bookkeepers and tax professionals to track clients separately under one master account and offers shared access when sensitive information must be requested.

“With the deadline for US tax filings approaching, accountants were asking us to solve problems that the marketplace just hasn’t addressed yet,” NODE40 cofounder Perry Woodin said. “By listening to our CPA customers, several themes, or requirements, emerged that no other platform was providing. Many accountants have a good handle on what needs to be done but want a single comprehensive system to automate it. Others need more hand-holding so we cater to both. A back office solution is now available to providers that need either another set of hands or maybe a detailed tutorial on how to work with crypto clients.

The new Professional tier of NODE40 Balance includes all the features in the Essentials tier, plus a number of special functions for accounting professionals.

These include the ability to manage all clients from one account, unlimited bookkeeper accounts for staff, unlimited ledgers, multi-seat discounts and the ability to share access with clients. Professional users will also be paired with a personal account manager, live chat and phone support, an available back office extension to their practice and upcoming FBAR, FATCA and closing position reports.

In the lead up to Mon. Apr. 15, NODE40 has been working with CPAs and individuals that they want to get their crypto taxation reporting right to prepare for a possible IRS audit. The increase in crypto tax reporting has been largely driven by individuals hoping to harvest crypto losses against other tax liabilities. However, NODE40 has warned that those choosing to do so must follow the correct procedure for tracking crypto assets through their entire lifecycle.

Tony Zerucha

Tony Zerucha is an alternative finance journalist with more than seven years experience in the space. The author of more than 1,000 articles, Tony was named LendIt's 2018 Journalist of the Year.

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