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Cryptocurrencies, like Bitcoin, have been making headlines recently. One day they’re up and another day, they’re down. They’re going to continue to do that. The question is, should you accept cryptocurrency in your business? And should you bill some of your customers in cryptocurrency as well?
The answer is no.
Do not use cryptocurrency. It is so volatile that you can make a deal with someone that you think is worth $10,000, but it could actually be worth $15,000 or $20,000 or $5,000. That is not a risk you would be taking in your business because it will directly impact your profitability.
Instead, it’s important to know that digital currency is coming. The Chinese Government is creating their own and the Federal Reserve is creating its own as well. What you need to think about is how to automate and accept payments electronically because that technology is coming and is here to stay.
Say “no” to cryptocurrency and “yes” to technology that makes you more efficient and ultimately gets you paid faster.
This post was reviewed by our team of accounting and financial experts. TGG’s mission is to make business owners’ lives better through excellent financial management. We strive to provide the most up-to-date and objective information on accounting-related topics so our readers can make informed decisions based on factual content. All posts undergo a review process with at least one member of our Leadership Team to ensure accuracy.
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Janine Smith is a Consulting CFO with TGG. She has a wealth of experience in accounting process development and management, supervising both TGG staff and client’s internal staff (banking, AR, AP, inventory management, payroll), and working with many different types of accounting software. She has worked with clients to develop KPIs that fit their current needs and coached them to support the goals of the business. One of her favorite tasks is budget development and using that as a tool to help organizations meet their goals.
