Home » Best Accounting Software for Cryptocurrency, according to G2 reviews

Best Accounting Software for Cryptocurrency, according to G2 reviews

Choosing the right accounting software for crypto is crucial. The complex nature of blockchain has made managing them efficiently more difficult than ever. In this article, we explore the top five accounting software solutions for cryptocurrency transactions, based on G2 reviews.

The Top 5 Accounting Software for Cryptocurrency Transactions

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This guide aims to help you make an informed decision for your financial operations, ensuring you select a crypto accounting tool, curated by G2 that meets your needs and enhances your crypto accounting processes.

What is Crypto Accounting Software?

Crypto accounting software automates the process of tracking and managing digital assets. These tools are essential for businesses and individuals dealing with cryptocurrencies. They help in accurately recording every transaction, managing portfolios, and calculating taxes related to cryptocurrency holdings.

Purpose-built crypto accounting software is far superior to generic tax tools. Designed for business and enterprise-grade data management and reporting, these tools cater specifically to the needs of accountants, financial controllers, and CFOs handling digital asset transactions. The real difference lies in the level of granularity in data collection and the ability to translate blockchain data into financial entries.

These tools automate classification and streamline reconciliation through various sanity checks. They seamlessly integrate financial data into other ERP systems and general ledgers like Xero, QuickBooks, and Netsuite. Crypto accounting software allows accountants to customize asset-level mapping, generate detailed reports by asset, and track complex financial instruments like DeFi LP positions, liquid staking tokens, and SAFT agreements.

What sets crypto accounting software apart is the depth of data it handles. These tools run financial calculations common to accounting practices, such as cost basis, realized and unrealized gains/losses, profit and loss statements, and other major reports. This ensures clear and accurate books, which are crucial for future audit processes.

The main features of crypto accounting software include automatic transaction tracking, portfolio management, tax calculation, report generation, and integration with existing accounting systems. By automating these processes, businesses can save time and ensure compliance with financial regulations.

For individual users looking to track their cryptocurrency, we have delved into that topic in articles like “The Ultimate Guide to Crypto Accounting Software According to Reddit Users” and “Are Free Crypto Accounting Software Any Good?” These resources provide detailed information tailored for individual crypto enthusiasts.

Why Use Crypto Accounting Software?

  • Error Reduction: Automating the tracking and management of cryptocurrency transactions significantly reduces the risk of human error. Manual data entry is prone to mistakes, which can lead to inaccurate financial records.
  • Time Savings: By automating processes like transaction tracking, portfolio management, and tax calculation, crypto accounting software saves valuable time for accounting teams. This allows them to focus on more strategic tasks rather than getting bogged down in manual entry and reconciliation.
  • Regulatory Compliance: Crypto accounting software helps ensure compliance with financial regulations by accurately tracking and reporting crypto transactions. This is particularly important in an industry that is rapidly evolving and subject to stringent regulatory requirements.
  • Integration with Existing Systems: Crypto accounting software integrates seamlessly with existing accounting systems and ERPs like Xero, QuickBooks, and Netsuite. This integration ensures that all financial data is accurately recorded and synchronized across platforms.
  • Advanced Financial Reporting: These tools offer advanced financial reporting capabilities, including cost basis calculations, realized and unrealized gains/losses, profit and loss statements, and more. This level of detail is crucial for maintaining clear and accurate books, especially for future audits.
  • Customization and Flexibility: Crypto accounting software allows accountants to customize asset-level mapping, generate detailed reports by asset, and track complex financial instruments like DeFi LP positions, liquid staking tokens, and SAFT agreements. This flexibility is essential for businesses with diverse and complex crypto transactions.
  • Future-Ready: These software solutions continuously develop and incorporate new features and capabilities demanded by users across the market. This ensures that your business is always ready for new tokens, chains, and DeFi smart contracts. It saves you the hassle of building your own slow and heavy internal system.

The main use cases of crypto accounting software include:

  • Closing the Month-End Books Faster: Streamlining and speeding up the month-end closing process.
  • Bookkeeping and Reconciliation: Reducing the time spent on reconciliation and bookkeeping tasks.
  • Preparing for Financial Audits: Ensuring that your financial records are clear and accurate, making future (or current) financial audits smoother.

Using crypto accounting software not only streamlines your financial operations but also enhances transparency, accuracy, and compliance. For businesses transacting with digital assets, these tools are indispensable.

Criteria for Selecting the Best Software

When selecting the best crypto accounting software for your business, several key criteria should be considered. These provide the best value for your investment.

1- Integration Capabilities: The software must integrate seamlessly with your existing flow of operations. It should work with your current data sources, chains, DeFi protocols, exchanges, custodians, and more. Additionally, it should support new integrations as your needs evolve, ensuring scalability as your business grows.

2- Price: It’s essential to evaluate the pricing structure to ensure it fits within your budget. Look for the best offer that provides the most fitting price schema for your needs. Consider whether the software offers a free trial or a tiered pricing model that allows you to scale up as your business expands.

3- Ease of Use: The software should be user-friendly and intuitive, minimizing the time spent on learning and using the tool. A user-friendly interface saves time and reduces the likelihood of errors, allowing accounting professionals to focus on more strategic tasks.

4- Support and Training: Given the complexity and occasional inaccuracies in blockchain data, reliable and responsive customer support is crucial. The software provider should offer quick turnaround times for support, customer service, and onboarding teams to address any issues swiftly, ensuring your operational flow remains undisturbed.

Other important considerations

While a comprehensive feature set is essential, it is now considered a table-stake in the market. The software should support calculations, reporting, recognizing spam tokens, and tracking purchases or sales of crypto assets. Ensure the software can handle your specific needs but understand that most top-tier options will already support these features.

Overall User Satisfaction: High user satisfaction ratings indicate that the software is reliable, efficient, and meets the needs of its users. G2 reviews are an excellent source of unbiased user feedback, providing insights into the experiences of other users.

Selecting the right crypto accounting software involves balancing these criteria to find a solution that fits your business’s needs. By considering ease of use, integration capabilities, pricing, support, and feature set, you can choose a tool that will enhance your financial operations and ensure compliance with regulations.

The Top 5 Accounting Software for Crypto Transactions

Based on G2 reviews, here are the top five accounting software solutions for cryptocurrency transactions. These tools are rated highly for their comprehensive features, ease of use, integration capabilities, and overall user satisfaction.

1. Cryptoworth

Cryptoworth stands out as the top choice for small businesses and enterprises alike. It automates back-office crypto accounting tasks and syncs with over 190 blockchains and 1,000 sources. Key features include portfolio management, real-time transaction tracking, automated reconciliation and sanity checks, and detailed financial reporting. Its two-way sync with Xero and QuickBooks Online (QBO) allows you to bring the Chart of Accounts to the sub-ledger and push back data into the general ledger, streamlining the reconciliation process. Cryptoworth offers clear pricing tiers, making it easy to understand and more affordable than many competitors.

Key Features:

  • Syncs with over 190 blockchains and 1,000 sources
  • Real-time transaction tracking
  • Portfolio management
  • Customizable asset-level mapping
  • Two-way sync with Xero and QBO
  • Integration with ERP systems like Xero, QuickBooks, and Netsuite

Pros:

  • Highly user-friendly interface
  • Comprehensive feature set
  • Great customer support
  • Scalable for business growth
  • Affordable and transparent pricing

Cons:

  • It showed in one case wrong dates but the support team has fixed this issue quickly.

User Ratings: 4.9 out of 5. Read Cryptoworth Reviews in G2

G2 crypto accounting badges go to Cryptoworth

G2 Review:

2. Bitwave

Bitwave offers a range of features suitable for enterprise use but comes with higher costs and less transparency in pricing. It supports multi-entity and multi-currency processes, making it suitable for enterprise use. However, it has several limitations, including paid support and opaque pricing.

Key Features:

  • Multi-entity and multi-currency support
  • Real-time accounting capabilities
  • Integration with major ERP systems

Pros:

  • Suitable for enterprise capabilities
  • Good integration options

Cons:

  • Support is a paid extra
  • Opaque and high-pricing
  • Limited trial options
  • Add-on pricing for many features
  • Generic reporting features

User Ratings: 4.8 out of 5. Read Bitwave’s G2 review here.

3. SoftLedger

SoftLedger offers real-time accounting capabilities and supports multi-entity and multi-currency accounting. However, it behaves more like a traditional general ledger with limited crypto-specific features, which are expensive add-ons.

Key Features:

  • Real-time accounting
  • Multi-entity and multi-currency support
  • Integration with various ERP systems

Pros:

  • Real-time data processing
  • Good integration capabilities

Cons:

  • Limited crypto-specific features
  • Expensive add-ons
  • Higher costs for small businesses

User Ratings: 4.6 out of 5. Read Softledger’s G2 review here.

4. CoinLedger

CoinLedger automates tax reporting for crypto investors and is highly rated for its ease of use. However, it focuses primarily on individual tax reporting and lacks the granularity needed for enterprise-level financial reporting.

Key Features:

  • Automated tax reporting
  • Easy transaction history import
  • Comprehensive tax calculation

Pros:

  • User-friendly interface
  • Great for tax preparation
  • Reliable customer support

Cons:

  • Limited advanced features for enterprise use
  • Not suitable for intensive enterprise demand

User Ratings: 4.6 out of 5. Read CoinLedger’s G2 review here.

5. Cryptio

Cryptio provides advanced portfolio tracking, market intelligence, and compliance tools. It integrates with major accounting platforms and supports GAAP and IFRS-compliant valuation systems. However, it has a high entry-level setup fee of $5,000, making it less accessible for smaller enterprises. Its integration capabilities and customization options could make it a viable choice for larger enterprises. However, the slow speed of incorporating new blockchains and feature requests may not meet the intensive demands that enterprises usually need.

Key Features:

  • Advanced portfolio tracking
  • Market intelligence tools
  • Compliance solutions
  • Automated labeling and transaction reconciliation

Pros:

  • Comprehensive feature set
  • Easy to use
  • Highly customizable use cases
  • Strong integration capabilities

Cons:

  • High entry-level setup fee ($2,500 one-time)
  • Expensive pricing structure starting out at $449/month
  • Not suitable for SMBs or small NFT projects

User Ratings: 4.5 out of 5. Read Cryptio’s G2 review here.

Cryptio has only received 2 user reviews at the publication date.

Crypto Accounting Software Comparison Table

A comparison table titled "The Top 5 Accounting Software for Cryptocurrency Transactions, According to G2 Reviews" features five cryptocurrency accounting software: Cryptoworth, SoftLedger, CoinLedger, Cryptio, and Bitwave.

The table includes the following columns:

Description: Briefly explains the key features and capabilities of each software.
Rating: Displays the G2 rating out of 5 stars for each software.
Entry-level Pricing: Lists the entry-level pricing for each software.
Descriptions:

Cryptoworth: Automates back-office crypto accounting tasks, syncing with over 190 blockchains and 1,000 sources. Offers excellent support and affordable pricing, ensuring reliable and comprehensive financial control for digital assets by savvy accountants. Rating: 4.9/5. Entry-level Pricing: $89 up to 2000 txs/mth.
SoftLedger: Offers real-time, multi-entity, multi-currency accounting automation. Digital assets accounting is supported as a Paid Add-On. Rating: 4.6/5. Entry-level Pricing: $750+ Must Pay Extra per Module.
CoinLedger: Simplifies tax reporting for crypto investors by automating the entire process. Does not support the depth level of accounting features needed by crypto accountants. Rating: 4.6/5. Entry-level Pricing: $99 up to 1000 txs/mth.
Cryptio: Offers advanced portfolio tracking and compliance tools but is hindered by a high entry-level setup fee and slow integration of new blockchains, making it less suitable for businesses with intensive demands. Rating: Not enough reviews. Entry-level Pricing: $449 up to 4000 txs/mth.
Bitwave, softledger, coinledger, cryptio

This detailed comparison highlights the strengths and weaknesses of each software solution. By evaluating these aspects, you can choose the tool that best fits your business’s crypto accounting needs.

FeatureCryptoworthBitwaveSoftLedgerCoinLedgerCryptio
G2 Rating4.9/54.8/54.6/54.6/54.5/5
Ease of UseHighMediumMediumHighHigh
Data Sources190+ blockchains.
70+ exchanges and custodians
35+ blockchains.
15+ exchanges and custodians
Not available50+ blockchains.
50+ exchanges and custodians
50+ blockchains
29+ exchanges and custodians
Pricing$$$$$$$$$$$$$
Implementation Cost0 – $$$$0 – $0 – $$$$
Integration with ERPYes (NetSuite,
Pennylane,
Quickbooks,
Xero)
Yes (NetSuite,
Xero,
Sage,
Quickbooks,
Workday)
No.No.Yes (Netsuite, Quickbooks, Xero, Sage, SAP)
SupportExcellentMediumMediumGoodGreat
ScalabilityFast
(10 days)
Slow
(60 days)
Slow
(60 days)
Medium
(30 days)
Medium
(30 days)
Feature-Rich SetComprehensiveGood, cover basicsToo Basic for Web3
Too Basic for enterprisesComprehensive
Free TrialYes, upon requestNot availableNot availableYesNot available

Conclusion

Choosing the right crypto accounting software depends on your specific needs and business requirements. Each of the top five software solutions—Cryptoworth, Bitwave, SoftLedger, CoinLedger, and Cryptio—offers unique features and benefits that cater to different aspects of crypto accounting.

Cryptoworth stands out for its comprehensive feature set, user-friendly interface, and affordable pricing. Its ability to integrate seamlessly with major ERP systems and support a vast number of blockchains makes it an ideal choice for businesses looking for a robust and scalable solution.

Bitwave provides a range of features suitable for enterprise use but comes with higher costs and less transparency in pricing. While it integrates with various ERP systems, the additional cost for support and features might be a concern for some businesses.

SoftLedger offers real-time accounting and integration capabilities but has limited crypto-specific features, which are available as expensive add-ons. It may not be the best choice for businesses heavily focused on crypto transactions.

CoinLedger is focused on tax preparation for individual users and lacks the advanced features needed for enterprise-level accounting. It’s a viable option for those who need straightforward tax reporting without the complexity of comprehensive accounting capabilities.

Cryptio provides advanced portfolio tracking and compliance tools. However, its high entry-level setup fee and premium pricing might be prohibitive for smaller businesses. Its integration capabilities and customization options could make it a viable choice for larger enterprises. However, the slow speed of incorporating new blockchains and feature requests may not meet the intensive demands that enterprises usually need.

Ultimately, Cryptoworth emerges as the best overall option due to its balance of affordability, comprehensive features, and ease of use. For businesses transacting with digital assets, selecting a crypto accounting software that aligns with your operational needs and growth plans is crucial.

FAQs

To address common questions about crypto accounting software, here are some frequently asked questions and their answers:

Cryptoworth is considered the best cryptocurrency accounting platform due to its comprehensive feature set, ease of use, and seamless integration with major ERP systems. It supports a wide range of blockchains and provides detailed financial reporting and portfolio management.

Yes, using crypto accounting software is highly recommended for businesses and individuals dealing with digital assets. These tools automate the tracking and management of cryptocurrency transactions, reduce errors, save time, and ensure compliance with financial regulations.

Yes, crypto accounting software typically comes with a cost. Pricing can vary widely depending on the features and capabilities offered.

For example, Cryptoworth offers affordable and transparent pricing starting at around $89 per month. Bitwave, on the other hand, has a more opaque pricing structure with many features priced as add-ons and can be significantly more expensive. Cryptio has a high entry-level setup fee of $2,500/5,000 and monthly costs starting at $449 for its basic plan. SoftLedger and CoinLedger also have varied pricing, generally reflecting their targeted user base and feature sets.

Advanced cryptocurrency accounting software provides detailed financial reporting, automated transaction tracking, portfolio management, and compliance with GAAP and IFRS standards. These tools integrate with major ERP systems and support a wide range of blockchains and financial instruments.

The main use cases of crypto accounting software include:

  • Closing the month-end books faster: Streamlining and speeding up the month-end closing process.
  • Bookkeeping and reconciliation: Reducing the time spent on reconciliation and bookkeeping tasks.
  • Preparing for financial audits: Ensuring that your financial records are clear and accurate, making future (or current) financial audits smoother.

Crypto tax software for accountants provides tools for automating tax calculations and reporting for cryptocurrency transactions. It supports integration with traditional accounting systems and offers features like automated transaction categorization and reconciliation. Examples include Cryptoworth and Bitwave, which cater to crypto accounting professionals and accounting firms dealing with digital assets.

Author

  • Ariel Eiberman

    Ariel Eiberman is the marketing lead at Cryptoworth, a leading crypto accounting software that helps web3 accountants speed up month-end closing. He has more than 6 years of experience in product marketing for software companies and a background of organizing olympic games and polyglot meetups in multiple cities.

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Ariel Eiberman

Ariel Eiberman is the marketing lead at Cryptoworth, a leading crypto accounting software that helps web3 accountants speed up month-end closing. He has more than 6 years of experience in product marketing for software companies and a background of organizing olympic games and polyglot meetups in multiple cities.

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