TaxBit, the premier end-to-end compliance and reporting solution for the digital economy, offers a suite of accounting solutions that can ingest customers’ crypto activities and perform calculations on them that are necessary for certain compliance standards (e.g., IFRS). 

To provide an end-to-end solution that enables customers to seamlessly account for all their digital asset activities, TaxBit needed to integrate directly with ERP systems to let customers POST double-sided journal entries directly into their general ledgers. 

The team began by building and maintaining an integration with QuickBooks, but when they looked at implementing more integrations to support international growth, they realized that it may not be in their team’s best interests to keep doing it in-house. 

As their team began to review unified API solutions and embedded iPaaS platforms, they decided to move forward with Merge because Merge’s accounting integrations had the broadest data coverage, their documentation was the most comprehensive, and the company’s position and reputation in the market stood out.

Since building to Merge’s Unified API, they’ve been able to release several additional accounting integrations. In addition, these integrations can sync a broad range of data, including journal entries, accounts, company information, income statements, invoices for payables and receivables, and more.

Once they’ve added these integrations, they allow customers to access and use them as follows:

1. A customer would access an integration within TaxBit and, using Merge Link, confirm the specific fields they want to sync and provide their credentials to authorize the connection.

2. A chart of accounts gets pulled into TaxBit from the customer’s accounting system. 

Using TaxBit’s intuitive design, users can then seamlessly map activities to their general ledger’s chart of accounts, enabling them to create double-sided journal entries directly in TaxBit’s system.

3. The journal entries in TaxBit then get POSTed to a customer’s accounting system’s general ledger (i.e., the debits and credits get posted within the general ledger). Users can also see how a given journal entry got POSTed to the accounting system within TaxBit.

The sync is also ongoing. In other words, as a customer’s chart of accounts changes, users in TaxBit get notified and can provide the relevant mappings. And as a customer adds journal entries in TaxBit over time, the entries will continue to get created in the customer’s accounting system’s general ledger.

Now that the team at TaxBit has added several integrations through Merge, they can easily compare the differences between using Merge to add and maintain accounting integrations versus relying on their engineers. 

“Using Merge, we’ve been able to free up 35% of the engineering hours dedicated to a given integration project. This has enabled us to focus on other high-impact initiatives and accelerate our development cycles,” explains Robin Shapiro, a Senior Product Manager at TaxBit.

The accounting integrations have also been critical in helping TaxBit expand globally. 

Robin elaborates: “Earlier this year, we unlocked coverage for IFRS in our product, which is the primary international accounting standard. At the same, the integrations added through Merge are in high-demand for our target markets in Europe and South America. Taken together, our sales team has been able to expand into these target markets successfully.”

Finally, Merge’s level of support has far exceeded expectations.

“We usually hear back from Merge’s customer-facing teams within an hour, and their team is extremely knowledgeable. We fully trust them to support us in keeping our integrations healthy,” says Robin.

We look forward to continuing to support the TaxBit team going forward.