Habif Arogeti & Wynne Now Accepting Bitcoin as Payment for Accounting Services

Habif Arogeti & Wynne LLP (HA&W) (FY13 net revenue of $64.3 million) of Atlanta, announced that the firm is now accepting bitcoins as payment for services.

HA&W is one of the first accounting firms in the U.S. to accept bitcoin payments from clients. A bitcoin is a form of digital currency, also known as cryptocurrency. The value of each bitcoin is determined by supply and demand. Though a fairly new payment method, the use of bitcoin is expanding rapidly around the globe. In fact, 25% of consumers across all generations are planning to try using bitcoins for payment. Currently, the digital currency has an estimated market value of $3 billion, with millions of dollars traded in bitcoin each day.

“In 1998, HA&W was a pioneer in the accounting industry by becoming the first paperless CPA firm in the nation,” says Richard Kopelman, CEO and MP at HA&W. “Today, we are once again leading the accounting industry by accepting bitcoin payments.”

By partnering with HA&W client BitPay, bitcoin payment processor, HA&W is expanding payment options for clients and providing greater flexibility to meet clients’ payment needs.

In addition to accepting bitcoins for payment, HA&W specializes in providing compliance, tax and information technology risk management services to companies who process cryptocurrencies. HA&W has worked with digital payment processing companies to develop the proper controls and apply FinTech best practices, such as ensuring the integrity of transactions, understanding the varying tax treatments for digital currencies around the globe and implementing comprehensive IT risk management controls.

“HA&W understands the importance of digital currency to business today and in the future. We are committed to staying on top of this fast-growth industry and have a dedicated team of digital currency experts focused on the tax, accounting and information technology risk management best practices for this industry sector,” says Mitchell Kopelman, PIC of HA&W’s technology and biosciences group. “Our acceptance of bitcoin payments shows our commitment to this space and the success of this new technology.”