Bitwave Reviews & Insights

Score8.9 out of 10

5 Reviews and Ratings

Community insights

TrustRadius Insights for Bitwave are summaries of user sentiment data from TrustRadius reviews and, when necessary, third party data sources.

Pros

Helpful and Responsive Onboarding Support: Users have found Bitwave's onboarding support and troubleshooting assistance to be highly helpful and responsive. Several reviewers have praised the team's knowledge and quick problem-solving abilities, making the initial setup process smooth and efficient.

Fantastic Customer Support: Bitwave's customer support is widely praised by users, with many describing it as fantastic. Reviewers appreciate the team's promptness in addressing their queries and concerns, highlighting their knowledgeable approach towards solving issues. The proactive nature of the leadership is also commended for providing exceptional customer service.

Simplicity and Focus on Core Needs: Users appreciate Bitwave's focus on being an extension of their existing systems, such as QuickBooks, rather than trying to do too much. This simplicity is seen as a positive aspect compared to other solutions that can overwhelm users with unnecessary features.

Reviews

4 Reviews

Great crypto accounting software

Rating: 10 out of 10

March 7, 2023

Pros

Captures crypto activity automatically through API connections
Calculates realized gain / loss amounts
Balance reports as of a particular date in time for Mark to Market
Good onboarding support and troubleshooting issues

Cons

Bitwave can seemingly miss picking up some transactions due to glitches, but if you discover them, they can resolve them.
Ability to re-sync transactions to ERP if there are changes, without having to delete said transaction in ERP first

Likelihood to Recommend

Needed a platform that integrated with NetSuite and consolidated crypto activity for accounting purposes.

Michael Dobe

Senior Accountant in Finance and Accounting at Manticore Games, Inc. (51-200 employees)

Vetted Review

1 year of experience

Great Crypto accounting software.

Rating: 9 out of 10

Incentivized

February 23, 2023

Pros

Sync with Quickbooks
Customer Service

Cons

ability to set constant pricing (ie USD stablecoin)
speed of refresh

Likelihood to Recommend

Great crypto accounting software. Great customer support when there are issues or we have questions. The integration with Quickbooks Online works seamlessly. I would recommend Bitwave. It would be nice to have the ability to set a default price for stablecoins so that it doesn't have to be manually overridden. At times, the platform takes some time to load.

Verified User

Administrator in Finance and Accounting (11-50 employees)

Vetted Review

1 year of experience

Terrific platform for crypto accounting ; it will be elite once more chains are automatically supported

Rating: 9 out of 10

Incentivized

February 21, 2023

Pros

Gain / Loss Accounting and Cost Basis Determination
Automatic sync with supported chains
Taking tons of transaction data and putting into a readable format

Cons

Support more chains for automatic retrieval
Improve API integration with centralized exchanges
Improve integration with Quickbooks as it relates to making adjustments after data push

Likelihood to Recommend

If you are mainly using Bitcoin, ERC-20 tokens, or any supported chains where they have automatic data retrieval the system is great. The biggest issue, which Bitwave is constantly working on, is not supporting automatic transaction retrieval of specific crypto blockchains. They currently have a workaround by allowing manual uploads of unsupported chains (i.e., layer two chains like Arbitrum or Cosmos-based chains). The Bitwave platform still works excellently with unsupported chains; however, it is just a little more time-consuming b/c transactions are inputted using a CSV file that needs to be correct. But I imagine they will continue to add new supported chains, and since I have been a customer, I have seen the number of blockchains they support at least double.

Sam Less

CFO (Chief Financial Officer) in Finance and Accounting at Coaction (1-10 employees)

Vetted Review

1 year of experience

Simple but versatile digital asset bookkeeping

Rating: 10 out of 10

August 15, 2022

Pros

Ability to categorize taxable and non-taxable transactions.
Able to handle DeFi transactions.
Documentation support to track digital asset balances & locations.
Can read token transaction activity better than most wallet explorers.

Cons

Automation support for more alt blockchains (can still track manually).
Automation support for more DeFi protocols (can still track manually).
Bulk classification options (but it does auto-categorize transaction fees-very helpful).

Likelihood to Recommend

Bitwave is designed for companies or high net worth individual with a significant amount of digital asset transactions & activity. It is not meant for the individual trader that has a few investments in crypto. Bitwave is really meant to be used where digital currency assets are fully utilized by the company and used for expenses, revenue, and capital investments. It most closely reminds me of Quickbooks online with its bank & credit card integration. Bitwave will produce a list of transactions, and the user goes through each transaction to link it to the appropriate account on the chart of accounts. Then my recommendation is to create a snapshot of all the company digital wallets and audit the Bitwave balance report against those snapshots to ensure that all token have been properly recorded, just like a bank reconciliation. So my recommendation is to use Bitwave if you use digital assets like a bank account and need to record the activity to a G/L.

Effertz Tom

CFO (Chief Financial Officer) in Professional Services at Cipher Counts (1-10 employees)

Vetted Review

2 years of experience

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