Introducing the TaxBit Corporate Accounting Suite: A Subledger Solution for the Digital Economy

Legacy accounting software isn’t equipped to handle the nuances, volume, and ever-increasing use cases that digital assets present. The TaxBit Corporate Accounting Suite was built to further enable mainstream adoption of digital assets and the tokenized economy.

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Aaron Jacob
Head of Enterprise Resource Planning

Today, we’re announcing our enterprise resource planning (ERP) subledger solution—the TaxBit Corporate Accounting Suite

This is the first-ever, SEC- and Big 4-grade ERP solution for digital assets. 

We’re well aware of the challenges posed by digital assets accounting. The TaxBit Corporate Accounting Suite will allow your company to: 

  • Pull normalized, organized, and fully reconciled data from all digital sources on to a single platform
  • Enable automated transaction loading to track all your activity in one place
  • Trust that your tax and accounting needs are secure in a controlled environment with role-based permissions and user access
  • Scale to the size of your business 
  • Reduce the time of your close cycle by streamlining accounting processes

Ingestion and Holdings

The software automates the ingestion, data normalization, and record keeping of all transactions across all sources. 

Your company can link its exchanges and wallets via an application programming interface (API) to create a ledger of all its purchases, sales, and transfers.

Calculations

The TaxBit Core Accounting Suite leverages TaxBit's US generally accepted accounting principles (GAAP) and IRS grade calculation engines to determine the following: 

  • Cost basis 
  • Gains and losses
  • Balance sheet positions
  • Revenue recognition
  • Impairment accounting
  • Corresponding journal entries

With real-time insights at your fingertips, your company can now incorporate the most up-to-date, strategic data into decision-making processes. 

Reporting

All data and calculations are accessible through the following automated reports:

  • Journal Entry Report. Prints the accounting date, category, journal name, reference, journal batch name, entered debit or credit amounts, net balance, and account total for each journal entry
  • Asset Roll Forward Report. Presents an organization's financial balances from the beginning of a period to the end of a period on a monthly, quarterly, year-to-date, or annual basis
  • Gain/Loss Report. Record of how trades are performing
    • Each buy is matched with the corresponding sell transaction, and the gain or loss on that trade is shown in the report.
    • Reporting functionality of the platform also supports the download of Forms 8949.
  • Revenue Report. Sets out the commercial revenue in relation to a given period
  • Expense Report. Tracks business spending, itemized expenditures, and reimbursement requests

New reports can be created by type and data range; you’ll be able to see all reports in a single list, and download them in a comma-separated values (CSV) format. 

Integration

All accounting and reporting via TaxBit's software adheres to US GAAP and can be integrated with full ERP systems and platforms utilized by enterprise businesses such as Netsuite, Quickbooks, and Sage.

BlockFi Among First Enterprise Clients

In tandem with the launch of our Corporate Accounting Suite, we’re also excited to announce BlockFi as one of the first enterprise clients for our new software. 

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 the initial clients of the TaxBit Core Accounting Suite, and we’re excited about the prospects for other enterprises with the software's official public launch." 

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. When 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. The 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.”

Next Steps

Depending on the scale of your business and functionality needed to fit your needs, we have competitive pricing available. As of Fall 2021, we’re working with a select group of our top customers; we’ll continue to add more customers to this exclusive group in the coming weeks and months. 

If you’re interested in being added to the waitlist, please send an email to sales@taxbit.com

To learn more visit: www.TaxBit.com, Twitter, and LinkedIn.

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