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Bitwave

Bitwave

Overview

What is Bitwave?

Bitwave provides enterprises a drop in solution for handling digital assets. The platform offers complex tax tracking capabilities, automatic mark-to-market capabilities, crypto invoicing, and crypto bill pay. It is a multi-user, multi-sig wallet that helps businesses hold their coins safely,…

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Recent Reviews

TrustRadius Insights

Bitwave has developed a crypto accounting software that effectively consolidates decentralized crypto activity for accounting and …
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Pricing

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What is Bitwave?

Bitwave provides enterprises a drop in solution for handling digital assets. The platform offers complex tax tracking capabilities, automatic mark-to-market capabilities, crypto invoicing, and crypto bill pay. It is a multi-user, multi-sig wallet that helps businesses hold their coins safely,…

Entry-level set up fee?

  • No setup fee

Offerings

  • Free Trial
  • Free/Freemium Version
  • Premium Consulting/Integration Services

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Product Demos

Intangible Digital Asset Impairment Demo | Bitwave

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Product Details

What is Bitwave?

Bitwave provides enterprises a drop in solution for handling digital assets. The platform offers complex tax tracking capabilities, automatic mark-to-market capabilities, crypto invoicing, and crypto bill pay. It is a multi-user, multi-sig wallet that helps businesses hold their coins safely, securely, and compliantly; it is a fuback-office software solution for businesses using crypto, holding tokens, etc.

Bitwave Technical Details

Operating SystemsUnspecified
Mobile ApplicationNo
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Comparisons

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Reviews and Ratings

(5)

Community Insights

TrustRadius Insights are summaries of user sentiment data from TrustRadius reviews and, when necessary, 3rd-party data sources. Have feedback on this content? Let us know!

Bitwave has developed a crypto accounting software that effectively consolidates decentralized crypto activity for accounting and reporting purposes. Users find the software valuable for gaining insights into their business activities on the digital asset side and for fast and easy crypto bookkeeping and reconciliation with other financial activities. The software simplifies tracking cost basis and realized/unrealized gain loss, as well as handling impairment calculations for organizations. While the user interface could use improvements, the software is praised for its ability to solve the problem of proper record keeping of crypto transactions.

Key use cases for Bitwave's software include accounting for digital assets, tracking balances, and integrating various activities such as on-chain and exchange transactions. The software significantly reduces the time and manpower required for manual crypto administration and gain/loss calculations. Users appreciate how Bitwave helps track digital assets in one place, making accounting more cohesive and automated. It is particularly effective in closing the books for corporate crypto clients and providing necessary information for tax filings. Bitwave serves as a key partner for accounting and tax teams, leveraging smart contracts to track and report shifting balances of assets, LP positions, and trade performance. The software eliminates the need for manual crypto administration from Etherscan and simplifies the calculation of unrealized tax results.

Bitwave's software offers users the flexibility to choose between different strategies such as LIFO, FIFO, and DCA, and run tax scenarios to compare outcomes, thanks to its cost basis and book basis tracking. Automation features save an incredible amount of time, including the ability to pay employees in crypto through the Bulk pay feature. Bitwave streamlines monthly and quarterly close procedures, making month-end close processes faster. The software also assists with tax reporting, digital asset fund management, mark-to-market asset tracking, fund flow, etherscan transactions, and defi wallet positions. It helps users categorize transactions efficiently and improve reporting capabilities.

The software provides accurate recording of digital asset activity for tax, GAAP, and audit purposes, making it a valuable solution for multiple agencies. Bitwave enables the creation of audit-ready books and records for clients, simplifying the complex and tedious nature of crypto accounting. By using Bitwave, users can manage crypto accounting transactions more efficiently and effectively, resulting in accurate and timely financials. The software allows for capturing and summarizing all aspects of enterprise use of digital assets in legacy accounting software with near-perfect reconciliation. Bitwave properly captures digital assets off the blockchain, provides reports for auditing assets and activity, and creates supporting documentation for auditors and stakeholders. Users appreciate how Bitwave grants them control over their data and meets their accounting needs, even for complex transactions like arbitrage. The Bitwave team's knowledge about the digital asset world greatly assists with implementations and juggling various clients. The software offers the ability to apply crypto payments against the ledger, both for accounts payable and accounts receivable, while also generating gain/loss reports for tax purposes. With its comprehensive features and capabilities, Bitwave proves to be an invaluable tool for businesses looking to streamline their crypto accounting processes and maintain accurate financial records.

Helpful and Responsive Onboarding Support: Users have found Bitwave's onboarding support and troubleshooting assistance to be highly helpful and responsive. Several reviewers have praised the team's knowledge and quick problem-solving abilities, making the initial setup process smooth and efficient.

Fantastic Customer Support: Bitwave's customer support is widely praised by users, with many describing it as fantastic. Reviewers appreciate the team's promptness in addressing their queries and concerns, highlighting their knowledgeable approach towards solving issues. The proactive nature of the leadership is also commended for providing exceptional customer service.

Simplicity and Focus on Core Needs: Users appreciate Bitwave's focus on being an extension of their existing systems, such as QuickBooks, rather than trying to do too much. This simplicity is seen as a positive aspect compared to other solutions that can overwhelm users with unnecessary features.

Glitches in Transactions: Some users have experienced glitches in Bitwave that caused transactions to be missed. However, they mentioned that the team was able to promptly resolve these issues once discovered.

Need for Improved Syncing Functionality: Users suggested the ability to re-sync transactions to ERP without having to delete them first. They would like the convenience of being able to make changes and sync transactions without needing to delete them in ERP beforehand.

User Interface and Search Function can be Enhanced: Users mentioned that the user interface and search function in Bitwave could be improved. They suggested better filtering and search options, as well as customizable reports, as enhancements to the basic features provided by the platform.

Attribute Ratings

Reviews

(1-4 of 4)
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Score 10 out of 10
Vetted Review
Verified User
  • Captures crypto activity automatically through API connections
  • Calculates realized gain / loss amounts
  • Balance reports as of a particular date in time for Mark to Market
  • Good onboarding support and troubleshooting issues
  • Bitwave can seemingly miss picking up some transactions due to glitches, but if you discover them, they can resolve them.
  • Ability to re-sync transactions to ERP if there are changes, without having to delete said transaction in ERP first
Needed a platform that integrated with NetSuite and consolidated crypto activity for accounting purposes.
Bitwave has Solana Chain support. NetSuite integration support. these others did not have both of these at the time of our discovery process.
Score 9 out of 10
Vetted Review
Verified User
Incentivized
  • Sync with Quickbooks
  • Customer Service
  • ability to set constant pricing (ie USD stablecoin)
  • speed of refresh
Great crypto accounting software. Great customer support when there are issues or we have questions. The integration with Quickbooks Online works seamlessly. I would recommend Bitwave. It would be nice to have the ability to set a default price for stablecoins so that it doesn't have to be manually overridden. At times, the platform takes some time to load.
Score 9 out of 10
Vetted Review
Verified User
Incentivized
  • Gain / Loss Accounting and Cost Basis Determination
  • Automatic sync with supported chains
  • Taking tons of transaction data and putting into a readable format
  • Support more chains for automatic retrieval
  • Improve API integration with centralized exchanges
  • Improve integration with Quickbooks as it relates to making adjustments after data push
If you are mainly using Bitcoin, ERC-20 tokens, or any supported chains where they have automatic data retrieval the system is great. The biggest issue, which Bitwave is constantly working on, is not supporting automatic transaction retrieval of specific crypto blockchains. They currently have a workaround by allowing manual uploads of unsupported chains (i.e., layer two chains like Arbitrum or Cosmos-based chains). The Bitwave platform still works excellently with unsupported chains; however, it is just a little more time-consuming b/c transactions are inputted using a CSV file that needs to be correct. But I imagine they will continue to add new supported chains, and since I have been a customer, I have seen the number of blockchains they support at least double.
Legible was similar service but too high in pricing. Coinpanda was able to support some chains that Bitwave wasn't able to automatically support; however, Coinpanda was a less professionalized operation with less customer support.
I would make sure the provider is able to support the chains (i.e. ETH layer 2's like Arbitrum or any Cosmos SDK chain like Osmosis) that I use on a day-to-day basis. Bitwave is working on coming up with those offerings.
Effertz Tom | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User
  • Ability to categorize taxable and non-taxable transactions.
  • Able to handle DeFi transactions.
  • Documentation support to track digital asset balances & locations.
  • Can read token transaction activity better than most wallet explorers.
  • Automation support for more alt blockchains (can still track manually).
  • Automation support for more DeFi protocols (can still track manually).
  • Bulk classification options (but it does auto-categorize transaction fees-very helpful).
Bitwave is designed for companies or high net worth individual with a significant amount of digital asset transactions & activity. It is not meant for the individual trader that has a few investments in crypto. Bitwave is really meant to be used where digital currency assets are fully utilized by the company and used for expenses, revenue, and capital investments. It most closely reminds me of Quickbooks online with its bank & credit card integration. Bitwave will produce a list of transactions, and the user goes through each transaction to link it to the appropriate account on the chart of accounts. Then my recommendation is to create a snapshot of all the company digital wallets and audit the Bitwave balance report against those snapshots to ensure that all token have been properly recorded, just like a bank reconciliation. So my recommendation is to use Bitwave if you use digital assets like a bank account and need to record the activity to a G/L.
I don't want to tear apart a competitor, but I have used & evaluated a number of digital asset tracking systems. The biggest issues I found with most other products is simply that the product did not correctly record transactions. Some digital transaction can involve many wallets & multiple tokens, and I found it common that only the first actions would be captures while the remaining completely ignored. This led to the token balances to be off, and it was a nightmare to try and correct because the products did not have a manual option to adjust or fix transactions. The other biggest complaint is that all token transfers were considered taxable events, and so the products would calculate capital gains as tokens were transferred back and forth between company wallets at whatever the tokens were trading at for that day. This makes proper capital gains next to impossible without the ability to mark transactions as taxable and non-taxable like Bitwave does.
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