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,…
Great crypto accounting software
Terrific platform for crypto accounting ; it will be elite once more chains are automatically supported
Simple but versatile digital asset bookkeeping
Pricing
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
Product Details
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What is Bitwave?
Bitwave Technical Details
Operating Systems | Unspecified |
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Mobile Application | No |
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Reviews and Ratings
(5)Community Insights
- Business Problems Solved
- Pros
- Cons
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)Great crypto accounting software
- 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
Great Crypto accounting software.
- Sync with Quickbooks
- Customer Service
- ability to set constant pricing (ie USD stablecoin)
- speed of refresh
Terrific platform for crypto accounting ; it will be elite once more chains are automatically supported
- 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
Simple but versatile digital asset bookkeeping
- 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).