One of the most important parts of running a crypto accounting practice is having a fleshed-out strategy for vetting and onboarding clients. Some potential clients are a can of worms and you might not want to work with them. It’s important to figure out what your ideal crypto client is and build a strong pipeline, sales process, and onboarding flow to attract and retain those star customers.
If a potential client has crypto activity but doesn’t have a subledger yet, we’ll help them select and implement a subledger that fits their needs. If the client only has a few transactions that are relatively simple (i.e. sends and receives), we’ll implement a solution like Koinly that’s reliable and inexpensive. For more complicated crypto transactions, we’ll refer them to our enterprise subledger partners like Bitwave, Integral, Taxbit, etc.
Once we digest their crypto activity, then we dive into the crypto subledger and either review past work or implement the subledger from the beginning. It’s key to have accurate subledger data that ties to the general ledger. Our process involves the following steps:
- Ensure the client has sent all wallet addresses
- Port wallet address data into the subledger via syncing or manual uploads
- Double check ending token balances per the subledger tie out to on-chain (via screenshots, node queries, etc)
- Review all pricing for accuracy and reasonability (i.e. USDC should always hover around $1)
- Check the realized gain/loss numbers and ensure all reports tie out to the ending cost basis
- Make any necessary adjustments so the ending cost basis per the subledger ties out to the general ledger