Written by Josh Needs
Published by Accountants Daily on 04 April 2023
Click here to read on Accountants Daily website
The integration will make it easier for accountants facing increased crypto compliance measures as digital currency increases in popularity, says the firm.
BGL customers can now automatically sync cryptocurrency data to their accounts thanks to integration with Australian cryptocurrency tax software Syla.
BGL’s managing director Ron Lesh said he was pleased to bring the Syla integration to the firm’s customers.
“We are excited to add Syla to the BGL ecosystem,” said Mr Lesh.
“The integration allows BGL clients to easily sync their clients’ crypto transaction data from any digital currency exchange connected to their Syla account directly into their Simple Fund 360 and Simple Invest 360 software.”
Mr Lesh said software needed to accommodate greater tracking of cryptocurrency data as accountants tried to meet its compliance demands.
“With one in four Australians investing in crypto, it’s becoming more challenging for accountants to get the compliance work done, particularly when investors could be using any crypto exchange,” he said.
“A single portfolio could have hundreds or even thousands of crypto trades.”
“Integrating Syla will automate the journal entry process for every crypto purchase and sale, saving BGL’s Simple Fund 360 and Simple Invest 360 clients significant time and effort.”
Syla co-founder Nick Christie agreed with Mr Lesh and said the integration would make meeting compliance obligations easier when it came to cryptocurrency.
“A portfolio with crypto investments could be a bit of a trauma-inducing experience in the past, particularly when it came to compliance work,” said Mr Christie.
“The tedious entry of manual journals for every crypto purchase and sale surely sent many accountants close to madness. With the launch of this integration between Syla and BGL, we’ve really flipped the experience entirely around.”
“Manual journals are out, and instant sync is in. BGL clients can now sync all crypto trades, income and other transaction data from any crypto exchange into their Simple Fund 360 and Simple Invest 360 software, ensuring the compliance work can be easily sorted.”
Founded in 2018, Syla was developed by Australian accountants to make it simpler to deal with crypto and blockchain tax compliance. The firm says its automation software equips investors, traders and businesses with certainty and accuracy when dealing with their crypto investments.
Founded in 1983, BGL Corporate Solutions has grown to become one of the largest developers of compliance software in the world, with more than 180 employees globally.
