TaxBit Now Expands Crypto Services By Acquiring Digital Asset Accounting Startup Tactic

Key Points:

• TaxBit has acquired software startup Tactic as part of the expansion of its crypto accounting services.
• Based on user input, the company will now provide more comprehensive crypto accounting services by integrating Tactic’s accounting technology into its current corporate accounting suite.
• The company will begin selling to Tactic’s target market of medium-sized to small businesses this week.

TaxBit, a provider of crypto tax software, on Tuesday announced that Tactic, a software business, would be acquired in order to expand its crypto accounting offerings.

By integrating Tactic’s accounting technology into its current corporate accounting suite (CAS) offering, TaxBit will now provide enhanced crypto accounting services in response to customer input.

According to TaxBit CEO Austin Woodward, this will make it easier for institutional customers to manage the process of tracking cryptocurrency transactions and pricing for reporting, which should enable customers to close their books in days rather than months.

“TaxBit historically focused on top-of-market Enterprises, but it became evident that businesses of all sizes accepting, trading, or holding digital assets are in need of automated accounting solutions. As we got to know Tactic, it was clear that their world-class technical team, products, and culture perfectly align with what we are building and how we operate at TaxBit,” Woodward said.

With a single system of records for crypto tax and accounting, TaxBit was established in 2018. In contrast, Tactic was introduced in 2021 to assist companies in maintaining their accounting procedures. According to Woodward, Tactic’s personnel and software will fully integrate with TaxBit over the upcoming months.

To cut down on crypto accounting operations by as much as 75%, Tactic offers accounting automation tools, seamless interaction with other financial software packages, and enhanced visibility.

The acquisition follows a period of intense unrest in the markets for digital assets. The mission-critical requirement for transparency, especially in the form of auditable and verifiable accounting, has been underscored by recent crypto market occurrences. With cutting-edge and legal solutions for tracking, processing, and reporting transactions, TaxBit can assist in regaining investor confidence as regulations change and scrutiny rises.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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