Bitwave vs. botkeeper

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.

if you run a small business that has gotten large enough for accounting to become a headache on a weekly or monthly basis, I would consider botkeeper as a solution. they have packages that scale up as your business continues to grow. Also, if you are collecting sales tax and managing that yourself, along with your year-end reporting for taxes, botkeeper is a lifesaver.

Incentivized

• 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

• on-boarding team
• adjust their roadmap in accordance to customer needs
• their support team is second to none

Incentivized

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

Incentivized

• Potential and capabilities for revenue recognition are not up to a high standard, which is a basic ask.
• The exhaustive analysis is not possible with just Botkeeper, one needs to integrate with some other third-party service provider, and that's something that is not considered good.
• Analytical outputs in terms of charts and graphs need to be more adaptive as only a few configurations are provided and the rest seems to be pulled from the provided one, which imparts an overhead.
• Botkeeper claims best probability and statistics calculations but sometimes standard deviation shows it way away from acceptance criteria.

Incentivized

Legible was similar service but too high in pricing. Coinpanda was able to support some chains that Bitwave wasn't able to automatically support; however, Coinpanda was a less professionalized operation with less customer support.

Incentivized

Botkeeper is quite new to accounting solutions. The tech base is quite new and cutting edge. Service support is quite fast and good. Integration support is open to another third party to enhance in all possible ways. Eliminates overhead of hiring permanent resident accountants. Great user experience and well-optimized tools.

Incentivized