TaxBit announces the industry’s first accounting suite for the digital economy to enhance compliance, reporting and accounting capabilities.
TaxBit, the leading tax and accounting software provider for the digital economy, launches its ERP, subledger solution—the TaxBit Corporate Accounting Suite. The Corporate Accounting Suite expands TaxBit’s tax reporting services by automating accounting and financial reporting in a compliant manner for digital asset companies.
Rob Loban, VP of Accounting at BlockFi, shared, “Our team is leveraging TaxBit’s software to streamline the reporting and accounting of millions of transactions. In the past year alone, BlockFi has experienced incredible growth helping clients gain access to the crypto ecosystem. With that monumental growth, came a desire to ensure we have access to the top-of-the-line GAAP and Tax reporting software. We’re very pleased to be counted among TaxBit Core Accounting Suite’s initial clients, and are excited about the prospects for other enterprises with the software’s official public launch.”
“Alongside TaxBit, we are able to provide an actual solution that removes these final barriers of tax and accounting for digital assets. Our US institutional customers, such as BlockFi, can now seamlessly add it directly to their existing workflow and enjoy peace of mind while running their digital asset businesses and operations,” said Michael Shaulov, CEO of Fireblocks. Fireblocks announced their integration with TaxBit just last week.
Austin Woodward, CEO of TaxBit, said, “The tokenized economy is growing at record pace. It’s not just exchanges and financial institutions that are in need of accounting software to meet the needs of this digital era, but SMBs, corporates, hedge funds, and businesses everywhere incorporating digital assets. As we set out to build this solution, it became clear that legacy accounting software isn’t equipped to handle the nuances, volume, and ever-increasing use cases that digital assets present. TaxBit Corporate Accounting Suite was built by accountants in close partnership with the industry to further enable mainstream adoption of digital assets and the tokenized economy.”
TaxBit Corporate Accounting Suite is comprised of four parts. First, the software automates the ingestion, data normalization, and record keeping of all transactions. Second, it leverages TaxBit’s US Generally Accepted Accounting Principles (GAAP) and IRS grade calculation engines to calculate cost basis, gains and losses, balance sheet positions, revenue recognition, impairment accounting, and corresponding journal entries. With real-time insights at their fingertips, clients can incorporate strategic data to their decision-making processes. Third, all data and calculations are accessible through automated reports; income, expenses, gains and losses, journal entries, holdings, asset roll-forward reports, and more. Lastly, all accounting and reporting via TaxBit’s software adheres to GAAP and can be integrated with full ERP systems and platforms that enterprises utilize.
Aaron Jacob, Head of Enterprise Resource Planning at TaxBit, added, “The stakes are high for enterprises to keep accurate ledgers, given the repercussions of an audit or IRS investigation revealing inaccuracies or shortcomings in the upkeep of company books. Now that regulators are keeping a sharper eye on the digital asset space, we’re glad to offer a solution to enterprises that provides peace of mind in knowing all transactions are accounted for.”
TaxBit Corporate Accounting Suite is now available for exchanges, crypto-native companies, family offices, hedge funds, corporate America, and SMBs to meet their digital asset accounting needs.
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