Overview
The landscape of digital asset accounting is constantly evolving, with organizations facing increasing demands for precision, compliance, and operational efficiency. Recent updates to accounting standards and regulatory expectations have highlighted the importance of robust tools to manage digital assets effectively.
To address these challenges, we’re excited to introduce the latest updates to the Taxbit Accounting Suite, empowering teams to stay ahead of compliance requirements, simplify workflows, and ensure financial reporting accuracy.
In this post, we’ll dive into the latest feature updates designed to support organizations operating in high-compliance environments and managing complex workflows. From advanced reporting to automated tools, these updates reflect our commitment to innovation in digital asset accounting. Here’s what’s new and why it matters.
Overview
Operating in regulated environments demands precision, scalability, and security. Our new features empower organizations to meet stringent compliance requirements. These features save time, reduce errors, and provide more control over financial processes.
Role-Based Access Control (RBAC):
Assign user roles with granular permission settings to ensure secure and organized workflows with segregation of duties. Limit access to sensitive data based on team functions and streamline collaboration.
Why it matters: Prevent unauthorized access, enhance data security, and establish clear accountability for audits and compliance reporting.
Pricing Overrides:
Customize pricing at the asset or portfolio level to match your reporting methodologies, including fair value calculations for different jurisdictions or internal standards.
Why it matters: Flexible pricing ensures accurate financial statements and compliance with FASB and IFRS requirements, providing confidence in audit and valuation processes.
Spam Token Filtering:
Proactively identify and remove unwanted spam tokens from transaction records, ensuring clean and actionable data.
Why it matters: Eliminate noise in your datasets, reduce manual cleanup efforts, and maintain accurate transaction histories for reliable reporting.
Foundry Support:
Integrate mining-related transaction data directly into your accounting workflows, including mining rewards, fees, and revenue breakdowns.
Why it matters: Simplifies the complex task of reconciling mining operations with financial reporting, providing transparency and accuracy across your digital asset portfolio.
Journal Entry Previews:
Enable real-time previews of journal entries before posting them to your general ledger. Make edits or adjustments on the fly to ensure accuracy.
Why it matters: Reduces the risk of misstatements, simplifies reviews, and enhances confidence in financial reporting during period-end close.
Split Journaling:
Automatically split complex transactions into multiple journal entries, categorizing them based on transaction details or predefined rules – such as percent allocation, USD amount, or token quantity.
Why it matters: Streamlines the reconciliation of multi-faceted transactions, supporting compliance with detailed accounting standards and improving reporting precision. For example, if you are a Bitcoin miner, you can automatically separate your block reward from mining fees.
Real-Time Sync:
Synchronize transaction data across systems in real time, ensuring updates are reflected without manual intervention.
Why it matters: Eliminates delays and discrepancies, keeping financial records up-to-date and reducing the risk of errors during reconciliation.
Delivering Value for Accounting Teams
These updates are designed to meet the needs of CFOs, controllers, and accounting teams by enhancing transparency, accuracy, and efficiency across the board. Whether you’re managing mining operations, stablecoin activity, or multi-entity reporting, Taxbit has the tools to keep you compliant and operationally agile.
If you have questions or would like to see these features in action, book a call with our team today.
Stay tuned for more updates as we continue to lead innovation in digital asset accounting!
