Name: Bitwave
Rating: 8.8 (5 reviews)
Author: Bitwave

Help Desk

Web and Video Conferencing

Customer Support

Chatbot

Feature Management

Development

Business Intelligence (BI)

Business Process Management (BPM)

Calibration Management

Collaboration

Enterprise Search

Intellectual Property (IP) Management

Enterprise

Accounting

Accounting and Tax Services

Accounts Payable

CTRM

Finance and Accounting

Applicant Tracking

Corporate Learning Management

HR Management

On-Demand Payment

Payroll

Relocation

Talent Intelligence

Talent Management

Workforce Analytics

Workforce Management

Human Resources

API Management

Cloud Storage

Data Pipeline

Database-as-a-Service (DBaaS)

Extended Detection and Response (XDR)

Fraud Detection

Integration Platform as a Service (iPaaS)

Interoperability

Metadata Management

Network Performance Monitoring

OpenStack Cloud

Requirements Management

Static Application Security Testing (SAST)

Storage Area Network

Test Management

Unified Communications Monitoring

Vendor Risk Management

Virtual Private Network (VPN)

Vulnerability Management

Information Technology

A/B Testing

Ad Serving & Retargeting

All-in-One Marketing

Call Tracking

Content Management

Direct Mail Automation

Email Marketing

Enterprise Marketing Management

Event Management

Market Research

Marketing Automation

Online Reputation Management

Social Media Advertising

Social Media Management

Survey & Forms Building

Web Analytics

Marketing

Project Management

Transcription

Professional Services

Customer Onboarding

Customer Relationship Management (CRM)

Field Sales Software

Government Contracting

Lead Generation

Sales Intelligence

Sales Performance Management

Sales

Secure Service Edge (SSE)

Security

Church Management

Fleet Management

Insurance Agency Management

Multiple Listing Service (MLS)

Population Health Management

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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.

Cryptoworth tracks  crypto , connects  wallets and exchanges and tracks transactions and streamlines bookkeeping operations.

Basic

Bitwave

Intangible Digital Asset Impairment Demo | Bitwave

Likelihood to Recommend

IT Service Provider Project Management

Bitwave is the first enterprise-focused digital asset finance platform designed to manage the intersection of tax, accounting, and compliance for cryptocurrency, DeFi, and NFTs. Bitwave is purpose-built to help finance and accounting professionals mitigate the challenges of operating with digital assets with robust functionality, including everything from bookkeeping to AR/AP, bill pay, treasury management, and more.

QuickBooks Online

Discord

Notion

Ledgible Tax

Coinpanda

CFO (Chief Financial Officer)

Bitwave 2023-02-21 13:01:46

TaxBit

Senior Accountant

Bitwave 2023-03-05 23:25:44

Bitwave 2023-02-15 14:23:00

Bitwave 2022-08-09 21:47:25

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Accounting and Tax Services Providers

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

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.

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

ability to set constant pricing (ie USD stablecoin)
speed of refresh

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

Overview

What is Bitwave?