Big 4 accounting firm Deloitte and Bitwave, an enterprise accounting platform for digital assets, have announced a strategic alliance that brings together Bitwave’s software platform with Deloitte’s accounting, tax and governance, risk and controls advisory services, to help deliver speed and process efficiencies, cost savings and compliance enhancements to businesses that utilize digital assets.
The rapid evolution and disruptive nature of the digital asset space has introduced a flurry of new data, risks, regulations, and complex compliance requirements that should be managed. The Deloitte-Bitwave alliance offers clients a suite of symbiotic digital asset offerings to manage these new complexities, including connecting blockchain data to the ERP system to help companies unlock valuable insights in near real-time, accelerating monthly close with automated accounting, and streamlining crypto payments.
The alliance also addresses assisting companies with their compliance with accounting principles generally accepted in the United States (U.S. GAAP) and International Financial Reporting Standards (IFRS), mitigating risk and increasing transparency through enhanced processes and controls, considering tax in the transaction flow, and navigating global tax compliance requirements.
“Bitwave’s sub-ledger offering brings a thoughtful approach to supporting the complex nature of digital asset-based transactions. It is a technology that resonates with the early-stage crypto natives as well as mature corporate enterprises, across industries. Our complementary skillsets will bring unique opportunities to collaborate with the Bitwave team as we memorialize this relationship into an official alliance,” said Rob Massey, partner, Deloitte Tax LLP, and global US tax blockchain and digital assets leader.
“Serving hundreds of customers has taught us an incredible amount about the landscape of digital assets at enterprises. We’ve learned that successfully adopting digital assets is often about more than just the technical offerings that Bitwave brings but a complex dance of process choices, accounting decisions, and implementation queries. Our alliance with Deloitte allows us to leverage their deep professional services, multidisciplinary specialization in finance, tax, and digital transformation to help solve not just technical challenges, but organizational ones as well. Together, we’re not merely navigating this burgeoning space; we’re redefining it. The collaboration with Deloitte’s passionate and skilled team has been a pleasure, and marks a commitment to excellence, efficiency, and addressing compliance. We’re invigorated and inspired to set new benchmarks in the industry,” said Patrick White, co-founder and CEO of Bitwave.
“The significant and meaningful experience we have in the blockchain and digital assets space helps clients address a broad scope of complex business issues ranging from accounting, financial reporting, risks and controls to technology concerns, which allows us to bring a focused, practical, and sustainable approach to our clients. Bitwave’s approach to helping solve clients’ problems is cohesive and very much aligned with us. A leading enterprise accounting technology organization like Bitwave helps enable us to address our clients’ problems comprehensively. This is a true example of one-plus-one being much greater than two, where Deloitte and Bitwave bring significant value to our mutual clients,” said Ashok Parmar, partner, Deloitte & Touche LLP, and Deloitte’s lead alliance partner for Bitwave.
Deloitte’s multidisciplinary team advises companies worldwide on achieving their goals related to blockchain implementation, especially in terms of digital assets—from coins of all kinds to nonfungible tokens (NFTs) to a variety of platforms and processes that support the assets. With more than 10 years of experience, Deloitte’s ecosystem for education, ideation, strategy, prototyping, and development helps clients harness the opportunities and capabilities that blockchain technology has to offer.
Deloitte’s specialization is further highlighted by the numerous practitioners who have completed Bitwave’s implementation certification. This alliance leverages Deloitte’s extensive experience to provide clients with unparalleled insights, enhancing the value they receive from Bitwave’s platform.
To learn more about these organizations, visit Bitwave and Deloitte’s Blockchain & Digital Assets hub.