At yesterday’s quarterly product release event, CEO Pat White took the (virtual) stage to showcase a dizzying array of exciting platform updates – all designed to enhance your digital asset experience!
Catch up on all the latest right here in our latest edition of The Bitwave Current. 💪
See What’s Inside
🤝 RSM Alliance: Unveiled
⛓️ ETH and Solana Staking Support: Unlocked
📓 FASB Readiness: Unmatched
⚡ Bitwave Platform: Upgraded
Ready...? Let’s go!
RSM Alliance: Unveiled
ICYMI, yesterday was an exciting day for Bitwave – we officially announced our ground-breaking strategic alliance with RSM!
Starting today, we’re officially bringing Bitwave's modern financial platform together with RSM’s professional assurance, tax, and consulting services. This alliance is set to revolutionize financial compliance for middle-market businesses with:
- Optimized digital asset operations
- Comprehensive compliance assurance
- Streamlined risk mitigation
ETH2 & Solana Staking: Unlocked
We believe that staking volumes are set to continue to rise this year - since the Beacon chain launched, we’ve seen an incredibly impressive “up and to the right trend” each month. (Source)
That’s why Bitwave has invested strong engineering resources to build an industry-leading solution for Ethereum (ETH) staking.
As a refresher, ETH staking rewards come in two flavors: consensus layer rewards and execution layer rewards, and Bitwave supports both.
To get your consensus layer rewards, simply plug in your ETH Beacon Chain validator address and Bitwave will automatically capture your block, attestation, and sync committee rewards.
To get your execution layer rewards, just plug in your ETH Mainnet wallet address and Bitwave will automatically capture your MEV tips and transaction priority tips. (Naturally, Bitwave also supports transfers between ETH Mainnet and Beacon chain.)
What about the Solana side? Glad you asked! Epoch rewards on Solana are also now natively supported.
Just hook up your wallet in Bitwave and you’ll see all your rewards tracked automatically. (Auto-magically, maybe?) ✨
FASB Readiness: Unmatched
Bitwave has the absolute best support for the new FASB rules. #PERIOD
We see these items below as the most critical for businesses to have in preparation for the new FASB treatment guidance:
- Asset-by-Asset Revaluation: Bitwave was built to enable you to treat assets one way for tax purposes – while treating them differently for accounting purposes. This unique Bitwave function will be incredibly useful for managing special types of tokens – like NFT’s, governance tokens, or wrapped tokens.
- Robust Roll-Forward Data Support: Find this functionality in our Inventory Views today. These reports are super-powerful and give you a period-over-period view of your digital asset holdings.
- Inventory Data with Cost Basis: Bitwave excels at delivering granular lot-by-lot cost basis information in a clear, comprehensive, and audit-ready way.
- Seamless FASB Transition: Imagine a one-click transition from a pre- to post-FASB world. Bitwave has this with no changes to your organization. It’s THAT simple.
- Restricted Token Tracking (Coming Soon!): Restricted tokens are complicated due to their unique nature. They can be built into a blockchain or smart contract; or may even exist off-chain. Bitwave will soon offer full support for the accounting needs of these specialized assets – like simplified deferment handling and automatic relief of deferred payments or receivables.
Bitwave is your UNMATCHED partner for FASB readiness and digital asset compliance. Reach out to us today to learn more about how we can help you prepare.
Bitwave Platform: Upgraded
Today, we’re debuting some incredible new features to save you time, increase your security – and, hopefully, save your sanity. 👏
- (NEW!) File Upload Support for Bulk Categorizations: Have a set of known transactions that you just want to upload as pre-categorized within Bitwave? Drop into the System Jobs section of Bitwave, click on “Create Job,” and grab a CSV file template for fast bulk uploading – with up to 5,000 transactions at a time! Done and done.
- (NEW!) Create a Rule for Empty Values: In the blockchain world, empty transaction values can happen - often for legitimate transactions. Now, Bitwave allows you to ignore transactions when the Inbound/Outbound direction is empty. Get started by creating a new rule in the “Rules” section.
- (NEW!) Manual Transaction Editing: We’ve made it even easier to edit transaction data directly in Bitwave. Click “Edit” in the main toolbar and manually adjust everything from transaction dates to addresses, amounts, and more. Super simple.
- (NEW!) SCIM Protocol Integration: As part of our continued focus on enterprise-grade security, you can now provision and deprovision users automatically in Bitwave. Our SCIM connection helps enterprises manage user provisioning seamlessly.
- (NEW!) Live, In-App Customer Support: Never leave the Bitwave app to get answers to your questions in real-time. With our new customer support feature, a friendly Bitwave Solutions team member will respond within minutes. It’s another way we’re committed to unmatched personal support for our customers.
- (NEW!) Invoice-Matching UI: An all-new, fresh take! For the first time in Bitwave, you can see all the open transactions and the uncategorized (AR/AP) invoices in ONE CLEAN VIEW for seamless inventory matching. It’s our way of speeding up your invoice-matching workflows and driving more efficiency
And, That’s Not All
We’re also thrilled to debut some all-new report capabilities to give you faster insights.
- Reclass Report: This powerful feature allows you to reclass items out of your digital asset account by delivering asset-level gain/loss and cost-basis data. For example, if you want to reclass USDC into a cash-equivalent account, this is the solution for you.
- Actions Trial Balance Report: Sum up your JE entries in a flash. With this new report, you can quickly see all changes to your asset accounts – on a wallet-by-wallet basis.
- Action Journal Entry Report: This time-based report super-charges our traditional Action Report – which already delivers a ton of asset-level data. Now, you can create a new export by date range to include full Journal Entry data (like JE type, Contact, Debit Currency, Credit/Debit Amount, and more!) You’ll find this incredibly helpful for expediting month-end close reporting.
New Blockchain Integrations
Bitwave is the most-trusted enterprise accounting solution for digital assets because we understand that nothing is more important than complete and reliable visibility across your entire financial landscape.
That's why we tirelessly build audit-ready integrations to the blockchains, protocols, and exchanges you need. Our platform is battle-tested by today's leading global accounting networks, consulting partners, and audit service providers.
Today, we're thrilled to announce the completion of direct integrations to the Base network, alongside the ETH Beacon chain, and the Fantom chain.
Bitwave is proud to support these exciting and innovative ecosystems.
Now You're Current 👏
That's all for today's edition of The Bitwave Current. But we're still right here for you.
Want Spotify playlist recommendations? Movie reviews? Or, you know... want to ask a question about the Bitwave platform?
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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.