Bitwave

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.