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Thanks for sharing your experience! Amazing, so you are quite OG, nice.
I see you mention multisig, that means funds are managed by multiple users from the company, right? Very interesting use case.
just need to switch the chip in your mind and make it happen
THiS is gentlemen!
how to deal with exchange rates and tax declarations
So you are not counting bitcoins as cash? Or is more about the exchange rates for the international currency accounting?
Usually a business accounting, for tax related, will keep everything in one currency (the one in which is paying taxes), no mention at all about btc. BTC is cash, in this case is just a form of payment, like paypal for example. All the invoices are made in the taxing currency not in btc. Taxma n not even have to know that was paid in btc.
an't believe there're not many business owners around here
Indeed I was expecting more merchants to come. We need to hear these amazing experiences and take them as examples.
Thank you sir for your great contribution!
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when I said
just need to switch the chip in your mind and make it happen
I meant that sometimes you just need to give up on what you (most of the time are just social contracts, you decide to agree to) have and be ready to receive... make space for the new somehow?! Otherwise the new doesn't arrive.
So you are not counting bitcoins as cash? Or is more about the exchange rates for the international currency accounting?
Hehe, we go into details here. We do have two accounting systems though: one internal, the oracle, and the other is maintained by our law & accounting partner. So not sure if we count bitcoin as cash, because isn't, it's bitcoin and that's it. So let's just say that for us Bitcoin is also the oracle that define the exchange rates for any other currency.
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Fair enough, I don't want you to doxx more here.
I am just curious about how people "see" bitcoin in their accounting.
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type of shop your haveConsultancytype of commerceDesign & Techhow was the onboarding processBiz started in 2009, nice times :) started in 2015 with bitcoin and officially defined as internal standard in 2019. It took time to put everything in place, and we upgraded services and hardware multiple times. Backups saved us multiple times. Multisig, indispensable!what tools / apps you used, in the beginning and laterWe are now setup with a simple:how you consider bitcoin in your accounting (cash or "investment")Our fees are denominated in BTC and all accounting as well. We switch to fiat when needed and to make it easier for the clients. We operate internationally, so used to deal with multiple currency exchange rates at the same time. It feels good to have finally one single reference for all currencies above the dirty $anything you would like to shareBAU, just need to switch the chip in your mind and make it happen. Your accounting strategy will need to change accordingly and depending on which country you reside. You'll need to make hard decisions on how to deal with exchange rates and tax declarations, find a trustable accountant if required, and define the process. It's always good to talk with someone else not related to the business about finance management, especially if related to Bitcoin.PSCan't believe there're not many business owners around here. Why my response is just the second one after 12h from the post publication? Comm'on guys... share your strategy, I'm curious!