Xen Accounting’s website proclaims bold positioning for the traditional profession of accounting, “We are a fully virtual, 100% cloud-based, 100% paperless Chartered Accountant firm. Some call us the new breed of accountants, others call us accountants 2.0.”
The Digital Currency Council recently spoke to Ryan Lazanis, whom the site describes as “Xen Master.” Lazanis confirmed that Xen Accounting uses tools such as Skype and web conferencing to speak to clients rather than seeing them face-to-face. He added that everything the firm uses, from the accounting software to the apps that integrate within this software, are completely cloud-based.
“It’s really about using the latest technology to deliver our accounting services,” Lazanis said. “At our core we’re accountants who do tax planning, business consulting, and various other accounting services, but we have a big focus on technology, and leveraging that technology so that we can offer our core services in a more effective manner.”
The very nature of Xen Accounting means that most of its client base is very tech-savvy. Lazanis first learned about Bitcoin from his clients, who – given the nature of his practice – tend to be tech-savvy entrepreneurs and early adopters of new technologies.
From there, his interest grew, and he set out to learn more about it. He read voraciously and attended some Bitcoin related meetups in Montreal, where he is based. Given his clients needs, he was committed to becoming an expert on the accounting and tax implications of Bitcoin.
His advice to clients is that they should track everything; any buys or sells should be properly recorded. “Depending on what country you’re in, there are tax implications,” he added, “and you need to track those transactions.”
He also advised clients to be open-minded about Bitcoin. There’s a lot of negative press about it, but Lazanis suggests merchants consider the currency as “just another way for people to pay you, and that’s never a bad thing.”
Lazanis cautions professionals to be open-minded: noting that some have said he is crazy for getting involved with digital currencies. He encourages others to take the time to learn about the ecosystem before criticizing it.
When Xen Accounting decided to accept Bitcoin its principals had no idea where it would lead. “Now it’s leading to a whole new opportunity,” says Lazanis.
“Today’s technology makes accounting for small business more convenient, less time consuming and less frustrating,” notes Lazanis. This accountant and technology enthusiast has quickly become a thought leader in the space of digital currencies and taxation. The opportunity for more professionals to provide accounting services in the digital currency economy is only growing.