The London-based firm is believed to be the first UK mid-sized accountancy firm to accept a cryptocurrency to settle invoices.
“As a forward-looking business, we are always exploring new ways to develop our offering. We are pleased to now offer this option to clients,” said Jon Wedge, Financial Services partner at BKL. “We support people and businesses that work with cryptocurrencies and blockchain, and this move has been driven by demand from our clients. It’s a convenient way for many of them, particularly those in the fintech and technology sectors, to buy our services.”
Using a leading automated payment processing system, BitPay, clients of BKL can now opt to receive invoices in Bitcoin.
“BKL are one of the most respected specialist accountancy practices serving the blockchain industry and we are very happy that they are successfully using BitPay’s B2B service,” said Sonny Singh, Chief Commercial Officer of BitPay. “This is another superb example of forward thinking professional service businesses engaging with the ever-expanding crypto currency industry. As blockchain ventures continue to proliferate there will be an increasing worldwide demand by vendors to pay invoices in bitcoin.”
BKL will invoice their clients with a traditional fiat value, and then the client pays in bitcoin or bitcoin cash with a conversion rate provided by BitPay that is issued and fixed for 15 minutes, using an average price from leading regulated exchanges. This ensures there is no exposure to any of the price volatility that characterises the digital currencies.
BKL receives its payment electronically through BitPay, but as fiat money.
To find out more about how we can help cryptocurrency holders and fintech business with tax and accounting, please get in touch using our enquiry form.