One of the largest publicly traded Bitcoin
miners chooses TaxBit for cutting-edge crypto
accounting support.
NEW
YORK, April 26, 2024 /PRNewswire/ -- TaxBit, an
industry-leading provider of crypto accounting and tax
compliance solutions, has been selected by Marathon Digital
Holdings, one of the world's largest publicly traded
Bitcoin miners and a leader in supporting and securing
the Bitcoin ecosystem, to advance the company's
crypto accounting capabilities. This strategic
collaboration underscores Marathon's dedication to enhancing its
back-office accounting and reporting capabilities, ensuring a
seamless approach to managing its expansive crypto
operations.
Marathon selected TaxBit's comprehensive Accounting
Solution to optimize various financial processes, such as
revenue recognition, inventory tracking and reconciliation, and
period-end close process optimization. TaxBit's Accounting Solution
also features live connectivity with Netsuite, providing Marathon
with automated accounting and journal entry capabilities to further
streamline its financial operations.
"TaxBit's accounting solution has enabled us to automate much of
our accounting and reporting for our digital asset activity,
benefitting our accounting operations," said John Lee, Marathon's Chief Accounting Officer.
"This includes support for our early adoption of the new accounting
guidance. The onboarding process was smooth, and we look forward to
working together."
Key benefits of TaxBit's collaboration with Marathon
include:
- Automated Lot Level Inventory Tracking: TaxBit's FIFO
(First-In-First-Out) by source methodology replaces a previously
manual calculation process, ensuring accuracy and efficiency as
Marathon's business continues to scale.
- API Integration with Netsuite: The integration allows
for customized and automated chart of account mappings,
transaction-level journal entry creation, and streamlined
period-end operations.
- Highly Customizable Solutions: TaxBit's platform is
designed to adapt to Marathon's unique needs, offering extensive
customization options for gain/loss and disposition tracking.
- Smooth Transition Process: TaxBit's implementation
process involves a high-touch approach, ensuring a collaborative
effort with Marathon's team. This ensures a seamless transition to
the new system with minimal disruption.
"At TaxBit, we believe in empowering enterprises like Marathon
with powerful solutions that not only meet their unique needs but
also pave the way for seamless scalability. Our collaboration
signifies a strategic step towards operationalizing and
streamlining Marathon's crypto accounting, and we are
excited to be the trusted solution for the Marathon team." -
Aaron Jacob, VP of Accounting
Solutions, TaxBit
For more information on TaxBit's Accounting Suite, please
visit taxbit.com/enterprise-accounting/.
About TaxBit
Designed by CPAs and tax attorneys,
TaxBit is the digital economy's leading tax and accounting
compliance solution. Our end-to-end platform, tailored for
enterprises, financial institutions, and government bodies,
streamlines compliance while ensuring accuracy. TaxBit is SOC 1
Type 1, SOC 2 Type 2 attestation, and ISO 27001 certified. TaxBit
has secured over $235 million from
leading global investors, including Ribbit, IVP, Paradigm, Haun
Ventures, and PayPal Ventures. TaxBit is headquartered in
Draper, Utah, with offices in
Salt Lake City, San Francisco, Seattle, New
York and Washington, D.C.
For more information, please visit www.taxbit.com.
About Marathon Digital Holdings
Marathon is a digital
asset technology company that focuses on supporting and securing
the Bitcoin ecosystem. The Company is currently in the
process of becoming one of the largest and most sustainably powered
Bitcoin mining operations in North America.
For media inquiries, please contact
Michelle O'Connor
VP of Marketing and Communications
michelle@taxbit.com
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SOURCE TaxBit