TaxBit, the premier end-to-end modern tax and accounting solution for the digital economy, announced its AI-enabled rules engine to empower businesses dealing with cryptocurrencies to streamline their accounting processes.
As the global cryptocurrency market surpasses a market capitalization of over $1 trillion, businesses face mounting challenges in accurately managing crypto transactions. TaxBit’s innovative AI-supported solution marks a significant step forward in addressing these challenges, offering businesses an accurate and efficient way to ensure accounting compliance while optimizing their financial operations.
With the integration of AI technology, clients can create customized, logic-based rules to automate the transaction categorization process to properly account for gains, losses, and fees. Users can now create an automated data flow, so reconciled transactions appear in the correct locations in a business’s chart of accounts. Additionally, artificial intelligence prompts rule creation during bulk transaction editing to make the rule creation process as easy and efficient as possible for businesses.
“Traditional accounting methods are struggling to keep pace with the rapid complexities of cryptocurrency transactions. Our AI-enabled solution not only revolutionizes these processes through automation but also augments accuracy, mitigates the risk of errors, and empowers businesses with invaluable insights for strategic financial decision-making. By integrating cutting-edge AI technology into our accounting solution, TaxBit is not just redefining crypto accounting; we’re shaping the future of financial management..” said Aaron Jacob, TaxBit’s VP of Accounting Solutions.
TaxBit’s dedication to delivering cutting-edge technology extends beyond automation. The company recently announced Lindsey Argalas as its new CEO, charged with accelerating the accounting product roadmap to meet the escalating demand from businesses involved in cryptocurrencies, NFTs, and tokenized assets. Esteemed enterprises like Google, Ralph Lauren, Fox, NYDIG, and many more already leverage TaxBit’s solutions to streamline their crypto accounting.
With the surge in cryptocurrency adoption, businesses are increasingly driven to discover efficient ways of managing their crypto-related financial operations.TaxBit’s AI-supported rules engine effectively addresses the complexities and positions these businesses at the forefront of financial management’s technological evolution.