Here at Bitwave, we love when our customers love using our enterprise crypto tax and accounting platform! Below is a recent customer testimonial by one of our long-time users.
Iris Filkins, CPA
Director of Accounting & People Ops at RADAR
October 23rd, 2020
What challenges did you have before Bitwave, and how did Bitwave solve those challenges?
"For years, we were unable to find a digital asset software that would track all of our transactions, the historical cost basis of our tokens, and integrate to an accounting software to record the entries needed to close our accounting books, so we were maintaining spreadsheets with data from the blockchain, manually created roll-forwards for each token, and manually prepared journal entries to track our cost basis, expense categorizations, and realized gain/loss. These spreadsheets were prone to errors based on all of manual inputs and VLOOKUPs, and they were not scalable for our business to grow and participate in new projects such as DeFi. Bitwave solved these problems by providing a user-friendly interface that allowed us to add all of our wallets and exchanges, connect to QuickBooks, and categorize each transaction with the appropriate income/expense classification. Bitwave also tracks our historical cost basis to accurately record our realized gain/loss, as well as the unrealized gain/loss for valuable management reporting. The reports in Bitwave provide reliability over our monthly balance sheet reconciliations to ensure our accounts in QuickBooks are complete and accurate."
What's the most useful feature or capability of Bitwave?
"The integration to QuickBooks. Each transaction can be broken into multiple lines and categorized per our QB chart of accounts. Bitwave's balance sheet reporting provides comfort that our accounting records are correct by providing historical reporting to complete our month-end account reconciliations in QuickBooks as well."
How does Bitwave compare to other solutions?
"Bitwave is by far the most robust solution for digital asset accounting! I really can't say enough good things or give a strong enough endorsement - especially for their team who is continually adding new features based on customer feedback. Other solutions solve only a piece of the puzzle, but don't provide a complete solution. Bitwave does though! There is no longer the need for three different softwares or a tax provider to prepare digital asset entries. Bitwave retrieves all transactional details, integrates to QuickBooks, allows for detailed categorizations, tracks historical cost basis, prepares gain/loss entries, syncs everything to QuickBooks with the push of a button, and provides reporting for month-end accounting and management teams."
- Iris Filkins, CPA, Director of Accounting & People Ops at RADAR
October 23rd, 2020
Disclaimer: The information provided in this blog post is for general informational purposes only and should not be construed as tax, accounting, or financial advice. The content is not intended to address the specific needs of any individual or organization, and readers are encouraged to consult with a qualified tax, accounting, or financial professional before making any decisions based on the information provided. The author and the publisher of this blog post disclaim any liability, loss, or risk incurred as a consequence, directly or indirectly, of the use or application of any of the contents herein.
