Any Good Bitcoiner Resources for Adding Bitcoin to Business Balance Sheet
3121 sats \ 10 comments \ @kepford 30 Nov 2023 bitcoin
Been talking with a business owner about custodial risk. This is a small business but would like to move some of the fiat on the balance sheet to bitcoin. Its to the point of being a concern with staying in fiat and the banking system. This business revenue is all fiat for now. Accepting bitcoin is also a part of the plan but the larger question is where to start.
I know there are based bitcoiners running businesses that have fiat and bitcoin. These businesses have to pay taxes and use industry accounting standards with assets/cash. I'm wondering are there any good resources I could share with this business owner. Then this business owner can speak with their accountant about their plans.
I assume it is very similar to how a business would report other asset purchases like stocks/bonds. But this is an assumption. Wondering what based bitcoin businesses do.
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10 sats \ 1 reply \ @itsrealfake 1 Dec 2023
River has some resources
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1 sat \ 0 replies \ @kepford OP 1 Dec 2023
Thanks
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10 sats \ 1 reply \ @bzzzt 30 Nov 2023
Unchained basic multi sig the way to go assuming they are wanting to hold corn as a treasury asset for long term savings ( thats what i do for my business). Not sure how good unchained would be for a setup where a lot of corn going in / out.
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0 sats \ 0 replies \ @kepford OP 30 Nov 2023
Yeah, this is a good step but I'm curious how it works on the accounting side not just custody. I wouldn't be surprised if the unchained guys know about that too though.
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10 sats \ 1 reply \ @DarthCoin 30 Nov 2023
Better talk with the guys from https://unchained.com/
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0 sats \ 0 replies \ @kepford OP 1 Dec 2023
Thanks
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10 sats \ 2 replies \ @siggy47 30 Nov 2023
Does Saylor still have that course for corporate bitcoin ownership?
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866 sats \ 1 reply \ @kepford OP 30 Nov 2023
He may but I've assumed that it was overkill for a small business. Running a publicly traded company is much more complex than a small private corporation.
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10 sats \ 0 replies \ @siggy47 30 Nov 2023
Yeah, you're probably right.
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0 sats \ 0 replies \ @02df4abd70 1 Dec 2023
Certainly! When considering adding Bitcoin to a business balance sheet, it's essential to consult with professionals familiar with cryptocurrency accounting. Resources like the "Bitcoin Accounting Guide" by the Accounting Blockchain Coalition or "Crypto Tax Guide for Businesses" by CoinTracker provide insights into handling Bitcoin from an accounting perspective. Additionally, seeking advice from experienced Bitcoin-friendly accountants or consulting firms specializing in crypto assets might offer tailored guidance for integrating Bitcoin into a business's balance sheet while adhering to industry standards and tax regulations.
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