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What? Your ERP System Can't Handle Your Crypto Recordkeeping and Compliance? Bitwave to the Rescue
In this episode of the Blockchain Journal podcast, host Blockchain Journal editor-in-chief David Berlind interviews Pat White, the CEO and co-founder of Bitwave. They discuss the challenges companies face when integrating digital assets into their traditional accounting systems and how Bitwave can help those enterprises overcome those challenges.
The bottom line is that, as more government organizations like the Internal Revenue Service intensify their interest in organizational digital asset recordkeeping, contemporaneously keeping track of all those blockchain-related flows with out-of-band tools like spreadsheets is just asking for trouble. Especially when it comes time for an audit (and there will be many more of those when it comes to 2023 financials).
The conversation between David and Pat covers topics such as the integration with backend financial systems, compliance with recently updated or shifting tax regulations and guidelines like FASB, partnerships with NetSuite, and QuickBooks, the new announcement with Deloitte, and Bitwave’s acquisition of Gilded.
Key Takeaways:
* Traditional accounting systems are not designed to handle the complexities of digital assets, such as decimal points and valuations, leading to the need for specialized solutions like Bitwave.
* Bitwave bridges the gap between traditional financial systems and the blockchain and crypto world, allowing companies to seamlessly integrate digital assets into their existing financial operations.
* Compliance with tax regulations is a critical aspect of using digital assets, and Bitwave provides the necessary tools and support to ensure accurate and efficient reporting.
* Partnerships with companies like NetSuite, QuickBooks, and Deloitte enable Bitwave to offer comprehensive solutions that meet the needs of businesses of all sizes and complexities.
* Trends in crypto adoption include the use of NFTs for customer loyalty and engagement, as well as the growing popularity of staking as a way to earn passive income on digital assets.
To watch the video version of this podcast or read its full-text transcript, go to:
https://blockchainjournal.com/interview/what-your-erp-system-cant-handle-your-crypto-recordkeeping-and-compliance-bitwave-rescue
The video can also be watched on Blockchain Journal's YouTube Channel at https://www.youtube.com/watch?v=H-fWUGokMHw
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By Blockchain JournalIn this episode of the Blockchain Journal podcast, host Blockchain Journal editor-in-chief David Berlind interviews Pat White, the CEO and co-founder of Bitwave. They discuss the challenges companies face when integrating digital assets into their traditional accounting systems and how Bitwave can help those enterprises overcome those challenges.
The bottom line is that, as more government organizations like the Internal Revenue Service intensify their interest in organizational digital asset recordkeeping, contemporaneously keeping track of all those blockchain-related flows with out-of-band tools like spreadsheets is just asking for trouble. Especially when it comes time for an audit (and there will be many more of those when it comes to 2023 financials).
The conversation between David and Pat covers topics such as the integration with backend financial systems, compliance with recently updated or shifting tax regulations and guidelines like FASB, partnerships with NetSuite, and QuickBooks, the new announcement with Deloitte, and Bitwave’s acquisition of Gilded.
Key Takeaways:
* Traditional accounting systems are not designed to handle the complexities of digital assets, such as decimal points and valuations, leading to the need for specialized solutions like Bitwave.
* Bitwave bridges the gap between traditional financial systems and the blockchain and crypto world, allowing companies to seamlessly integrate digital assets into their existing financial operations.
* Compliance with tax regulations is a critical aspect of using digital assets, and Bitwave provides the necessary tools and support to ensure accurate and efficient reporting.
* Partnerships with companies like NetSuite, QuickBooks, and Deloitte enable Bitwave to offer comprehensive solutions that meet the needs of businesses of all sizes and complexities.
* Trends in crypto adoption include the use of NFTs for customer loyalty and engagement, as well as the growing popularity of staking as a way to earn passive income on digital assets.
To watch the video version of this podcast or read its full-text transcript, go to:
https://blockchainjournal.com/interview/what-your-erp-system-cant-handle-your-crypto-recordkeeping-and-compliance-bitwave-rescue
The video can also be watched on Blockchain Journal's YouTube Channel at https://www.youtube.com/watch?v=H-fWUGokMHw