TaxBit
TaxBit is a specialized tax and accounting software providing automated compliance solutions for digital assets, cryptocurrencies, and equity compensation to help you manage complex reporting requirements accurately.
Wave
Wave is a comprehensive business management platform providing small business owners with integrated tools for professional invoicing, automated bookkeeping, and secure payment processing to streamline their financial workflows.
Quick Comparison
| Feature | TaxBit | Wave |
|---|---|---|
| Website | taxbit.com | wavecnct.com |
| Pricing Model | Freemium | Freemium |
| Starting Price | Free | Free |
| FREE Trial | ✘ No free trial | ✘ No free trial |
| Free Plan | ✓ Has free plan | ✓ Has free plan |
| Product Demo | ✓ Request demo here | ✘ No product demo |
| Deployment | ||
| Integrations | ||
| Target Users | ||
| Target Industries | ||
| Customer Count | 0 | 0 |
| Founded Year | 2018 | 2010 |
| Headquarters | Draper, USA | Toronto, Canada |
Overview
TaxBit
TaxBit provides you with a unified platform to manage the complexities of digital asset tax and accounting. Whether you are an individual investor, a high-growth enterprise, or a government entity, you can automate the data ingestion process across hundreds of sources to ensure your financial reporting remains compliant with evolving regulations. You can track your cost basis, calculate gains and losses, and generate tax forms with precision.
The platform bridges the gap between modern digital assets and traditional financial systems by providing real-time sub-ledger accounting. You can streamline your year-end reporting and reduce the manual effort required to reconcile high-volume transaction data. It is designed to handle everything from simple crypto trades to complex institutional custody and equity compensation plans.
Wave
Wave provides you with a suite of financial tools designed specifically for freelancers, consultants, and small business owners. You can stop manual data entry by connecting your bank accounts to automatically track income and expenses. The platform allows you to create professional, customized invoices that reflect your brand and help you get paid faster through integrated credit card and bank payment options.
You can manage your entire back office from a single dashboard, switching between multiple businesses without extra costs. The software handles the heavy lifting of bookkeeping by automatically categorizing transactions and generating essential financial reports like profit and loss statements. It scales with your needs, offering optional paid add-ons for payroll processing and personalized bookkeeping support while keeping the core accounting features free.
Overview
TaxBit Features
- Automated Data Sync Connect your exchange accounts and wallets via API to automatically pull in every transaction without manual data entry.
- Real-Time Tax Tracking Monitor your tax liability throughout the year so you can make informed trading decisions before the deadline hits.
- Cost Basis Tracking Manage your cost basis across multiple platforms to ensure your capital gains and losses are calculated with pinpoint accuracy.
- Tax Loss Harvesting Identify specific opportunities to sell assets at a loss and offset your gains to lower your overall tax bill.
- Institutional Accounting Access a SOC-compliant sub-ledger that integrates with your existing ERP system for seamless enterprise-level financial reporting.
- IRS-Ready Forms Generate completed IRS forms like 8949 and 1099-B with a single click to simplify your filing process.
Wave Features
- Unlimited Invoicing. Create and send professional, customized invoices to as many clients as you need without any monthly limits.
- Automated Bookkeeping. Connect your bank accounts to automatically sync transactions and categorize your business expenses in real-time.
- Online Payments. Accept credit cards and bank transfers directly through your invoices to get your funds deposited faster.
- Receipt Scanning. Snap photos of your receipts with the mobile app to automatically record expenses and stay tax-ready.
- Financial Reporting. Generate instant reports like Profit & Loss and Balance Sheets to understand your business health at a glance.
- Multi-Business Support. Manage multiple separate businesses or side hustles from a single account login without paying extra fees.
Pricing Comparison
TaxBit Pricing
- Unlimited transactions
- Connect unlimited sources
- Current year tax forms
- Basic portfolio tracking
- Standard support
- Everything in Free, plus:
- Tax loss harvesting tool
- Historical tax forms
- Portfolio performance analysis
- Priority customer support
- Advanced cost basis settings
Wave Pricing
- Unlimited invoicing and estimates
- Unlimited accounting and tracking
- Unlimited bank connections
- Credit card and bank payments
- Standard email support
- Everything in Starter, plus:
- Automated receipt transcription
- Unlimited user collaborators
- Automated late payment reminders
- Live chat and phone support
- Discounted payment transaction rates
Pros & Cons
TaxBit
Pros
- Excellent API coverage for major crypto exchanges
- User-friendly interface for non-accountants
- Accurate handling of complex DeFi transactions
- Helpful tax loss harvesting suggestions
- Reliable customer support during tax season
Cons
- Higher tiers are relatively expensive
- Occasional delays in syncing new tokens
- Limited features for very niche blockchains
Wave
Pros
- Core accounting and invoicing features are completely free
- User-friendly interface is easy for non-accountants to navigate
- Seamless integration between invoicing and the general ledger
- Mobile app allows for easy on-the-go expense tracking
Cons
- Customer support is limited for free tier users
- Lacks advanced inventory management for product-based businesses
- Bank connection sync issues occasionally require manual fixes