Although most Canadian accounting professionals currently work with the Canadian dollar, some wonder if cryptocurrencies will soon become mainstream. Cryptocurrencies are entirely digital currencies that are exchanged independently of traditional banking. From Bitcoin’s emergence in 2009 to the creation of many other virtual currencies, including Dogecoin, Ethereum, and Ripple, the number and prominence of digital currencies have continued to increase.
Does this mean that Bitcoin, or other cryptocurrencies like it, might become an increasingly important part of the day-to-day lives of accounting professionals? Here are some points for students in accounting training to consider.
There Are More Bitcoin Transactions Than Ever
Excitement about Bitcoin in 2012-2013 led to its value skyrocketing. Investors were buying up the currency at high prices and then holding on to it, hoping to cash in on the digital currency at a later date. This led to stagnancy that diminished the value of the currency, though, and value has since fallen.
However, the number of Bitcoin transactions has been steadily increasing. In early 2016, Wired ran a story pointing out that more people are using the currency for actual purchases than ever before, including for substantial transactions.
If this trend continues and your place of work decides to accept Bitcoins, you may find yourself doing bookkeeping work involving cryptocurrency transactions right alongside more typical currency exchanges.
New Technologies Could Encourage Even Greater Adoption Rates for Bitcoin
Graduates of accounting colleges or accounting programs offered at Academy of Learning Career College (AOLCC) may soon be tracking payments made with Bitcoin even if their place of work does not officially support the currency. This is thanks to products like the “Shift Card,” which are trying to make it easier for users to spend their Bitcoins in everyday transactions.
With the Shift Card, users can access their Bitcoins and have them automatically converted to the currency being transacted, such as Canadian dollars. Currently, Shift Cards can be used anywhere a Visa card can be used, which is helpful, as most retailers do not yet support direct Bitcoin transactions.
Transactions made with a Shift Card, or another product like it, would not register in your bookkeeping or accounting records as being a Bitcoin exchange. Instead, they would look like a regular credit card transaction. In other words, when working as an accounting professional, you may not even know when your business has engaged in a Bitcoin-related exchange thanks to new products like the Shift Card.
New technology could make it easier to use Bitcoins for everyday transactions
Find Bitcoin Support Within Quickbooks
Students in accounting training programs like the Computerized Accounting Diploma offered at AOLCC learn to use important industry software like Quickbooks. Quickbooks is a feature-packed program that allows for computerized accounting and payroll professionals to perform regular tasks involving invoices, sales and purchasing records, and balance sheet reporting.
Perhaps the surest sign that Bitcoin may become an important part of an accounting professional’s workday is Quickbooks’ addition of Bitcoin support earlier this year. Though it is not yet an official feature, Quickbooks Online allows users to access Bitcoin support through the “Labs” experimental features menu. With time, and greater adoption of Bitcoin as a medium for financial exchange, it’s possible that this feature will become fully integrated into the Quickbooks feature set, and potentially become an important tool for you in your career.
Visit the Academy of Learning Career College for more information.
