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At Bitwave, we are constantly working to improve our digital asset management platform to make it easier and more efficient for our users. That's why we are excited to announce the release of our new Inventory View feature.
This feature was developed based on feedback from clients who manage high volume and complex digital asset use cases and needed a way to view their digital asset inventory from multiple different lenses. For example, maintaining bifurcated tax and accounting books or simulating gain/loss scenarios with different picking strategies (FIFO, LIFO, Spec ID, Cost Avg) required ‘viewing’ their inventories through different lenses.
Thus, the Inventory View feature was born.
With the Inventory View feature, users can quickly access important balance, lot, and roll-forward information for their digital asset inventory, including:
- Cost basis acquired & disposed
- Impairment
- Carrying value
- Fair market value
- Unrealized G/L
- And so much more!
All of this information is presented in a single, easy-to-use view that allows users to get a clear picture of their digital asset inventory at a glance.
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All of this information is presented in a single, easy-to-use view that allows users to get a clear picture of their digital asset inventory at a glance.
The Inventory View feature is designed to be highly responsive and efficient, making it easy to use for those managing large volumes of transactions. In fact, users will notice right away that the data tables are highly performant, which will be a breath of fresh air for those who process hundreds of thousands to millions of transactions each year.
But the real beauty of the Inventory View feature is its flexibility.
Users can create and save multiple views, making it easy to maintain separate books for different purposes such as tax and accounting. Organizations can also create multiple views to simulate gain/loss scenarios for different picking strategies (FIFO, LIFO, Spec Id, Cost Avg).
In addition to the Inventory View feature, we are also introducing a series of new reports to help users better track and understand their digital asset inventory. These reports are designed to complement the capabilities of the Inventory View feature and provide even more insights and data. We are starting with an industry-first "Quantity and Cost Basis Roll Forward" report, which will be followed by additional reports in the future.
Whether you are managing a large volume of transactions or simply want a more efficient way to view and understand your digital asset holdings, the Inventory View feature has you covered. Try it out for yourself today!
Not a Bitwave customer? No problem. Schedule a demo today to learn how the Inventory View feature can help you easily manage your organization’s digital asset holdings.
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.
