Is it just me, or does accepting and spending Bitcoin/Crypto make your accounting/bookkeeping damn near impossible, at least in the US?

I've been banging my head against this for weeks. I run a small crypto consulting business specializing in mining. I'm not even talking about the near impossible task of calculating your tax liability unless you use just one exchange - just good old fashioned bookkeeping is pretty much impossible if you have any inclination towards accepting raw crypto in your business..

The only accounting software that even supports BTC as a currency directly to begin with is Quickbooks Online - and they round everything to two decimal places. Which essentially rounds every transaction to the nearest $100, and transactions below $50 round down to $0 - so it refuses to accept/import them. Which makes that functionality completely useless.

So of course I can manually enter the dollar value of the bitcoin when I receive it - which is multiple times a day in small amounts due to mining. And then when if you want to directly spend it....just forget about it. Its not worth it. You'll never be able to keep your books straight ever again, because you have to value the amount spent in USD, not BTC.

Literally the only viable option if I want to keep my books straight is to not accept crypto through anything but a payment processor that will immediately convert it to fiat. And that's not what anyone here wants, right?

Seriously I can't overemphasize how much of a barrier to adoption this is to business. Its not just about paying the right amount of tax - it makes it impossible to understand the financial state and health of your business when half of your income and assets can't be included in accounting software.

And at the end of the day this is nothing more than a computer science problem - its just an impossible burden for a human being. Anyone who writes a plugin to effectively integrate Bitcoin into QBO is my hero forever.

Ok, rant over....but seriously you guys, this is like a ridiculously huge problem for adoption. You can do everything in the world to convince people to spend it, but it doesnt matter if business reality effectively forces businesses not to accept it. If you wondered why 10 years later so few businesses still accept it directly, if at all....this is why.

Submitted May 18, 2018 at 11:15PM by Darius510 https://ift.tt/2KA8Ik7