If we talk about Bitcoin, many people probably understand or have heard of it. But if we talk about Cryptocurrency, we may not understand or know much about it. But in 2019, accountants or experts who give advice on investment must prepare to answer questions like: What is Cryptocurrency? What will we get from this investment? How will it affect our accounting? Today, Triforce has prepared these answers for you.
Before getting to know Cryptocurrency, you should know the term Blockchain first. Because Blockchain is a technology used to store Cryptocurrency data, which is a technology that helps maintain security without the need for a middleman to prevent the forgery of important data. Blockchain is highly secure and financial institutions accept its use in Fintech.
What is Cryptocurrency?
It is a digital currency, which is a type of investment and a medium of exchange around the world. In Cryptocurrency, there are various currencies, as many people know it as Bitcoin, but in fact, there are more than that, such as Ethereum (ETH), Cardano (ADA), or even Facebook has also released a digital currency, which is Libra. But for Facebook, there are still concerns about data leaks and some vulnerabilities. Therefore, it is necessary to be under control with high standards.
How does Cryptocurrency relate to accountants?
From an accountant’s perspective, cryptocurrency will have an impact on accounting records, which are recorded as assets of the organization, considered as a type of investment. When sold and profits are made, taxes must be paid to the Revenue Department. In addition, many organizations have plans to accept payments in cryptocurrency to facilitate customers.
TRIFORCE provides SunSystems solutions that support Cryptocurrency accounting along with cash accounting and can generate reports in multiple currencies, which will make your work easier. Contact us at email: info@triforcegs.com
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