We’re excited to announce the launch of the first edition of the Taxbit Digest, a monthly publication designed to keep you informed on the latest developments in the world of digital asset accounting and tax reporting.
This means each month we will have two publications – one for our accounting platform and one for our tax platform. For the September edition, we’re kicking things off with an update for the accounting platform.
The Taxbit Digest is designed to highlight a range of features and enhancements to boost your efficiency, streamline your workflows, and ensure compliance. We’ve been hard at work expanding the enterprise grade features across our accounting platform. These updates are tailored to meet the evolving needs of digital asset businesses.
In this edition:
Feature Updates
- FASB disclosures
- Transaction volume
- xPub support
- Custom categories
- Legal entity reporting
- Data integrations
- Stablecoins
Taxbit Travels
- European Blockchain Convention (EBC), Barcelona
Feature updates
1. FASB disclosures
With the mandatory FASB disclosure adoption deadline of 12/15/24 quickly approaching, users should begin preparing now. Taxbit’s latest accounting platform enhancements make it easier to access the FASB reports you need, including FMV calculations, offering a wide range of pricing flexibility for principal markets or specific assets, and will soon allow users to book journal entries (JEs) for these requirements.
2. Transaction volume
We’ve reworked the backend infrastructure of the Taxbit platform, enabling users to process hundreds of millions of transactions seamlessly and quickly. This major enhancement means users can now handle large volumes of data with ease, ensuring faster processing times and more efficient management of users’ crypto transactions. Whether you’re scaling up or dealing with complex datasets, our upgraded infrastructure provides the reliability and performance you need to stay ahead in the rapidly evolving world of digital assets.
3. xPub support
With Taxbit’s accounting platform users can access an xPub specific connection via NowNodes. Additionally, we also offer native support for HD wallets for BTC, LTC, Doge and Dash.
4. Custom categories
Taxbit’s internal categories allow users to map digital activity with their appropriate general ledger chart of accounts. The custom category feature enables users the flexibility to create as necessary – providing a more granular means of organizing data.
5. Legal entity reporting
We’re excited to introduce legal entity structures for our customers that have multiple subsidiaries, operate in multiple geographies, or run distinct business units. This feature allows organizations to apply dedicated accounting rules, functional currencies and team structures across child entities, while providing a consolidated parent-level view of the global activity.
6. Data integrations
Taxbit has added several data integrations including: Arbitrum, Arbitrum Nova, Avalanche, Optimism, Canto, BitGo and support for Lightning Network providers Synota & Voltage. For a full list of our supported and upcoming integrations or to request a integration, visit our integrations page on our website.
7. Stablecoins
Stablecoins are becoming increasingly common and companies need a reliable way to value stablecoins. In some instances, companies elect to peg their stablecoin holdings 1-for-1 with the underlying fiat current (e.g. USD). In other instances, it’s very important for companies to track the nuanced pricing differences that exist (e.g. when stablecoin activity is material or when auditors and regulators require additional detailed tracking). Tracking the actual value of a stablecoin (versus assuming a 1:1 peg) is becoming increasingly common.
Taxbit’s accounting platform allows users to easily select how they want to price their stablecoins and ensure that downstream calculations and reports are treated accordingly. This gives both flexibility and accuracy, at the push of a button.
If you have questions about any features, book a call with our team.
Taxbit Travels: European Blockchain Convention (EBC), Barcelona
🇪🇸 European Blockchain Convention (EBC) – Barcelona
Join our enterprise team – Max Bernt, Managing Director, Europe, Taxbit, Michelle O’Connor, VP Global Brand and Market Expansion, Taxbit, Reagan Cook, GTM Lead, Taxbit and Ryan Eve, Accounting Executive, Taxbit at European Blockchain Convention (EBC) in Barcelona, September 25-26.
You can find us speaking at two panels:
Regulation of Digital Assets in UK vs EU vs US
Date: September 26 Time: 14:45-15:35 Location: Bitpanda Main Stage
What are the promising verticals for VCs?
Date: September 26 Time: 15:45-16:15 Location: Visionary Stage
Book an early bird meeting with our team today to learn more about how Taxbit is the leading digital asset accounting solution.
RSVP to our happy hour with the Association for Women in Cryptocurrency for tapas, drinks and networking – on September 26 at 18:00 – 20:00 in Barcelona.
Stay tuned for next month’s Taxbit Digest edition. You can subscribe to the Taxbit Digest LinkedIn Newsletter for more updates here.
