Cryptocurrency has always been complicated. Accounting for crypto, with its rapid price fluctuations and ambiguous classification and the patchwork of sometimes-contradictory regulations, has always been even more so. This is where Ledgible, a crypto-focused tax and accounting platform for professionals, comes into play.
Based technically in Atlanta, the firm has come to embrace remote work as befits a company so focused on the online world, with many of its 42 employees telecommuting from points throughout the country. It was founded in 2016 based on the real life experiences (and frustrations) of co-founders Kell Canty and Nathan Eppinger, who developed Ledgible to act as a bridge between the crypto world and the traditional finance world.
What the company ultimately produced was a SOC-audited platform for tax planning and reporting on crypto assets that does things like produce IRS Form 8949 and other reporting formats, as well as client management, collaborative workflow solutions, and team management.
CEO and co-founder Kell Canty took the time to discuss upcoming initiatives, successful projects and the need for accountants to embrace crypto.
How would you best describe what your company does?
Canty: Ledgible is a developer of an enterprise crypto tax and accounting platform for fund administrators, accountants, institutions, tax advisors, fintech providers, and enterprises. At Ledgible, we say, "We make crypto, Ledgible." In short, anywhere digital asset data needs to be aggregated, normalized, and fit into existing tax and accounting systems, Ledgible can help.
What is in your product line, and what is your flagship product?
Canty: Ledgible offers products spanning the entire crypto tax and accounting vertical, from data aggregation to portfolio viewers to institutional and enterprise accounting solutions. Ledgible offers four key products:
- Crypto TaxPro: The Ledgible crypto tax platform provides an integrated platform for tax professionals looking to manage clients' cryptocurrency returns, including team and client management portals, integrations with all professional tax solutions, and full 24/7 live support. Consumers can also utilize this platform in conjunction with professionals, or for DIY filing.
- Crypto Accounting: The Ledgible Crypto Enterprise & Institutional Crypto Accounting application is built to streamline enterprise and institutional cryptocurrency and digital asset accounting operations. Professionals can rely on Ledgible to track cryptocurrency data across the full post-trade crypto accounting vertical.
- Tax Information Reporting: The Ledgible Platform supports full tax information reporting capabilities for crypto (1099 generation), both for enterprises and businesses, but also for traditional TIR providers seeking to integrate crypto into their systems. Quickly aggregate, normalize, and format crypto tax data for 1099 and tax form creation.
- Crypto Data: The Ledgible platform is more than just a SaaS platform, our scalable solutions paired with our proprietary data layer allows quick access to crypto data aggregation and normalization for institutions and enterprises. From integrations with secure banking systems to the augmentation of traditional financial reporting software, Ledgible Data allows enterprises and institutions quick scalable solutions in tax and accounting for crypto.
What was the last big initiative or project your company completed?
Canty: The biggest initiative relevant to accountants in the tax space is our partnership with the leading tax software providers, Thomson Reuters and Wolters Kluwer. We're the only platform that integrates with both, and we've fostered these relationships to make digital asset tax accounting as simple as possible for tax professionals.
One of our most recent projects we're incredibly excited about is our partnership with FIS, allowing access to digital asset accounting solutions for large institutions and enterprises. With the partnership, Ledgible's platform seamlessly integrates with FIS's products to meet the growing need of TradFi native companies to be able to handle digital assets.
What is the most exciting new thing you're working on?
Canty: The overall blockchain space is constantly evolving and the team works hard to keep on top of all trends. Most recently, Ledgible added new features aimed at streamlining the process of nonfungible token tracking and accounting and expects more features for NFT owners and sellers. Ledgible will also be unveiling a new NFT accounting product in the coming months to further support the growing tokenization and NFT space.
What is the biggest challenge facing companies like yours right now? How do you work to address it?
Canty: The shifting regulatory environment. As leaders in the digital asset accounting space, we have to keep a solid pulse on the state of crypto regulation and accounting.
What is the biggest challenge with selling to this market? Of being a company whose customers are primarily accountants?
Canty: Progressing accountants through the phases of understanding surrounding digital assets and how they must be handled from an accounting perspective. This is why in addition to our platform, we partner with media organizations and CPE providers to create educational content for the crypto tax and accounting space.
If you could telepathically transmit one (non-marketing or sales) sentence into the head of every accountant in the world, what would that sentence be?
Canty: It's time to understand crypto and its tax and accounting implications.
Ledgible at a Glance:
Headquarters: Atlanta
Employees: 42
Major integrations: Intuit, Thomson Reuters, Wolters Kluwer, FIS
Website:
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