TaxBit Acquires Tactic to Augment Its Digital Asset Accounting Solutions
Tactic’s modernized accounting solution enables best-in-class financial visibility and compliance for crypto
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TLDR: TaxBit has closed a strategic transaction to acquire Tactic, a crypto accounting platform that offers an accounting sub-ledger with seamless integration into leading ERP providers like QuickBooks. This development marks a critical milestone in TaxBit’s mission to build a single system of record for digital asset tax and accounting.
As the digital asset class emerges and regulatory scrutiny increases, there’s a mission-critical need for enterprises to focus on complete and accurate accounting. The inherent complexity of cryptocurrency makes this task exceptionally challenging – but the combination of TaxBit with Tactic enables us to offer the best-in-class solution. By joining forces with TaxBit, our product will now enable core features such as:
A proven platform that ingests and organizes all of your crypto holdings into a single view
A powerful rules engine that automatically categorizes transactions based on user-defined parameters
Up-to-date holdings valuation and performance reporting via robust and user-friendly dashboards
Deep integration with QuickBooks to ensure that your entries and key information like memos and attachments are automatically synchronized with your main accounting ledger – enabling a single source of truth
Support provided by a team of subject matter experts and alumni from Big 4 partners and regulatory agencies – ensuring that calculations meet the highest compliance and user experience standards
Upon this foundation, our product now enables comprehensive support for a wide array of enterprises engaging with digital assets – from crypto-native enterprises to large financial institutions, small family offices, venture capital firms, Fortune 500 companies beginning to use digital assets, and more. Tactic’s automation tools, seamless integration with other financial software products, and increased visibility have the ability to reduce digital asset accounting processes by as much as 75%.
Upon news of the acquisition, TaxBit co-founder and CEO Austin Woodward commented: "2022 demonstrated that there is a massive problem in the digital asset space with regards to credible accounting. TaxBit historically focused on top-of-market Enterprises, but it became evident that businesses of all sizes accepting, trading, or holding digital assets are in need of automated accounting solutions. As we got to know Tactic, it was clear that their world-class technical team, products, and culture perfectly align with what we are building and how we operate at TaxBit. We are excited to welcome their team onboard, and together continue building a turnkey solution for digital asset accounting."
The TaxBit-Tactic union comes on the heels of major turmoil in digital asset markets. Recent crypto market events have highlighted the mission-critical need for transparency, especially in the form of auditable, and verifiable accounting. As regulations evolve and as scrutiny increases, TaxBit can help restore investor trust with innovative and compliant solutions for tracking, processing, and reporting transactions.
Tactic co-founder and CEO Ann Jaskiw added, "As transparency and efficiency become the largest issues for businesses working in or entering the crypto sphere, we aspire to provide the definitive toolset for the industry. Austin and I share similar stories, being founders at the forefront of innovation and first movers in a fast-evolving industry. The team is thrilled to continue Tactic's journey of product innovation and to establish our collective team as the go-to provider for digital asset accounting."
