Japanese Companies Reunite To Launch Corporate Crypto Accounting Tool
Two Japanese companies, Cryptolinc Co and Miroku Information Service Co, have joined forces to create a new product for the crypto market. Cryptolinc develops crypto management and calculation systems while Miroku is a financial and accounting system management service. Together, they decided to design a crypto corporate accounting tool that can be used in crypto accounting.
Via collaboration, the crypto transactions will be used in the system of Miroku Information Service, the company has affirmed, while it will realize a seamless data link by using an API connection that will link it to Cryptolinc Accounting.
The result is that the software will help accounting companies to process tax returns for crypto transactions more easily. This will be very useful as more companies will have increases in their expected crypto-related profits in the near future because of the fast development of this market.
Transaction Data Will Be Collected From The Exchanges
According to a joint statement from the companies, the software, while it is still in its beta version, is already ready to prepare income and expense calculations after each transaction. Also, it can capture the data and insert it into an accounting software like the Miroku Information Service. The companies state that this is the first tool for corporate crypto accounting to be launched in Japan.
This year, the Accounting Standards Board of Japan has issued a new law that attracted the attention of the companies because cryptos had to be accounted for in tax related issues. However, calculating losses and gains can be considerably complicated right now and that is when these companies come in with their new software that was specifically created to support this demand.
Cryptolic has said that the focus of the joint project is to account crypto transactions and publicize them, as many accountants are struggling to understand gains and losses related to crypto trading because of its complexity and also because it is a very new space and most accountants are still not trained for it.
This way, the software will be used to manage the data collected from transactions in multiple changed in a way that it can centralize these transactions to make calculation easier. All the data will be collected by the company, according to the Japanese law, to satisfy tax compliance legislation.