Blox Can Save Millions For Crypto Companies With the First Platform To Integrate Intelligent Automation for Calculating Cryptocurrency P&L
The industry leading platform for cryptocurrency accounting and tax, Blox, has launched the industry’s first automated and accurate cost basis tool for calculating cryptocurrency profit and loss. Today’s cryptocurrency community has already penetrated the mainstream world, creating a complex series of unique challenges for today’s crypto accountants, tax professionals and blockchain businesses. Now available for Blox business users, the new Cost Basis tool is a welcomed addition to the company’s existing suite of tools, according to customers and the industry at-large.
The cryptocurrency industry is still lacking the important legal framework for understanding cryptocurrency accounting and taxation. But as cryptocurrencies continues its rise to dominance, companies like Blox are already deploying the industry’s most vital solutions.
Crypto companies and blockchain business suffer from an inability to quickly and reliably calculate P&L for clients and businesses. There are three primary issues that exist which form technical obstacles: data completeness, transaction type and volume and a lack of suitable technology.
“Crypto accountants and tax professionals will spend hundreds of thousands of hours on calculating P&L manually for the 2020 tax season. This is simply not sustainable for the future of cryptocurrencies,” said Alon Muroch, CEO and Co-Founder of Blox.io. “If we can save businesses money, while saving accounting firms time and resources, it’s a win/win for the industry and the future of crypto.”
Existing cost basis tools requires laborious manual input to determine profit or loss. The new cost basis tool integrates Blox’s signature ‘automation services’ to fetch users complete historical records in real time, providing professionals with a completed overview of financial accounts.
The new tool will save businesses and investors hundreds of millions of dollars in tax liabilities, while reducing the amount of man hours required to calculate crypto P&L. Blox is backed by industry giants such as eToro, Zilliqa, 0X and Decentraland, all of which leverage the SaaS platform for its crypto accounting and tax preparation functionality, handling billions in crypto AUM.
“For manual P&L calculations, it can take a professional many hours to simply calculate 100 transactions. That makes it impossible to scale up for large institutions with thousands of transactions. With Blox, you can save on time, money and resources – and that is the bottom line,” said Keren Tow-Aizic, CFO of Blox.