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Tax & AccountingJuly 01, 2022

Panel discussion: Friedman LLP, Ledgible, and open integration

By: Wolters Kluwer Tax and Accounting

The last few years have presented accounting firms with unprecedented changes. Regulatory and legislative changes have kept firms busy, while the pandemic has changed client and staff expectations.

At the same time, firms are dealing with massive amounts of data moving through disparate systems and looking for technology solutions that will simplify rather than complicate their work. As the challenges pile up, cloud-forward solutions open up new possibilities and provide new opportunities for firms.

Recently, Wolters Kluwer Tax and Accounting hosted a candid discussion with Steven Baum of Friedman LLP and Kell Canty of Verady, Inc., developer of the crypto tax solution Ledgible, to discuss how firms leverage cloud-based solutions and open integration to manage complexity and solve some of these challenges.

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Getting started with digital currency

While baby boomers and generation X run most firms, technological advances are driven by younger demographics. This creates a kind of generation gap, leaving firms scrambling to engage younger talent and build out technology teams that understand the possibilities. Culture change takes time, so firms need to begin thinking about making changes today.

Firms should not shy away from new technologies and practice areas. Technology like cryptocurrency represents an opportunity for accounting firms. The change is inevitable, and firms that are embracing it are seeing success, especially by partnering with technology experts. Friedman uses Ledgible, integrated with CCH Axcess™, to simplify virtual currency tax compliance. 

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Digging into virtual currency

Virtual currency is here to stay. Nearly 15% of people in the United States own digital assets. If your clients are younger, the percentage will be higher, and the number is growing daily. Major banks are adopting virtual currencies, states like Colorado accept virtual currency for state tax payments, and the city of Miami even adopted its own virtual currency.

While understanding the financial implications of virtual currency and digital assets adds a new level of complexity to accountants’ jobs, it is also a prime opportunity for accountants to offer services that their clients want and need. Firms will need to take bold action to meet these new needs that are developing in real-time. 

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Managing complexity with technology integrations

Cryptocurrency introduces significant complexity into tax compliance, and firms will require new tools and processes to manage it. While a basic understanding of virtual currency will be necessary, partnering with technology experts can relieve some of the burden related to the tactical components.

Friedman has digital currency specialists that provide expertise to other groups in the firm. They also use Ledgible software to keep track of the thousands of digital currency transactions that their clients make. 

friedman panel discussion
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Conclusion

Through open integration, CCH Axcess enables firms to expand the functionality of their tax software by integrating with the standalone software of their choice. Available through the CCH Axcess Marketplace, Verady’s Ledgible crypto tax solution helps firms manage virtual currency transactions and provides a simple way to move that data into CCH Axcess Tax. By partnering with technology experts, firms can be prepared to meet new challenges as they arise. 

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