New York City Blockchain Accounting from Goldfine & Company CPA PC
From its conception, blockchain has emerged with the goal of changing the way customers and business owners interact with the marketplace. This objective is most evident in the way transactions are recorded using this technology. While known predominantly for its use in cryptocurrencies such as Bitcoin, the scope of this emerging development is growing daily and its economic impact cannot be understated.
At Goldfine & Company CPA PC, we are dedicated to being on the leading edge of all matters pertaining to financial and accounting services, which includes staying abreast of the rapid changes introduced by blockchain. We understand that business processes as we know them will need to adapt, and we are committed to guiding our New York City clients confidently into this new economic reality.
What is Blockchain?
At its core, blockchain technology is a system of encryption that provides a decentralized ledger where all transactions are verified by a global community of users in real-time. The entries in these online charts of accounts include transfers of assets along with smart contracts for services rendered, all of which are irreversible and transparent. Details of each exchange are recorded chronologically, and any changes are broadcast across the network, limiting the possibility of fraudulent activity while making it easier to confirm exact balances. These features are the driving force behind Bitcoin, Ether, Dash, and other cryptocurrencies.
Blockchain Accounting for Your Business
Outside of cryptocurrency speculation, the most promising financial applications of blockchain involve improving the customer experience by innovating how individuals and businesses pay for goods and services. More companies, especially those with a large online presence, are accepting digital currency as payment and using blockchain-based platforms to manage their inventory. This technology is being applied to areas as diverse as payroll and transferring funds across countries, increasing opportunities as well as the need for reliable insight to avoid penalties.
The experienced CPAs at Goldfine & Company CPA PC offer advisory services for NYC area business owners, ensuring their company can support the technical and tax implications associated with blockchain. While the technological concept may be new, our firm has advocated the practice of ethical, transparent accountancy since we first opened our doors.
Explore Your Possibilities – Contact our NYC Blockchain Accountants Today!
If you’re wondering how to leverage the potential of blockchain for your business, the team at Goldfine & Company CPA PC would love to discuss the possibilities with you. We help you navigate this emerging technology, whether by working with you to select the correct business entity, set up accounts, or comply with changing tax regulations.
Serving clients throughout the New York City area, our CPA firm specializes in blockchain accounting and cryptocurrency tax services. To learn more, get in touch with our office today and schedule a consultation.