Extending TaxBit’s Services into the Crypto Market with AllCode

Client Introduction

TaxBit provides an accounting and compliance platform for multiple industries and clients. Its platform provides end-to-end compliance and reporting for multiple companies, helping reduce the manual work typically required for accounting and tax management while improving operational efficiency and security. The API tools it provides also reinforce compliance and financial visibility.

Problem/Client Challenges

Though they were a well-established pillar in the finance industry, TaxBit wanted to reinforce their position further. They wanted to extend their platform to Crypto companies, for example Coinbase and Binance. Unsure of how to build out a cryptocurrency solution, they came to AllCode looking for an ETL to handle transaction events from these crypto exchanges to perform reconciliation of their transactions for accounting purposes.

Solution

We built two ETL processing jobs of vastly different complexities. The simpler system takes several parameters as input, including the source CSV file and a specific output path. The path transforms a semi-random CSV file into a file that follows specific rules to serve as input for the cloud contact import process. The process includes executing a Lambda at the end of the job to ensure the files are used by the CCAI server to create campaigns afterward.

The second solution borrows elements from the first, but is significantly more complex. The complex processing job takes a configuration in the form of a YML file that is stored on an AWS S3 bucket or an AWS Glue database. This file contains the configuration needed to specify the type of file the process can take as inputs with specification to the required fields. The output requires the flattening and conversions written as multiple python scripts. The process also includes code and configuration that is executed on each parallel node - namely functions, libraries, and accumulators - to gather error information and statistics to be saved on a separate CSV file.

Results

The implementation of AllCode’s solution yielded significant improvements for TaxBit:

Enhanced Efficiency: The ETL processes significantly reduced the manual workload associated with accounting and tax management for cryptocurrency transactions.

Improved Compliance: Automated reconciliation of transactions ensured adherence to regulatory requirements and financial accuracy.

Operational Scalability: The solutions provided scalable processing capabilities to handle large volumes of transaction data from multiple crypto exchanges.

Data Accuracy: The error handling and statistics gathering mechanisms improved the accuracy and reliability of transaction data.

Seamless Integration: The use of AWS services ensured smooth integration with existing systems and processes.

Conclusion

The collaboration between TaxBit and AllCode highlights the effectiveness of custom technology solutions in addressing complex operational needs. By developing robust ETL processes, AllCode enabled TaxBit to extend its platform to cryptocurrency companies, ensuring efficient, compliant, and scalable management of transaction data. This partnership not only met TaxBit’s immediate goals but also set the stage for future growth, demonstrating AllCode’s expertise and commitment to delivering impactful technology solutions.