This month, the Gilded team had the pleasure of attending QuickBooks Connect in San Jose. We were excited to host a live demo of crypto accounting and invoicing using Gilded and debut some new features. This was our very first non-crypto conference, so we were keen to find out how many folks actually had clients with cryptocurrencies.
Key Takeaways:
- About 60% of the attendees we spoke with had clients trading cryptocurrencies, but most had little context beyond the Bitcoin headlines and mass media conjecture. With the IRS now requiring that income from virtual currencies be reported on Form 1040, there’s a growing need not only to learn about crypto in general, but how to properly account for it.
- Many individuals we spoke with wanted to learn how to handle cryptocurrencies in QuickBooks, but there were no training sessions or talks about this subject at the conference.
- Key areas of concern included generating gain/loss reports for tax returns and learning how to automate crypto accounting without specialized knowledge. This might present an opportunity for companies like BotKeeper and Scalefactor to begin to incorporate crypto into their automated bookkeeping solutions.
- We also met some very savvy pro advisors who are already crypto experts (shout out to Kelly Gonsalves, Tina Gregory, Matthew May, and Ryan Lazanis.)
Overall, QuickBooks Connect was a very enjoyable and enlightening conference and our team had a great time speaking with everyone who visited our booth. We were thrilled to encounter so much palpable enthusiasm for crypto and noted a real desire from the CPAs we met to begin accepting crypto clients. Undoubtedly, there’s an enormous need for educational resources and training. In the coming months we’ll be posting a lot more of that type of content on the blog—so keep your eyes peeled!
