Legitimizing the widespread adoption of digital currencies such as Bitcoin and Ripple, the software company Libra, makers of bitcoin tax-accounting service LibraTax, today announces the release of two new services to help businesses and CPAs account for digital currency transactions in 2014, the year when the IRS gave guidance that virtual currency is classified as a capital asset and taxable as property (rather than currency).
The services – Libra Business and Libra Pro, the latter for CPAs and accounting firms with bitcoin clients – expands on just capital gain/loss tax reporting by introducing familiar reports used for bookkeeping and monthly reconciliation. The software is unique because it interfaces with the ‘blockchain’ itself, the public ledger of all bitcoin transactions. Soon, it will also integrate with Xero, QuickBooks, and other traditional accounting platforms.
Libra sees itself as the only full-service digital currency accounting software on the market today, and the first to bridge the gap from distributed ledger technology to the traditional world of double-entry accounting. In addition to providing the tools for individuals and business with bitcoin, Libra is beginning to educate the accounting and audit industry about bitcoin technology. To that end, Libra’s teamed up with Future of Accounting co-founder and co-president Danetha Doe to produce a weekly video chat with accountants called the #FutureOfMoney.
Libra is also excited to announce that it has partnered with with BitPay, the world’s largest bitcoin payment processor. “BitPay adheres to extremely high standards of accounting and regulatory compliance, and we’re pleased to extend LibraBusiness to our merchants to enable them to keep track of transactions efficiently, as well as encouraging wider public adoption of the platform by simplifying the process of Bitcoin accounting,” commented Bryan Krohn, BitPay’s Chief Financial Officer.
By setting annual fees extremely low — only $19 for LibraTax, $49 for Libra Business, and $99 for Libra Pro – Libra’s goal is to help digital currency remain accessible to anyone. “A huge step forward for the legitimacy of this world changing technology will be the day when it earns respect among professional accountants and auditors,” says Jake Benson, founder and CEO of Libra. “My mission is take us there.”
Benson, who is 26 and a former IT consultant for Capgemini, founded the company last year with lead funding from Liberty City Ventures. He is frequently invited to deliver keynotes and interviews about the promise of digital currency technology, which he believes has to potential to revolutionize the practice of accounting. For more information about Libra’s services and its team, see www.libratax.com.
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Tags: Accounting, Auditing, Digital Currency, Technology
