Become A Crypto Accountant - Business Ideas

Become A Crypto Accountant - Business Ideas
Become A Crypto Accountant

As cryptocurrencies become more common for transactions and investments, there is a need for accounting professionals with knowledge of how cryptos work.

To become a crypto accountant, you need to understand how cryptocurrencies work and how the classification of these digital assets under the generally accepted accounting principles.

The rise of cryptocurrencies brings a new layer of complexity to accounting. Navigating the new frontier and ensuring tax compliance and proper crypto accounting can prove challenging.

The best way to start learning more about cryptocurrency accounting is to read articles that are published on the topic, like this one. They will cover everything from how to account for cryptocurrency mining operations to how to account for a fork in the blockchain.

Becoming a crypto accountant requires a great deal of effort, dedication, and most importantly passion.

If you're interested in how to sell accounting service, or selling accounting service online, you can use this page as a guide for everything you'll need to know.

Key Stats

market size
$10.9B
starting costs
$11.7K
gross margin
90%
avg product price
$273
time to build
210 days

Startup Costs

Min Startup Costs Max Startup Costs
Office Space Expenses $0 $7,000
Employee & Freelancer Expenses $150 $250
Website Costs $223 $7,015
Business Formation Fees $600 $4,700
Software Expenses $162 $2,894
Advertising & Marketing Costs $0 $1,400
Total Startup Costs $1,135 $23,259

Successful Businesses

Business URL Rank
accaglobal accaglobal.com #10,635
AccountingWEB accountingweb.com #64,484
AccountantsWorld accountantsworld.com #371,019
Accounts Legal accountsandlegal.co.uk #405,726
Clear House Accountants chacc.co.uk #561,982
Bullet bullethq.com #767,496
Find an Accountant™ findanaccountant.co.za #939,876
Cook CPA Group cookcpagroup.com #1,585,808
Renner Company rennercpa.com #2,782,331
Michael S. Mathews accountant-lasvegas.com #2,980,544
Caputa & Associates, CPA Accounting Des Plaines – Small Business Accounting & Taxes mycpachicago.com #3,090,538

Pros & Cons

Pros Description
Flexibility You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own.
Ability to start your business from home It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning!
Little startup costs required The cost to start a crypto accountant costs significantly less money than most businesses, ranging anywhere from 62 to 23,259.
Rewarding work Starting a crypto accountant can be really rewarding work. After all, you are solving an immediate issue for your customer and you're working on something you truly care about.
Scalable With businesses and processes changing daily, there will always be demand for new features, products and services for your business. Additionally, there are several different business models and pricing tiers you can implement that will allow you to reach all types of customers.
No overhead costs To get your crypto accountant started, there are no costs associated with overhead, storage, packaging, etc. This will save you a lot of time and money!
Cons Description
Crowded Space Competition is high when it comes to your crypto accountant, so it's important that you spend a good amount of time analyzing the market and understanding where the demand lies.
Longer Sales Process A crypto accountant can be a big time and money investment for your customer, so it's important you plan and predict a longer conversion funnel and stay in communication with potential customers.
Work can be inconsistent As a crypto accountant, the amount of work assigned to you and schedule tends to be more inconsistent, which may make your income less stable. It's important to set boundaries and budget accordingly based on the amount of work you plan to have.
Lack of benefits With a crypto accountant, you are typically self-employed and responsible for finding your own insurance, which can be quite costly and time-consuming.
Isolation Often times, as a crypto accountant, you typically work alone and do not have much face-to-face interaction with other team members.
Taxes As a crypto accountant, you typically pay self-employment taxes which can be quite high. It's important to understand what you will be paying in taxes each year so you can determine if the work you're taking on is worth it.

Marketing Ideas

  • 1

    Affiliate Program

    Affiliate marketing is a great way to bring in a new revenue stream, especially when you don't sell products or services.

    Simply put, an affiliate program is an agreement where a business pays another business or influencer ("the affiliate") a commission for sending traffic and/or sales their way.

    The affiliate typically gets a unique link where clicks and conversions can be tracked.

  • 2

    Word of mouth

    Word of mouth is when a consumers reflects their interest in a company’s product or service in their daily dialogues.

    Therefore, word of mouth advertising is essentially a free advertising triggered by the customers experience.

    According to Nielsen, 92% of people trust recommendations from friends and family.

    Therefore, in today’s hyper-connected world, a single recommendation through a word of mouth can have a huge impact to your business.

  • 3

    Social Media Advertising

    Social media advertising is the use of social media platforms to connect with your audience with the objective to build your brand, increase sales, and drive website traffic.

    According to Oberlo, approximately 48% of the global population use social media, and the number is ever-growing.

    Therefore, social media allows brands access to cost-effective advertising by enabling them to interact with a large audience.

Pat Walls,  Founder of Starter Story
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