A recurring theme among the CFOs I've interviewed is their common starting point: many began their careers at top accounting firms, such as the Big4.

And the benefits of working for them are not insignificant - you are often surrounded by the brightest minds in accounting, work with some of the biggest clients, and your experience commands respect.

Despite the long hours and relatively low initial compensation, many professionals accept these challenges, hoping that the skills and experiences gained will provide a competitive edge later in their careers.

The Accountant Quits aims to highlight the stories of CFOs who have successfully made the leap from traditional finance to blockchain.

On Episode 66, I spoke with Greg Mocnik, the CFO at Celestia Labs and previous Head of Finance at dYdX Foundation, supporting the growth of the dYdX protocol, one of the most prominent decentralized exchanges.

Greg spent nearly five years at EY in their advisory department, and since many of you have similar backgrounds and aspirations to start working in web3, I hope this episode will serve as a source of inspiration.

Topics covered:

Episode intro (00:47)
Early years working at E&Y (2:39)
Working at Meta & learning SQL (8:18)
Getting hired at dYdX Foundation (9:36)
Hiring process at dYdX Foundation (12:41)
Challenges starting at dYdX Foundation (14:25)
Extracting information from block explorers through Etherscan API (19:49)
Thanks to our sponsor Web3Finance Club (23:47)
Using Acctual as an AR & AP tool (25:30)
Other tools for the web3 CFO (30:25)
Learning from external audits & need for documentation (31:38)
Skills required to be a web3 accountant (39:25)
Taking time off (43:31)
Greg’s favourite maxim (47:55)

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LinkedIN: linkedin.com/in/gregmocnik/

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Blockchain technology is open source right, but to advance the development of accounting standards for digital assets, we need accounting bodies to be more open for collaboration in these changing times.

This revolution cannot take place in an ivory tower.

A group of accountants at Propeller Industries have answered the call, and are pioneering a new reporting methodology for digital assets, through the Statement of Digital Assets, or short for SoDA.

SoDA is a standardized reporting methodology that bridges Generally Accepted Accounting Principles (GAAP) with on-chain holdings. By providing a transparent lens through which to view digital assets, SoDA demystifies the often-opaque GAAP balance sheets, offering stakeholders a clear picture of a firm's liquidity and digital asset holdings.

On Episode 65, I spoke with Sam Leichman, the leader of the Blockchain Practice Area at Propeller Industries, who is leading the SoDA initiative.

Propeller provides ‘full stack’ CFO and accounting outsourced services to VC-backed startups. Currently they work with over 50 web3 clients including Optimism, cLabs, Figment, POAP, and VeeFriends.

Topics covered;

Episode intro (00:47)
Sam’s background & story learning blockchain (3:04)
FASB digital assets 2023 update (9:26)
SoDA vision’s & origin story (14:44)
Thanks to our sponsor Web3Finance Club (23:30)
Contributing to SoDA (25:12)
Disclosures required in SoDA (29:54)
Is SoDA for management reports or annual financial statements (33:30)
SoDA reports in sub-ledgers (35:35)
Use cases for SoDA (39:55)
Propeller Industries & its web3 accounting services (43:46)
Roadmap for SoDA (47:17)
Favorite maxim of Sam (50:06)

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LinkedIN: https://www.linkedin.com/in/samleichman/

Twitter: https://x.com/samleichman

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The tokenomics is the catch-all of the elements that make a particular crypto project particularly valuable and interesting to investors. That includes everything from its initial minting process, the token’s supply, and what utility it has.

Understanding tokenomics is crucial for making informed investment decisions. A project with well-designed incentives for buying and holding tokens is more likely to thrive and endure than one that lacks a robust ecosystem around its token.

While the founding team of a project will be responsible for designing the tokenomics of a project, for this episode, I’d like to go through the CFO’s guide for tokenomics.

On Episode 64, I spoke with Roderick Mckinley, a Tokenomics & Finance Advisor who has helped projects raise over $100m, by structuring their token sale offers and designing their token economies. Some of his clients include ParallelChain, Ternoa, Paid Ignition Launchpad, and ShopX.

Roderick is also a prolific content creator, and on his YouTube channel Token Design, he spends time educating others about the opportunities being unlocked by blockchain. Recently he joined the Token Engineering Academy to teach a course on OnChain Analytics using Dune & ChatGPT.

Topics Covered;

Episode intro (00:47)
Roderick’s background & story learning blockchain (3:04)
Defining tokenomics (5:54)
Value accrual concept (8:58)
Web3 project examples capturing value (11:45)
Does every web3 project need a token (16:41)
Thanks to our sponsor Web3CFO Club (21:26)
Plan for launching a token (23:08)
Financial modeling with tokens (28:07)
Managing token distribution - investors & employees (33:07)
Token design services offered by Roderick (35:58)
OnChain analytics course using Dune and ChatGPT (39:05)
Emerging career opportunities with token engineering (42:57)
Real-world asset tokenization interest (45:14)
Other areas in web3 Roderick is paying attention to (50:27)
Favorite quote (53:36)

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LinkedIN: https://www.linkedin.com/in/roderickmckinley/

Twitter: https://x.com/RealTokenDesign

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Digital assets and their underlying blockchain technology are an evolving area, and as such accountants frequently face the daunting challenge of scrutinizing existing accounting standards to derive the most reasonable interpretation.

Innovation outpaces the speed of accounting regulation, leaving standard-setting bodies like the FASB for US GAAP or the IASB for IFRS struggling to keep pace.

Whilst the Wall Street Journal reported that 300,000 accountants quit their jobs between 2019 and 2021,

There is an emerging class of accountants who have upskilled themselves to understand blockchain for accounting.

On Episode 63, I spoke with Andrei Belonogov, the Managing Partner of TechAccountingPro, a company that provides accounting & US GAAP advisory services for digital assets.

Andrei is not your typical accountant. His blog focused on deciphering the accounting treatment of digital assets under US GAAP was recognized in the top 100 accounting blogs by Feedspot.

Topics covered;

Episode intro (00:47)
SAFT accounting (2:54)
SAFT measurement with & without active market (5:08)
Token development costs (6:05)
Accounting for smart contracts (7:23)
Receivables & embedded derivative (8:56)
Staking rewards for delegators (12:33)
Do sub-ledgers help with tracking staking income (15:14)
Thanks to our sponsor Web3CFO Club (16:52)
Classification between non-current & current assets (18:33)
Accounting for stablecoins (21:49)
Andrei’s story transitioning to web3 (25:24)
Services offered by TechAccountingPro (27:40)
The act of writing (29:48)
Why should accountants learn blockchain (31:21)
Should accountants learn how to code (34:10)
How to reach out to Andrei (36:01)

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LinkedIN: linkedin.com/company/the-accountant-quits

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Follow Andrei Belonogov:

LinkedIN: https://www.linkedin.com/in/andrewbelonogov/

Twitter: https://twitter.com/tech_accounting

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COVID has changed the game for companies hiring internationally.

Previously, if an employer didn’t have an established business, or a legal entity in the jurisdiction where the foreign worker lived, often their only option would be to hire the worker as an independent contractor.

Companies couldn’t hire full-time employees and were thus unable to grant health insurance, pension, and other benefits, like stock options.

Enter the Employer of Records model which allows companies without entities abroad to employ workers full time and give them benefits they couldn’t grant to them as contractors.

A few of the notable names in web2 would be Deel, Oyster or Remote.com

Now if you’re a web3 team and wish to pay employees in crypto, these companies offer limited features for Global crypto payroll.

Enter Niural, the EOR platform designed for crypto, which also provides a single HR tech platform for Payroll, Contractor Management, Employee Benefits, and Bill Pay.

Some of their web3 users include companies such as Alliance DAO, Tensor, Flare, Hadron Labs, Omni, and Glo Dollar to name a few.

On Episode 62, I spoke with its Founder Nabin Banskota, a serial entrepreneur with 20+ years of experience in fin-tech, HR, payroll, and sales to learn more about how they facilitate global crypto payroll.

Topics covered;

Episode intro (00:47)
Nabin’s background & story behind Niural (3:27)
Trends in web3 hiring (5:38)
Hiring as a contractor (10:37)
Hiring an employee & EOR model (13:07)
Difference between EOR & PEO (14:55)
Adoption of crypto from web2 companies (17:55)
Overview of Niural (23:28)
Monthly payroll process through Niural (26:52)
Countries eligible for onboarding (29:25)
Thanks to our sponsor Web3CFO Club (32:08)
Experience of a true payroll product with a paystub (33:50)
Withdrawing funds from Niural (36:54)
Roadmap & upcoming milestones (39:37)
Trends accelerating crypto adoption (42:09)
Closing thoughts (45:35)
Favorite quote or maxim (47:32)

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If you’ve previously worked as an accountant or auditor at a Big4 or other accounting firm, you’ve been through a rigorous & highly sought-after working methodology and have a huge boost on your resume.

You’re now equipped to get your foot in the door of most firms looking to hire a Financial Controller, Head of Finance, or even a CFO.

Being a product of Big4 myself, I have no regret looking back at the long hours and pressure my audit assignments meant, but in the long term, the lower salaries as compared to an industry role was a turn-off.

With opportunities in web3 for accountants surging, I spoke with Léopold Wenger, the CFO at Cometh, a web3 development platform for developers to help build games and DApps.

Just like me, Léopold started his career as a financial auditor and his desire to learn emerging technologies like blockchain & AI meant he was taking his career growth into his own hands and not remaining complacent.

On Episode 61, Léopold shares his story which can hopefully inspire other accountants and auditors from Big4 companies to also make that transition.

Topics covered;

Episode intro (00:47)
Léo’s background (2:52)
Pre-requisites to work for a web3 startup (4:57)
Challenges working as a web3 CFO (8:23)
Advice for a CFO starting in web3 (11:07)
Managing financial reporting (12:51)
Time taken to build a sub-ledger (15:20)
Outsourcing of accounting (16:35)
Internal controls for digital assets (18:35)
Thanks to our sponsor Web3CFO Club (21:50)
Advice for Big4 accountants to transition to web3 (23:51)
Regulation in France with PSAN (25:59)
Crypto-friendly banks in France (29:27)
Paying employees & vendors in crypto in France (31:35)
M&A opportunities in web3 gaming (32:55)
Mainstream adoption through gaming (35:48)
How to contact Léo (38:51)

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Twitter: http://@leo_wgr

LinkedIN: https://www.linkedin.com/in/l%C3%A9opold-wenger-076015b4/

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A finance technology stack is the set of tools that a business uses to streamline and optimize its financial and accounting processes.

These tools and software typically fall into categories like payments, payroll, spend & expense management, accounting & reporting, financial planning, and analysis.

Until now, web3 teams have had a fragmented finance stack, thereby increasing the manual workload of running their finance and accounting processes.

Request Finance the web3 industry leader for invoicing, payroll & expenses, with a payment processing volume of more than $700m under its belt understood & capitalized on the pain points most web3 CFOs & accountants face.

Recently Request Finance acquired Consola Finance, a crypto sub ledger to offer an all-in-one finance stack for both crypto payments & accounting.

With more businesses adopting stablecoins as a means of payment, I spoke with Christophe Lassuyt, the CEO of Request Finance, and Christophe Fonteneau, their Head of Partnerships & Strategy.

Topics covered:

Episode intro (00:48)
Learnings driving stablecoins adoption (2:47)
What is Request Finance (7:08)
Scaling product growth (8:57)
Launching Crypto-to-fiat payments (14:58)
Difference with Fiat-to-Crypto payments (17:11)
Why Request Finance acquired Consola Finance (19:40)
Thanks to our sponsor Web3CFO Club (22:52)
Loyalty for crypto sub-ledgers (24:34)
Is Request Finance now competing with other sub-ledgers? (27:40)
The success of the subscription pricing model (31:02)
The story behind the Web3CFO Club (35:46)
Vision for the Web3CFO Club (38:00)
Paid partners of the Club (40:01)
Roadmap & corporate cards (41:27)
ROI between side events & conference booths (43:41)
Advice for being an entrepreneur (46:37)

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Twitter: https://twitter.com/LassuytChristop

LinkedIN: https://www.linkedin.com/in/christophel1310/

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Twitter: https://twitter.com/chfonteneau

LinkedIN: https://www.linkedin.com/in/fonteneau/

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Blockchain at its core allows the transfer of value without an intermediary and offers an immutable ledger that provides real-time access to financial data while AI-based applications can be used to analyze financial data, and automate repetitive tasks like data entry,

A powerful combo for accounting.

We’re on the brink of a fundamental transformation and the impact on the accounting industry will be generational.

So where do accountants go from here? Will AI replace accountants and 10 years from now, what will the accountants of today be doing?

To help us find some answers through a discussion on the intersection of Blockchain and AI in accounting, today I’ve the pleasure to be speaking with Kareem Khattab, the Founder & CEO of Entendre Finance, an AI-powered crypto accounting software to help automate your fiat + digital assets activities.

Topics covered;

Episode intro (00:48)
Kareem’s background (2:35)
The intersection of AI & Blockchain (5:16)
Onchain data collection with AI (7:00)
Tracking & labelling of onchain transactions with AI (9:27)
Challenges building a sub ledger (12:52)
AI agents for crypto (14:23)
Overview of Entendre Finance (17:33)
Thanks to our sponsor Web3CFO Club (20:30)
Data privacy with AI (22:13)
Using ChatGPT prompts in Entendre (25:54)
Onboarding with Entendre (29:35)
Positioning against competitors like Cryptio, Bitwave, Cryptoworth, TRES (31:56)
What does Entendre actually mean (35:39)
Integrations with web3 companies like Loop, Rain, Hedgey Finance (37:36)
How can accountants upskill with AI (39:29)
Acceleration of crypto with AI (42:52)

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Twitter: https://twitter.com/kvreem

LinkedIN: https://www.linkedin.com/in/kareem-khattab/

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Anyone who decides to build a project in web3 involuntarily accepts to have to surmount heaps of legal challenges, to be legally compliant.

Many web3 businesses are borderless and this places a big regulatory burden, especially for those in their very early days.

Whether you are a centralized or decentralized project in web3, planning to issue tokens, finding the appropriate legal structure for your DAO, and understanding the legal implications of distributing tokens to employees, speaking with an experienced web3 legal specialist might save you hours and money in the long term.

You don’t want to be losing sleep thinking “Are we allowed to do that” or “Have we overlooked something in our legal structure”

To help us better understand how to define the legal strategy for your web3 startup and DAO, I spoke with Han Verstraete, the CEO & Founder of Otonomos.

Since 2015, Otonomos has helped builders and investors in crypto form and maintain their legal entities in all major jurisdictions around the world.

Topics covered;

Episode intro (00:48)
Han’s background and story founding Otonomos (2:34)
What is a Token SPV (5:45)
VASP jurisdictions to issue tokens (8:59)
When to choose BVI, Cayman Islands, Switzerland (12:20)
Legal structures for DAOs (15:27)
Best jurisdictions for DAOs (23:58)
Thanks to our sponsor Web3CFO Club (29:09)
Do you even need a bank? (30:57)
Framework for legal structure for web3 startups (38:00)
Overview of Otonomos (43:14)
OtoCo & creating an on-chain company (47:27)
Getting started with OtoCo (52:46)
Adoption of crypto in 2024 (53:56)
Closing thoughts (58:39)
How to reach out to Han (01:01:26)

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Follow Han Verstraete:

Twitter: https://twitter.com/hanverstraete

LinkedIN: https://www.linkedin.com/in/hanverstraete/

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While there is a lot of guidance and literature on Treasury Management in traditional finance, in web3, a lot of those concepts don’t apply.

Managing treasury fiat currencies in traditional finance largely involves managing banking partners whereas with cryptocurrencies, that involves managing your wallet addresses in the event you’re using self-custodial wallets.

Many web3 firms do not have a dedicated Treasury Manager, and therefore it’s up to that person to figure out things like custody, using DeFi platforms, on and off ramps, tokenomics if applicable, or managing payroll and expenses using crypto.

To help us better understand web3 treasury management, I spoke with Nik Pletikos, the Founder of DeFiwaves, a consulting firm specializing in Tokenomics Design and Web3 Treasury Management.

Nik currently manages the treasury & tokenomics for multiple protocols and previously spent 4 years building the treasury department at Bitstamp, one of the longest-running crypto exchanges. Nik has been working with some of the leaders in the industry, such as Hacken, and Sweat Economy.

Topics covered;

Episode intro (00:39)
Nik’s background & story learning blockchain (3:02)
Hedging against volatile crypto assets (4:28)
Fiat v/s stablecoins management (10:29)
Solutions like OpenEden, Ondo Finance, Maple Finance (13:59)
Thank you to our sponsor Web3CFO Club (16:29)
Managing counterparty risk with banks & exchanges (18:13)
Investing in DeFi protocols (21:19)
Investment policies for DeFi (24:09)
Laddered investment strategy for DeFi (26:57)
Thank you to our sponsor Convoy Finance (31:21)
Native token management (33:37)
Overview of DeFiWaves for tokenomics design (38:37)
Hiring a web3 CFO to manage treasury (40:52)
Reach out to Nik (47:09)

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Follow Nik Pletikos:

Twitter: https://twitter.com/ethreasurer

LinkedIN: https://www.linkedin.com/in/nikpletikos/

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Choosing accounting as a career path seems to be losing some of its prestige in recent years.

Technologies like AI and blockchain will not take the accountants’ jobs but rather, it’s those accountants who have upskilled themselves on blockchain who will.

So rather than being seen as a threat, many accountants are evolving with blockchain.

On Episode 56, I spoke with Shivani Phull, the VP of Finance & Investments at Pixelynx, an AI music creation platform.

Shivani is also a CFO Advisor at the Crypto Accounting Group, a crypto accounting & taxation services firm, and a Mentor at Outlier Ventures, a web3 VC and accelerator.

To inspire more accountants to upskill themselves with blockchain, this conversation today will revolve around Shivani sharing her experience, challenges, learnings, and career advice for transitioning from a web2 CFO to a web3 CFO.

Topics covered:

Episode intro (00:39)
Shivani’s story of becoming an accountant (2:37)
Falling into the web3 rabbit role (4:43)
Initial challenges with crypto accounting (8:52)
Understanding block explorers (10:58)
Thank you to our sponsor Cryptoworth (11:50)
Helping early-stage founders with fundraising (13:33)
Best practices around web3 accounting (16:22)
Setting & tracking KPIs (19:37)
Tooling for web3 accounting, sub-ledgers (21:55)
Thank you to our sponsor Convoy Finance (23:58)
Setting chart of accounts in main ledger (25:29)
Career advice for unhappy accountants (26:50)
Getting hired as a web3 accountant (30:00)
How does Shivani take time off (31:28)

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Twitter: https://twitter.com/shivv_p

LinkedIN: https://www.linkedin.com/in/shivani-phull-30bb1953/

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The 2 words on every crypto accountant’s lips these days are fair value.

Until now, crypto assets had to be measured at initial cost and could not be revalued at its market price.

To make matters worse for investors, they were also subject to an annual impairment review, and any subsequent gains in the value of the asset could only be realized at the time of disposal.

In December 2023, the FASB published an update that seeks to better reflect the economics of crypto assets, thereby allowing companies to measure crypto assets at fair value.

In short, these new changes seek to improve the accounting for and disclosure of crypto assets so investors can make more informed decisions.

On Episode 55, I had the pleasure to have a returning guest, one of the most highly sought-after & well-respected crypto accountants in the industry, Mackenzie Patel, the Founding Partner at Hash Basis, a crypto accounting & taxation services firm.

Topics Covered:

Episode intro (00:39)
Mackenzie’s background (2:54)
Cost less impairment accounting for crypto (4:17)
US GAAP fair value accounting for crypto (5:39)
Is impairment still required (7:46)
Crypto assets fair value accounting applies to (9:22)
New disclosure requirements (12:27)
Thank you to our sponsor Cryptoworth (16:32)
Concerns with new US GAAP update (18:06)
Adjustment for retained earnings (20:04)
Sub-ledger features for fair value accounting (23:59)
Cash flow requirements (26:46)
Thank you to our sponsor Web3CFO Club (29:35)
Crypto accounting & tax services with Hash Basis (31:33)
Career opportunities at Hash Basis (35:00)
Onboarding of new clients at Hash Basis (36:14)
Form 8300 and tax reporting over $10,000 (39:16)
A failure that set Mackenzie up for success (42:55)

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Twitter: https://twitter.com/HashBasis

LinkedIN: https://www.linkedin.com/company/hash-basis/

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Are you as a company contemplating using crypto assets in your business? Be it for investment purposes or rather in your daily operations?

The 1st advice irrespective of the jurisdiction you’re in, is to speak with a qualified tax advisor.

Once you understand the crypto inflows and outflows, you can also determine the character of income of your crypto.

Which fall under 2 buckets - ordinary income subject to income tax and capital income subject to capital gains tax.

Since tax is jurisdiction-specific, I’m starting a new series on Crypto Taxation and for the 1st episode, we’ll look into the US 🇺🇸

And on Episode 54, I spoke with David Zareh & Aryeh Munk, the Managing Partners at OnChain Accounting, an accounting and tax services firm focused on crypto.

Topics Covered:

Episode intro (00:39)
David & Aryeh’s story of how they got into blockchain (2:44)
Capital gains tax for crypto (7:18)
How holding period affects CGT (12:19)
Taxes on bridging crypto (14:29)
Providing liquidity and receiving LP tokens (16:57)
Income tax for crypto (20:48)
Thank you to our sponsor Cryptoworth (23:05)
Staking rewards & having dominion (24:43)
Tax optimization - cost basis (28:57)
Using a crypto sub-ledger to optimize tax expenses (31:40)
Tax loss harvesting & wash sales (32:25)
Thank you to our sponsor Web3CFO Club (36:45)
Challenges for crypto tax compliance (36:22)
How to choose a crypto sub-ledger (41:08)
How does OnChain Accounting help with crypto accounting & taxes (43:37)
Crypto Accounting Guide, by OnChain Accounting (47:27)
Closing thoughts (50:31)

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Twitter: https://twitter.com/OnChainAcctng

LinkedIN: https://www.linkedin.com/company/on-chain-accounting/

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An external auditor is appointed to provide an independent examination of the financial statements to ensure they provide a true and fair view.

And in return provide the confidence to stakeholders that management is doing their job well.

Auditors proceed by testing the internal controls and performing substantive tests.

What substantive tests mean is that auditors have a range of assertions, such as completeness, existence, valuation, cut-off, and occurrence that they use to develop their audit procedures.

To help us understand how to get companies having crypto on their balance sheet audit ready, I spoke with Marnus Kruger & Chris O'Reilly, Technical Accounting Manager and Lead Finance Engineer at Harris & Trotter.

Harris & Trotter, which provides accounting, audit, and taxation services, has made a name for itself in the digital assets space.

Today it serves around 450 companies including the likes of 1inch, Wintermute, The Sandbox, Blockchain.com, Bitfury, P2P and Mercuryo.

In this episode, we will take each of the financial assertions to provide you with an understanding of how to be ready when auditors come knocking at your door.

Topics Covered:

Episode intro (00:37)
Marnus & Chris’s story of how they got into blockchain (3:02)
Criteria for accepting an audit engagement (6:48)
Verifying ownership of crypto (9:02)
Valuation of crypto and choosing cut-off time (14:34)
Recoverability of assets from DeFi protocols (18:49)
Thank you to our sponsor Cryptoworth (20:50)
Completeness of on-chain transactions (22:25)
Good practices for wallet hygiene (27:12)
Tests of controls for crypto (28:51)
Harris & Trotter crypto accounting services (33:54)
Audit readiness with Harris & Trotter (35:03)
Thank you to our sponsor Convoy Finance (36:45)
Signature matching tool to verify ownership (38:14)
Live proof of stablecoin reserves tool (40:26)
Do auditors rely on crypto sub-ledgers like Cryptio, Cryptoworth, Tres Finance, etc (41:44)
Upskilling accountants & auditors for crypto (44:55)
Closing thoughts (47:42)

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The Crypto Accounting Academy is a 6-week course, brought to you by experts in the web3 industry, to give you the practical knowledge of running a business on crypto.

After the course, you will be equipped with the knowledge to be hired at a web3 company as an Accountant, Financial Controller and/or CFO.

Learning crypto accounting by yourself involves months of frustration, as having an understanding of how to import 100% of transactions from block explorers is not straightforward.

Through a 6-week cohort, we’re bringing the following instructors to get you crypto-ready;

Christophe Lassuyt - CEO & Co-Founder of Request Finance
Tarun Gupta - CEO & Founder of Coinshift
Mackenzie Patel - CEO & Co-Founder of Hashbasis
Mo Yang - CEO of Convoy Finance & CFO at Fuel Labs
Richard Pasquin - COO & Co-Founder at Cryptoworth
Nik Pletikos - Head of Treasury at Sweat Economy
Michael Cieri - Accounting Manager at Polygon Labs
Umar Mallam Hassam - Creator of The Accountant Quits

Sign up for the 1st cohort starting October 19 => https://www.theaccountantquits.com/crypto-accounting-academy

Unsure Whether This Course Is Right For You => Book A 1 On 1 Call

Topics Covered

Episode intro (00:00)
Problem learning crypto accounting (2:05)
Modules in the academy (4:27)
Instructors of the academy (10:10)
What is the course not about (14:33)
Who is this course for (16:15)
Do you have to be an accountant to join (17:24)
Resources offered with course (18:12)
Pricing (19:26)
Why I’m launching a Crypto Accounting Academy (21:06)
Should you quit your job (22:19)
How to decide whether this course is for you (24:26)

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Twitter: twitter.com/accountantquits

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If a business has a subscription pricing model and wants to accept both fiat & crypto as payments, that would mean using a combination of fiat and crypto payment gateways.

For example, Stripe works for fiat, and Coinbase Commerce works for crypto payments.

The issue here is that the merchant has to manually reconcile payments flowing through these 2 payment gateways, and so far a unified web3 billing solution did not exist.

Enter Super, a Web3 Subscription billing platform acting as a bridge between fiat and crypto payments.

Super allows you to manage your subscribers' data and their subscriptions and helps you to get rid of the manual work involved in connecting fiat and crypto payments.

On Episode 51, I spoke with its Co-Founder & CEO, Bisola Asolo.

Topics covered;

Episode intro (00:37)
Story of Bisola co-founding Super (2:20)
Subscription billing platform v/s Payment gateway (3:53)
Are web3 teams collecting payments in crypto today (7:14)
Thank you to our sponsor Cryptoworth (8:31)
What is Super, & features for subscription billing (10:05)
Onboarding new customers (12:05)
Finding 1st customers with Super (13:23)
Use cases & how clients use Super (15:13)
Thank you to our sponsor Convoy Finance (16:51)
Roadmap & upcoming milestones (18:46)
Challenges on adoption from web2 businesses (20:15)
Lessons learned in scaling a business (22:48)
Closing thoughts (24:37)

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Twitter: https://twitter.com/trysuper_

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Twitter: https://twitter.com/bisasolo

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The theme of this episode is tracking DeFi transactions, and providing the CFO managing their crypto treasury with how to generate a historical report of their DeFi positions, with their realized & unrealized gains/losses, interest income & losses & rewards earned.

If you’re not using a dedicated crypto tool, and having to manually retrieve the data from inspection tools, like block explorers, the monthly/annual reporting and cash flow forecasting can be very time-consuming.

On episode 50, I spoke with Tal Zackon, the Co-Founder & CEO of Tres Finance.

Tres Finance provides you with a one-source truth to track and consolidate your DeFi and TradFi transactions simultaneously and stay compliant with your accounting and audit.

Topics covered;

Episode intro (00:40)
Story of Tal co-founding Tres (2:20)
Challenges tracking on-chain transactions (8:27)
What is Tres Finance (10:59)
What is a financial data lake (15:02)
Sub ledgers v/s financial data lake (18:16)
Onboarding with Tres (19:13)
Thank you to our sponsor Convoy Finance (20:54)
Capturing onchain & offchain transactions with Tres Link (22:30)
Use cases of clients using Tres (23:30)
Automation practices & labeling (27:38)
Integration with Xero, Quickbooks, Oracle Netsuite (29:27)
Reconciliation with ERP integration (32:06)
How Tres compares to its competitors - Bitwave, Cryptio, Cryptoworth (33:05)
Banking integrations - Plaid (36:54)
Thank you to our sponsor Web3CFO Club (37:53)
Pricing with Tres (39:36)
Certification program for accounting & audit firms (44:11)
Roadmap and upcoming milestones (46:28)
Challenges for adoption (48:57)
Closing thoughts (50:15)
How to reach out to Tal (51:43)

Brought to you by

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👉 Join now for in-person events and grow your network at theaccountantquits.com/web3cfo/

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Twitter: https://twitter.com/TresDotFinance

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Twitter: https://twitter.com/TalZackon

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While Safe (previously Gnosis Safe) has become the gold standard for self-custodial wallets, anyone listening who has previously used Safe, which requires the approval of more than one user for transaction execution, would often say that the user experience is sub-optimal.

Some of the examples of the recurring pain points using a Safe alone for approving multisig transactions are that only the safe signer can create a safe transaction or that transactions cannot be easily edited without canceling the initial transaction.

One company helping crypto organisations better manage their multi-sig treasury transactions on top of Safe, is Coinshift.

Coinshift’s mission is to simplify on-chain treasury operations , whether for payments, reporting, and asset management.

On episode 49, I spoke to its Founder & CEO Tarun Gupta.

Topics Covered

Episode intro (00:40)
The story behind Coinshift (2:40)
How Safe works (7:54)
Pain points for users with Safe alone for multi-sig transactions (11:52)
Overview of Coinshift (13:18)
Thank you to our sponsor Cryptoworth (16:43)
Onboarding with Coinshift (18:22)
Pricing for Coinshift (21:36)
Proposal on Coinshift v/s transaction on Safe (23:28)
Most used chains & tokens (26:15)
Financial reporting & asset management feature (27:17)
Coinshift apps - CowSwap, Aave, LiFi, Request Finance (30:49)
How CowSwap works with Coinshift (33:18)
Integration with Request Finance (35:27 )
Why use Coinshift in combination with Request Finance (36:44)
Thank you to our sponsor Web3CFO Club (38:40)
Positioning against competitors like Utopia Labs, Multis, Parcel (40:24)
Account abstraction and onboarding the next billion of web3 users with Safe (44:37)
Closing thoughts of Tarun (49:24)
How to reach out to Tarun & Coinshift (51:03)

Brought to you by

Web3CFOclub - A community of web3 CFOs sharing best practices around web3 financial operations

👉 Join now for in-person events and grow your network at theaccountantquits.com/web3cfo/

Follow The Accountant Quits:

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Twitter: https://twitter.com/0xCoinshift

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Twitter: https://twitter.com/tarungupta1475

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This is the 2nd episode of a new series I started called ‘Becoming a Web3 CFO’ - where I dive into the inspiring stories of accounting & finance professionals who transitioned from traditional finance to web3.

In Episode 48, I speak with Jozef Vogel, the newly appointed VP of Finance and Operations at Ether.fi, a decentralized non-custodial ETH staking protocol.

And previously Jozef had been the Financial Controller at Aave, one of the most well-known decentralized lending & borrowing protocols.

Jozef is a highly sought-after crypto accountant as he has proven he can marry the best of both worlds in setting up the finance function of a web3 startup, that is using a combination of digital asset tracking tools and traditional ERP, payroll and treasury management solutions.

Topics covered;

Episode intro (00:39)
Starting out as a CPA working for BDO (2:39)
Falling down the web3 rabbit hole (5:39)
Pre-requisites to get an accounting job in web3 (8:17)
Starting out at Aave, & hiring process (9:10)
Thank you to our sponsor Cryptoworth (11:18)
Responsibilities & challenges at Aave (12:54)
Starting out at Ether.fi (17:24)
Web3 tooling for accounting & finance (19:30)
Treasury Management advice for the new web3 CFO (22:22)
Thank you to our sponsor Web3CFO Club (24:57)
Difference between a web2 v/s web3 accountant (27:03)
Emerging opportunities for accountants in web3 (28:45)
Additional skills for the crypto accountant (30:25)
Taking time off (32:31)

Brought to you by

Web3CFOclub - A community of web3 CFOs sharing best practices around web3 financial operations

👉 Join now for in-person events and grow your network at theaccountantquits.com/sponsorships/

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Twitter: twitter.com/JozefVogel

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The ‘Becoming a Web3CFO’ Series, is where I dive into the inspiring stories of accounting & finance professionals who transitioned from TradFi to web3.

In this series, we explore their unique experiences, challenges, motivations, and career advice.

The reason I started this podcast was to inspire and prepare accountants for blockchain. If people with similar roles at similar companies have successfully transitioned to blockchain, why can’t you?

For the 1st episode of this series, I spoke with Mo Yang, The CEO & Co-Founder of Nexoa and the Group CFO at Fuel Labs.

As a Chartered Accountant and CFA charter holder, Mo started his career at traditional accounting firms like Grant Thornton and BDO, worked as a capital markets trader, undertook CFO roles at multiple web2 and web3 startups.

Topics covered;

Episode intro (00:39)
Mo’s early career path in web2 (2:44)
How Mo fell into the blockchain rabbit hole (4:12)
Pre-requisite for accountants to get crypto jobs (6:09)
Launching Nexoa, a Fractional CFO services firm (8:42)
Thank you to our sponsor Cryptoworth (11:34)
What does a Fractional CFO do (13:31)
Challenges being a web3 CFO (17:54)
Treasury Management advice for the new web3 CFO (20:03)
Thank you to our sponsor Web3CFO Club (23:01)
Tooling for web3 accounting: Cryptio & Request Finance (25:01)
Set up for wallet management (26:40)
Impact of AI on accountants & opportunities to work in web3 (29:09)
Taking time off (31:07)

Brought to you by

Web3CFOclub - A community of web3 CFOs sharing best practices around web3 financial operations

👉 Join now for in person events and grow your network at theaccountantquits.com/web3cfo/

Follow The Accountant Quits:

LinkedIN: linkedin.com/company/the-accountant-quits

Twitter: twitter.com/accountantquits

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Twitter: https://twitter.com/_Mo_Yang

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Many web3 projects have a significant portion of their treasury in crypto, and paying for expenses like travel bills, SaaS tools subscriptions can be a headache as offramping often comes with friction points.

Having spoken to a few founders in web3 startups & DAOs, often times these teams would rather pay for such expenses using their personal accounts, and then later get reimbursed.

But that’s a messy way to build a web3 project.

Enter Rain, a corporate card for web3 projects. Rain’s mission is to allow you to spend in crypto, without ever needing a fiat bank account.

Their platform is non-custodial, integrates with Gnosis Safe and allows you to have as many virtual cards as you’d like for your team.

On Episode 46, I spoke to its co-founder, Charles Naut.

Topics covered;

Episode intro (00:39)
Charles’s background and how he got interested with blockchain (2:25)
Where the idea for Rain came from (4:24)
Friction points around off-ramping today (10:00)
How do crypto corporate cards work with off-ramping (11:19)
ACH & Wire transfer possible with Rain (13:26)
What is Rain, and its different features (15:44)
Thank you to our sponsor Cryptoworth (17:29)
Getting onboarded & due diligence requirements (19:24)
Does Rain plan to offer rewards/cash-back programs? (20:51)
Examples of web3 projects using Rain (22:54)
Using virtual cards as a spend management tool (23:45)
New model for expenses reimbursement (26:49)
Thank you to our sponsor Web3CFO Club (28:44)
Accounting integrations with Rain (31:01)
How does Rain differentiate from competitors like Brex, Ramp, Reap, AirWallex (33:28)
Challenges faced for adoption (35:10)
Upcoming trends for crypto spend management (36:43)
How to reach out to Charles (38:18)

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Twitter: https://twitter.com/raincards

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Twitter: https://twitter.com/cnaut

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Whenever I speak to people who are currently working or have worked in large accounting, investment and consulting firms, there is a recurring pattern I hear.

The distribution of wealth is heavily skewed towards those in positions of power and authority, that is the partners of these firms

Besides the disproportionate gap in remuneration, the people down the hierarchical ladder do not enjoy as much recognition for their work in these white-collar factories.

So how does a consulting turn this broken business model to make sure everyone enjoys a fair piece of the pie

Enter Bankless Consulting, the world’s first web3-native professional services consultancy.

As a DAO, 90% of their revenue generated is allocated to the project team.

On Episode 45, I spoke with Chuck Cummings, the co-founder & Head of Finance of Bankless Consulting.

Topics covered

Episode intro (00:39)
Chuck’s background and how he got interested with blockchain (2:38)
Web3 consulting firm principles on shared ownership & profit sharing (4:39)
Creation of Bankless Consulting (8:02)
Services offered - tokenomics, DAO consulting, web3 marketing strategy (10:15)
Onboarding talent (13:36)
Lessons learned from scaling a remote first consulting firm (17:12)
Thank you to our sponsor Cryptoworth (18:47)
Governance at Bankless Consulting, under a DAO model (20:21)
Examples of projects working with Bankless Consulting (24:18)
Lessons learned from invoicing in crypto/stablecoins (28:03)
Using crypto accounting tools (31:20)
Most used tools as the Head of Finance, Request Finance, Circle (33:08)
Thank you to our sponsor Web3CFO Club (36:45)
Experience from contributing to DAOs, & new career opportunities (39:16)
Social impact projects Chuck is focusing on (44:11)
Alpha on social impact projects - decentralized data marketplaces (47:42)
Maxim that Chuck lives by (50:41)

Brought to you by

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👉 Join now for in person events and grow your network at theaccountantquits.com/web3cfo/

Follow The Accountant Quits:

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Twitter: https://twitter.com/banklessconsult

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Twitter: https://twitter.com/mr_cgc

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If you’ve never listened to this podcast, this will be a good intro on the impact of blockchain in accounting.

After recording 43 episodes, I thought it’s high time that I revisit some of the content and share the best best bits on what’s this podcast all about - helping you become a web3 accountant.

You know even if the name of this show is called The Accountant Quits, it’s not about me quitting my accounting job,

But rather it’s a bigger movement of accountants witnessing how technology is making them redundant in the near future.

I’m convinced that you can slowly use the accounting knowledge you have to learn blockchain , and then the sky really is the limit.

Topics covered;

Intro on how to become a crypto accountant (00:39)
Monica Singer from Consensys, on why CEOs won’t be accountants anymore (3:10)
Juan Iganacio Ibanez, on what triple entry accounting means (5:58)
Thank you to our sponsor Cryptoworth (17:29)
Shehnaaz Suleman, a Partner from BDO, on how to account for crypto assets (11:36)
Christophe Lassuyt, the CEO of Request Finance, on the emerging career opportunities for accountants with web3 (16:34)
Thank you to our sponsor Web3CFO Club (20:10)
Antoine Scalia, the CEO of Cryptio, on why spreadsheets are inefficient for crypto accounting, & why you need an automated crypto accounting solution (21:52)
Geeth Jay, the CEO of Cryptoworth on how can accountants start to specialize themselves on different blockchains (26:56)

Brought to you by

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👉 Join now for in person events and grow your network at theaccountantquits.com/sponsorships/

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Even if it’s relatively straightforward to export transactions from block explorers, how do you know for a fact that the data is complete and accurate?

Block explorers have not been designed for accounting purposes, and turning the complexities of on-chain transactions into an enterprise grade data for your accounting is quite a challenge.

Cryptoworth provides the operating system to convert the complex blockchain data from wallets, exchanges, and custodians into your accounting software to facilitate your reporting, audits and tax filings.

Cryptoworth supports around 100 blockchains, 56 exchanges, over 700 DeFi protocols and has already onboarded more than 1,200 users using their platform.

Their users include web3 industry leaders, including Aave, Axie Infinity, Celo, Moonbeam, Request Finance amongst others.

On Episode 43, I spoke with its co-founder & CEO Geeth Jay.

Topics covered;

Geeth’s background and how he got interested with blockchain (2:24)
Completeness & accuracy of transactions from block explorers (5:17)
Different block explorers for the same blockchain (6:42)
Different block explorers for different blockchains (7:56)
Reconciliation exercises (9:49)
Common transaction deviations (11:12)
Running your own nodes & indexing the data yourself (12:19)
Public v/s private blockchains (14:42)
Overview of Cryptoworth (16:35)
How to get on boarded with Cryptoworth (19:03)
Use cases for using Cryptoworth (21:13)
Difference between using Excel v/s Cryptoworth (23:06)
How is Cryptoworth different to other competitors like Cryptio, Bitwave, Consola, Tres Finance, Integral (25:38)
Joining Web3CFO Club (17:29)
Can Cryptoworth be both a crypto sub ledger & main ledger (28:32)
How does pricing work (30:41)
Features available with minimum pricing package (33:50)
Overview of Cryptoworth Alliance program (35:05)
Challenges for adoption (36:32)
Should accountants specialize on specific chains (39:04)
Roadmap in 2023 (40:09)
DeFi & NFT modules for tracking positions, income & expenses (41:13)
Closing thoughts (43:28)

Brought to you by

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👉 Join now for in person events and grow your network at theaccountantquits.com/web3cfo/

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Follow Cryptoworth:

Twitter: https://twitter.com/CryptoworthApp

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LinkedIN: https://www.linkedin.com/in/geeth-jay-44200690/

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The autopay function is prevalent in TradFi - think about all instances where payments are automated, like your subscriptions , loan repayment, salaries, utilities payment, credit card repayment.

Having to manually approve such recurring payments would be a headache for you.

Today in the web3 space, projects having a subscription pricing model have a tough time automating these recurring payments if they want to be paid in crypto.

That’s because payments in crypto right now are push payments.

One company who wants to enable automatic recurring crypto payments, without locking up funds is Loop.

With Loop, you can embed a simple payment link on your application which allows your customers to pay their recurring subscriptions - with no code required.

On Episode 42, I spoke with Loop’s CEO & Co-Founder Eleni Steinman

Topics covered;

Eleni’s background and how he got interested with blockchain (2:24)
Difference between push and pull payments (4:55)
How does Loop automate recurring payments (6:24)
How to integrate Loop (11:24)
How to allow recurring payments using Loop’s SDK & API (14:14)
Integration with ChargeBee for crypto subscriptions (15:26)
Usage based subscription model (17:55)
Invoicing & receipts automatically generated with Loop (19:09)
Joining Web3CFO Club and network with high profile web3 CFOs (21:46)
Crypto2Fiat and Fiat2Crypto autopay with Loop (23:28)
Run payroll without involving multi-sig wallet owners (25:09)
Use cases for crypto autopay (29:00)
Barriers for adoption for Loop (32:15)
What is a token allowance (33:23)
Roadmap & upcoming features (34:45)
How can a protocol like Request Network build on top of Loop (36:24)
How to reach out to Loop (37:20)

Brought to you by

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👉 Join now for in person events and grow your network at theaccountantquits.com/web3cfo/

Follow The Accountant Quits:

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Follow Loop:

Twitter: https://twitter.com/loopcrypto_xyz

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Twitter: https://twitter.com/EleniThinks

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If you’re an employee receiving your net salary at the end of the month, there is a series of financial operations that your employer must address.

Starting with your gross salary, there is a string of deductions like taxation, pensions, social security, medical insurance before arriving at your net salary - the actual funds that get credited in your bank account.

If you’re a company seeking to pay your employees and contractors in crypto, you need a single dedicated payroll solution that takes into account all these components, otherwise the payroll process becomes fragmented.

Enter Franklin, a hybrid fiat and crypto payroll solution which allows you to automate all payment flows for payroll.

On Episode 41, I spoke with its co-founder and CEO, Megan Knab.

Topics covered;

Megan’s background and how he got interested with blockchain (2:46)
How payroll process works, financial deductions and net salary (7:44)
Challenges creating a tax compliant web3 payroll product (11:03)
How Franklin helps to automate crypto & fiat payroll (15:06)
How Franklin handles tax payments (17:29)
Mass pay payroll function (19:34)
How to pay your workforce on multiple chains/crypto in 1 single transaction (23:22)
Direct crypto deposit & direct bank deposit with Franklin (27:10)
How is Franklin different to competitors like Request Finance, Bitwage, Utopia Labs, Parcel, Coinshift (28:22)
Joining Web3CFO Club and network with high profile web3 CFOs (30:14)
Tax implications of receiving salary in crypto (31:56)
Barriers for adoption of crypto payroll (34:03)
Streaming as a payroll product (37:01)
Accounting for payment streams (43:40)
Accounting integrations to ERPs like Xero, Quickbooks and crypto accounting solutions like Bitwave, Cryptio (45:02)
Megan’s favorite quote (48:26)

Brought to you by

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👉 Join now for in person events and grow your network at theaccountantquits.com/web3cfo/

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Twitter: https://twitter.com/franklinpayroll

Follow Megan Knab:Twitter: https://twitter.com/knotmegan

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If you are contemplating to run your business on crypto rails, the framework for your bookkeeping is a combination of traditional and crypto native accounting softwares.

Like any traditional business, you will need a traditional ERP solution softwares like Quickbooks, Xero, Oracle NetSuite being used as your Main Ledger.

And a specialized crypto accounting software to be used a Sub ledger - which would extract, process and feed in transactions from the blockchain to your Main ledger.

If you are looking to scale your business using crypto, you need to start automating your crypto bookkeeping.

On Episode 40, I speak with Jacob Kobler, the CEO & Founder of Consola Finance.

Consola Finance allows you to convert the blockchain transactions from wallets, exchanges, and custodians into your accounting software to facilitate your reporting, audits and tax filings.

Topics Covered:

Jacob’s background and how he got interested with blockchain (2:32)
Common issues when not using a specialized crypto accounting software (5:10)
Back office set-up for crypto bookkeeping (8:07)
What is Consola Finance & features for on-chain accounting (10:51)
Integrations with Quickbooks, Xero, Request Finance (13:53)
How is Consola different to other competitors like Cryptio, Bitwave, Cryptoworth, Tres Finance, Integral (15:34)
Joining Web3CFO club and network with high profile web3 CFOs (17:29)
How to get onboarded on Consola, and minimum volume of crypto transactions (19:28)
Impairment & different cost basis available (22:00)
Fair value measurement and valuation using market price (24:04)
Accounting for staking income (25:03)
Challenges faced by Consola for adoption (27:29)
Upcoming features & milestones for Consola (29:01)
How to reach out to Jacob (30:34)

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Web3CFOclub - A community of web3 CFOs sharing best practices around web3 financial operations

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In order to allow you to hire and retain the best talent to build your web3 company, having a sound token based compensation is crucial.

Resorting yourself to manually distributing and sending tokens is a painful process, and using excel spreadsheets runs the risk of making transfer mistakes or missing payments.

Token-based compensation is a new and powerful form of incentive alignment and is inherently different from traditional stock options compensation.

To help us understand token based compensation, I spoke with Robin Ji, the CEO and co-founder of Liquifi.

Liquifi is a platform that allows you to automate token distributions and track vesting schedules, and will save yourself time in managing your crypto payroll operations.

Topics covered;

Robin’s story into blockchain and how Liquifi started (2:44)
Differences between token based compensation and traditional equity (8:03)
Designing a token compensation plan (11:34)
Should all web3 projects have a token? (14:15)
Should every DAO have a token? (18:00)
Join web3CFOclub and network with high profile web3 CFOs (18:51)
Benchmarks for token allocations for team, treasury & community (21:27)
Token allocation strategy for the community (22:52)
Token allocation strategy for the investors (25:17)
What is Liquifi and overview of features (26:51)
Onboarding process at Liquifi (29:23)
Pricing structure of Liquifi (31:04)
Difference between vesting & streaming tokens (32:17)
How to manage token performance with token lock-ups (35:26)
Main challenge for adoption is understanding token’s utility (37:10)
Upcoming features/milestones of Liquifi (39:00)

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Embracing cryptocurrencies into your business can be a daunting undertaking.

3 of the biggest hurdles to going corporate with crypto today are the following;

(i) First payments and treasury managements

(ii) Secondly tracking your wallets and transactions

(iii) And finally exchanging crypto to fiat

To discuss how you can start building your business on crypto and embrace the open financial system, I spoke to Thibaut Sahaghian, the CEO and founder of Multis.

Multis allows organizations to manage their crypto treasury & cash flow, run crypto payroll, track spending across wallets, and have recently launched corporate cards to allow your business to off ramp and pay in USD within a few seconds.

Topics covered;

Thibaut’s story into blockchain and how Multis started (2:21)
Mindset change required to move one's business on crypto (self-custody, logging transactions) (4:27)
What is Multis and its main features (7:01)
Importance of having a multisig wallet, and why Multis choose Gnosis Safe (9:48)
AR & AP workflows , and the need for specialized web3 tools like Request Network (12:32)
Payroll process and how Multis allows batching of salaries to save time & money (14:17)
Off ramping with Multis corporate cards to exchange crypto and spend in USD (17:00)
Application process to get a Multis crypto corporate card (18:18)
Product market fit for Multis & their target audience in next 12 months (22:57)
Challenges faced by Multis for adoption (24:30)
How to upskill staff when building a business on crypto (26:32)
Closing thoughts on the easiest step to transition a business on crypto (28:44)

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One of the barriers for crypto adoption today lies in connecting the legacy financial system to the decentralized one.

While crypto ramps exist to allow the economic value to flow from fiat money into cryptoassets, and vice versa, the process can be painstakingly long for the inexperienced user, as it involves using a crypto exchange.

One company that has built a bridge between the banking system and blockchain without the need to use crypto exchanges is Monerium.

Everyone understands how IBANs work, and using a blockchain IBAN, you are able to move funds from your bank account to your crypto wallet in a few seconds through the Monerium platform.

To discuss how your wallet is now your bank account, I spoke to Gísli Kristjánsson, the co-founder and CTO of Monerium.

Topics covered;

How Gísli’s got interested with blockchain and founded Monerium (2:15)
How money moves around the current banking system (6:38)
What is Monerium and what are e-money (11:49)
How to use Monerium to send money directly from bank account to crypto wallet (13:24)
Minting process for e-money, and how it compares to stablecoins (19:32)
Gas fees/transaction fees when using Monerium platform (22:46)
How to get started with Monerium (24:38)
Is Monerium a bank, and what happens to reserves if Monerium goes bankrupt (29:02)
How to make e-money business profitable with negative interest rates in EU (32:39)
Building on Monerium and using the open source API (using Request Network as example) (35:58)
Challenges faced by Monerium for crypto adoption (40:35)
Upcoming new features & partnerships (Request Finance, Superfluid) (43:12)
Closing thoughts on Monerium’s infrastructure to change how the world works (47:47)

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For Episode 37 with Gísli Kristjánsson from Monerium , please visit https://theaccountantquits.com/episode-37-gisli-kristjansson-from-monerium-on-using-your-wallet-as-a-bank-account/

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If you have the intention to run your business on crypto, the traditional back office operations stack won’t make the cut.

Your current processes around your invoicing and payments, accounting and reporting, tax compliance and treasury management requires an overhaul to remain compliant and mitigate the risks involved.

The transition to having crypto on your balance sheet thus requires establishing a new workflow for running your operations and getting your team upskilled.

To discuss how companies can redesign and thrive in the era of digital assets, I spoke to Pat White, the CEO and Founder of Bitwave.

Bitwave empowers enterprises to streamline all of their back office crypto operations & remain compliant by providing a platform for their bookkeeping, treasury management, AR/AP tooling and DeFi support.

Topics covered;

Pat’s story with blockchain and founding Bitwave (2:46)
Reasons why companies with different profiles are adopting crypto (6:39)
Digital Assets Maturity Model (DAMM) by Bitwave (14:21)
How to run your business on crypto in 30 days (17:11)
What is Bitwave , and its accounting & tax sub ledgers (21:32)
When should a company consider using Bitwave (27:04)
Considerations to have in mind when transitioning from fiat payments to crypto payments on a compliance perspective (28:05)
Where should AICPA publish more guidance on crypto accounting (33:53)
Biggest black hole in crypto accounting is DeFi (L1 to L2, bridging, wrapping) (35:21)
How to upskill accountants for crypto accounting (37:49)

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The future of decentralized commerce will transform traditional commerce, as instead of being built upon siloed systems, it intends to be interoperable between its network participants.

One of the foundations to achieve interoperability for commerce lies in tokenizing an invoice.

In other words, having an invoice minted as an NFT provides an immutable document of ownership for commerce, resulting in a single source of truth to check the credit worthiness of its parties, thereby allowing invoice financing & factoring use cases, not only for large corporations, but also for retail needs.

To discuss NFT invoicing, I spoke to Michael Revy, the founder of Bulla Network, an open source protocol to mint credit relationships and facilitate on-chain commerce.

Topics covered;

Michael’s story with blockchain and founding Bulla Network (2:15)
The origin of a Bulla, being used by the Sumerian civilization (3:54)
What is Bulla Network (5:28)
What is an NFT invoice (7:01)
Example of using invoice financing with an NFT invoice (9:29)
What is Bulla Banker , and a walkthrough of the dapp for invoicing & payroll (13:28)
How to prepay NFT payments, in the case of salary payments (16:23)
Pain points with batch payments that Bulla solves (18:28)
Use cases of NFT invoicing (25:55)
Transferring transactions from Bulla Banker to accounting ERPs (29:31)
Missing features in web2 accounting softwares that web3 could offer (30:35)
Protocols working on credit reputation systems (33:03)
Challenges to transition from web2 invoicing to web3 invoicing (34:31)
Value proposition for DAOs with using Bulla (36:01)

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Proof of stake (PoS) blockchains will form the foundation of a more inclusive and user-owned Internet.

If institutional token holders are primed to enjoy the staking rewards embedded within these blockchains, either by acting as validators or delegators on the network, accounting for those rewards remains a headache.

Reason being that there is currently limited guidance from the accounting standards, be it US GAAP or the IFRS, on revenue recognition for staking rewards.

To help us better understand the accounting treatment on proof of stake networks, I spoke to Mackenzie Patel, a CPA and Senior Revenue Accountant at Figment, a validator on over 50 POS networks.

Topics covered;

Mackenzie’s story of how she got into web3 and started working at Figment (2:56)
What is proof of stake (including rewards & governance) (5:26)
Considerations when choosing a validator (6:56)
How validators secure the network (7:45)
DeFi staking v/s POS staking (10:12)
Liquid staking and DeFi opportunities (11:40)
What does Figment do (13:32)
How to start staking with Figment (14:39)
Revenue recognition of staking rewards for a validator under 5 step principle (17:32)
Challenges when recognizing staking rewards under the accrual concept (25:51)
Accounting rewards as token receivable (29:19)
Grouping POS blockchains under a network family for recognizing revenue (31:58)
How to trust data from block explorers in the absence of SOC report (33:30)
How are auditors auditing POS blockchains data (36:58)
Working part time at dOrg as a DAO Accountant, & contributing to DAOs (38:43)
Prerequisites for web2 accountants to transition to web3 (41:09)
Mackenzie’s message to FASB (45:05)

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Crypto is subject to high volatility and even large market cap protocols are not immune to over 75% pricing drops.

The majority of a web3 project or DAO’s treasury is typically held in their native governance token and turbulent market conditions amplifies the need for good treasury management.

One that does not jeopardize the viability of the project and reassures the community on its financial health.

To discuss operating in a bear market including survival, growing, hiring, and treasury management,

On episode 33, I spoke to Kishan Shah, a former growth equity investor at Goldman Sachs & CFO at venture capital backed and publicly traded tech companies, now helping web3 companies grow faster and manage their treasury.

Topics covered;

Kishan’s story of how he got into web3 & the emerging primitives of DeFi & NFT (2:07)
Web3 projects in a bear market (3:23)
DAO treasury volume & DAO contributors analytics (6:49)
Considerations for hiring a crypto CFO with minimal web3 experience (8:23)
3 key functions are business health, growth & treasury management (10:09)
Capital allocation and what Kishan’s prescribes to web3 contributors (13:33)
Financial reporting for DAOs (17:36)
Treasury management and why it’s important for DAOs (20:06)
How is web3 tooling different than web2 tooling (23:12)
Back to basics for accounting (26:20)

See Kishan's web3 articles on Mirror (Treasury management, DAO Financial Reporting, DAO Compensation)

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The adoption of cryptocurrencies also lies in the ability of that data to be easily extracted into any accounting software from the different crypto wallets & exchanges.

As of today, the legacy accounting softwares do not integrate with cryptocurrencies for pricing, and accounting for crypto involves some workaround.

One company which has for mission to simplify financial reporting of crypto is AEM Algorithm, with their product AEM Journaler.

AEM Journaler is a Xero certified accounting platform for tracking and managing cryptocurrency transactions and exporting data into accounting systems for financial and tax reporting.

And on Episode 32, I speak to its founder Jakub Sawczuk. As a certified accountant, Jakub is working to facilitate the adoption of digital assets by building a bridge between crypto and traditional accounting systems, like Xero.

Topics covered;

Why Jakub founded AEM Algorithm (2:27)
What’s different with crypto accounting (4:33)
The challenge for bookkeeping is getting from block explorer to accounting software (7:25)
How AEM Journaler works? (9:38)
Crypto exchange gains/losses with every transactions and how to report (11:46)
Walkthrough of holding Ethereum as investment, and importing that data from exchange to Xero (14:37)
Creating bank accounts in Xero that represent wallet addresses (18:39)
Good practices for crypto accounting in Xero (20:51)
Merge multiple wallet addresses into 1 single account in Xero (22:57)
Challenges for crypto accounting in Xero (24:51)
Request Finance commercial break (28:23)
Reporting of DeFi transactions into Journaler (30:18)
What’s different with AEM+, the mobile crypto wallet (33:56)
Why build an invoicing module in AEM+ (36:55)
Barriers for crypto adoption (38:48)
Closing thoughts on how to simply crypto accounting for individuals/corporates (41:31)

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Smart contracts allow the transfer of digital assets automatically without the need for manual periodic transactions, in the form of a payment stream.

Payment stream you ask? Allow me to break it down for you through a simple example.

As an employee/freelancer, you are familiar with receiving your salary/fees in the form of a lump sum transfer.

What if I told you could now receive crypto payment every second, in the form of a payment stream?

On Episode 31, I had the opportunity to speak to Michele D’Aliessi, co-founder at Superfluid.

Superfluid is pioneering the idea of programmable cash flows, or simply put, allowing a constant flow of transactions that are executed automatically on-chain.

Payment streams would be impossible to do in traditional finance and have the potential to change how money works.

Topics covered;

Michele’s story on how he first became interested with blockchain, and co-founded Superfluid (2:00)
What is Superfluid and how it works (8:00)
Basic uses cases for Superfluid protocol (subscriptions, salaries payments, dollar cost averaging, vesting) (10:37)
DeFi use cases with Ricochet for Dollar Cost Averaging & Idle Finance for optimizing yield as you earn (11:51)
NFT uses cases when buying land in the Metaverse (14:37)
How to convince my employer to receive my salary in the form of a payment stream (16:39)
Superfluid ecosystem (Diagonal, Request Finance) (23:50)
Accounting for payment streams (30:07)
Challenges faced by Superfluid for adoption (40:50)
What Michele is looking forward to in 2022 in terms of adoption (44:09)

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We’re currently at a tipping point. The traditional CFO with a traditional finance background may soon become obsolete , and be replaced by the progressive CFO embracing the possibilities of DeFi.

But there are no universities and there is no universal playbook offering a curriculum on how to be a Web3 CFO. To get there, it involves one being crypto curious and not being afraid to experiment by dabbling into DeFi.

To help us understand why CFOs should care about DeFi, I had the pleasure to speak to the highly sought after Jamiel Sheik.

Jamiel is the founder of Instamint a B2B NFT minting platform, also the founder of Chainhaus, a blockchain / DeFi advisory firm, an educator at Blockchain 101, an online blockchain education portal and founder of the Central Bank Digital Currency Think Tank

Topics covered;

Jamiel’s story on how he started his crypto journey and the ecosystem he founded (Instamint, Chainhaus, Blockchain NYC, CBDC Think Tank) (2:38)
Comparing Web2 and Web3 CFOs, how to transition between the two and what makes a good Web3 CFO (5:00)
Insights on how institutions should invest in DeFi, the risks, the possibilities (7:00)
Compliance issues when institutions enter DeFi (10:24)
Is permissioned DeFi the future of institutional finance? (12:27)
The future of work for CFOs (17:17)
Commercial Break from Request Finance (21:22)
Sneak peak of Jamiel’s new book, topics covered and his vision for this book (23:31)
What is Instamint, B2B NFT minting platform, and use cases (27:31)
Jamiel’s expectations for 2022, the year of DAOs and DeFi (30:44)

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The legal nature of DAOs is a gray zone and there is no playbook for creating a legally compliant DAO yet, but accounting can nevertheless be done right.

The accounting equation is universal and accounting principles are timeless. The only difference now is the addition of blockchain technology, and that now transactions for the DAO reside onchain.

With the number of DAOs expected to soar in the years to come, accountants are set to play a key role in the adoption of DAOs.

To discuss DAO accounting, I speak to Kevin Ngo, the DAO Accountant at Polywrap DAO.

Kevin has forged his own path into web3, by wearing many hats at Polywrap, and using the emerging web3 technological stack for the DAO’s accounting.

Topics covered;

Story of Kevin, starting at a CPA firm to becoming a freelancer (2:14)
How Kevin found out about Polywrap and went full time into DAO accounting (5:42)
Managerial accounting v/s compliance accounting for a DAO (8:29)
Difference between web2 accounting and DAO accounting (10:57)
Can DAOs offer real time accounting (12:55)
How Kevin tackles budgeting at Polywrap DAO, and shares actual spending to the community (15:02)
Challenges DAOs are facing for accounting (19:26)
Skills and knowledge for accountants to transition from web2 to web3 (21:38)
Compensation between fiat and DAO native tokens for contributors (23:49)
Tools to facilitate DAO accounting (25:55)
How should DAO contributors separate DAO income to remain compliant (27:12)
Word of advice to DAO founders to simplify accounting (29:16)

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👉 Earn $10 in REQ tokens when you sign up using promo link at theaccountantquits.com/request

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The growth of financial instruments powered by DeFi is inevitable.

But if the time for DeFi has come, the accounting bodies are still in their starting block (no pun intended).

One firm that has gained traction and made a name for itself as the leading crypto accounting firm in the UK, is Myna Accountants.

& Its founder Joe David, has been devoting his working hours to provide much needed answers to crypto accounting.

Topics covered;

Joe shares his nonlinear career path, and how he founded Myna (2:24)
Why more institutions are adopting DeFi (exponential TVL growth) (6:38)
Accounting change from ETH as intangibles to CETH as receivables in decentralized lending with Compound (8:52)
Accounting challenges for liquidity mining & yield farming (12:57)
Wrapped Bitcoin and its accounting implications (16:38)
Airdrops accounted for as income (19:10)
Challenges faced by clients for DeFi adoption (22:34)
Tools like Cryptio & Request Finance facilitate crypto accounting (25:22)
Can accounting be a bottleneck for DeFi adoption (29:19)
HMRC guidance of DeFi lending and capital gains tax treatment (31:37)
Challenge for Myna Accountants to scale (34:58)

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Blockchain has democratized access to financial services by removing the middleman, and fuelled a new movement with Decentralized Finance, better known as DeFi.

DeFi enables anyone in the world to have access to financial services on the internet, and uses smart contracts that replaces the intermediary such as a bank.

But no intermediary means 2 things;

The onus is now on you to manage your assets diligently and;
Recognize that you are now on a new learning journey, and will have to get accustomed to a new DeFi jargon (like what a DEX means, what is staking, is non custodial important)

To give you an intro into DeFi, I had the pleasure to have Maximilian Bruckner, the Head of Marketing & Sales at 21E6 Capital.

Topics covered;

How Maximilian became interested with blockchain (2:24)
What is DeFi (6:24)
How anyone can start with DeFi (7:53)
Compare DEX (Uniswap) with centralized exchange (9:14)
Difference between staking and liquidity mining (11:55)
Trading pairs on a DEX (14:03)
Key considerations before investing in a liquidity pool (14:57)
What is an impermanent loss (15:49)
Risks with staking (smart contract risks, lock-up risks) (17:50)
Yield farming and risks involved (22:05)
Alternative blockchain networks to start yield farming other than Ethereum (24:24)
Anchor protocol, earn 20% interest on UST deposit (25:42)
How Abracadabra.money works (27:27)
Start by downloading a metamask wallet, and send funds from centralized exchange to wallet (closing thoughts) (31:40)

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If accounting standards are still playing catch up with digital assets, bookkeeping can nonetheless be done right.

But tracking and extracting onchain data for accounting is a tedious task - it’s time consuming and bridging that data to an accounting software can be daunting for accountants.

One company that wants to automate digital assets bookkeeping is Cryptio.

Cryptio allows you to convert the blockchain transactions from wallets, exchanges, and custodians into your accounting software to facilitate your reporting, audits and tax filings.

On Episode 26, I speak to Antoine Scalia, the founder of Cryptio.

Antoine and his team can be proud to have already put Cryptio on the map as the industry benchmark for digital assets bookkeeping, working with leading blockchain projects such as Cardano, Solana, Consensys, Aave and a lot more.

Shownotes;

[3:41] Bottlenecks for tracking and reporting digital assets

[6:54] How Cryptio reconciles crypto onchain data

[13:38] Automation of bookkeeping with Cryptio

[21:45] Challenges with mapping DeFi transactions

[30:22] Also an auditing tool

[33:49] Bookkeeping for DAOs where 100% of transactions are on-chain

[38:17] Partnerships with other web3 companies

If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes. It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests. Together we can help accountants prepare themselves for a blockchain future.

For show notes and past guests, please visit theaccountantquits.com/podcasts/

Follow The Accountant Quits:

Instagram: instagram.com/theaccountantquits/

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The onset of web3 being decentralized is fueling a paradigm shift in how work is organized on the internet, and DAOs, short for decentralized autonomous organizations, is the vehicle driving the change.

With DAOs being internet-native entities with no central management, where people are incentivized to work on common shared goals, we need new tools that allow these organizations to hold people accountable.

One of the emerging tools to address the accountability challenge is Sobol.

Sobol provides an accountability map for DAOs that enables them to organize the roles of different participating members and their respective goals.

To discuss the future of work with decentralized teams, I had the pleasure to speak to Bryan Peters, the co-founder at Sobol.

In this episode you will learn;

Why the future of work is built around the idea of decentralized teams
How Sobol provides an accountability map for DAOs
How to be incentivized working for DAOs through bounty programs today
How to build an on-chain resume and its current challenges and much more.

If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes. It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests. Together we can help accountants prepare themselves for a blockchain future.

For show notes and past guests, please visit theaccountantquits.com/podcasts/

Follow The Accountant Quits:

Instagram: instagram.com/theaccountantquits/

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Ever since I started this podcast, I’ve always been looking for people with accounting backgrounds who have successfully steered their career into crypto.

For episode 24, I could not be more excited to have Will White, a Chartered Accountant, who completed his ICAEW course and has had a unique career trajectory.

Will started working at PWC where he was part of the administrators team of the famous Lehmann Brothers case, and continued to be an advisor at numerous Fintech companies, Neo Banks and Venture Capital Firms.

Will is not your typical accountant, and being also a tech enthusiast, was an early advocate for crypto.

Today Will is a founding team member at Twali, a decentralized job marketplace for freelancers.If you’re an expert in accounting, tax, legal, HR and a lot of more, Twali is building a platform to help you cross the chasm and work in Web3.

In this episode, you will learn;

The different ways to work in Web3 today;
The idea of building on chain verificable reputation;
How can contributor in DAOs earn bounties/rewards for work done;
Emerging skills for accountants and finance professionals to have for Web3 and much more.

This episode is brought to you by AuditChain - the world's first decentralized continuous audit and real time reporting protocol.

Traditional audit methodology focuses on “materiality”, not accuracy. We are constrained by time and cannot audit 100% of the transactions, and therefore we perform sampling.

AuditChain decentralizes audit and uses an independent assurance methodology that automates auditing tasks, and continuously audits 100% of the transactions.

With AuditChain, Chartered Accountants and professionals will write and own Process Control NFTs that automate internal and disclosure controls, where these NFTs pay royalties in return.

With more and more automation, accountants will increasingly find themselves becoming redundant. If you are a forward thinking CPA or Chartered Accountant, and want to participate and be in touch with the latest developments from AuditChain in decentralizing the audit profession using blockchain, you should apply for membership by visiting DCARPE Alliance.

If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes. It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests. Together we can help accountants prepare themselves for a blockchain future.

For show notes and past guests, please visit theaccountantquits.com/podcasts/

Follow The Accountant Quits:

Instagram: instagram.com/theaccountantquits/

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The very nature of cryptocurrencies is that it’s peer to peer, and there is no need for an intermediary to make payments.

But to streamline and facilitate the adoption of crypto payments in a compliant way, there is the need for a whole range of financial applications to be built around.

One company which has been building in this space and garnering substantial industry growth for a while now is Request.

Request is apayment protocol that enables you to request a payment and be paid with crypto in a compliant way.

One of the first financial applications built was Request Finance, an app that now helps over 1,200 businesses in managing their crypto payments and financial operations, including leading blockchain projects like Sandbox, Aave, Maker DAO, Ocean Protocol, to mention just a few.

On Episode 23, I speak to Christophe Lassuyt, the co-founder at Request. The success story of Christophe, a former CFO turned entrepreneur, is inspiring for all accountants out there, and it’s one of the many reasons I wanted to have Christophe on the show.

In this episode, you will learn;

What is Request network and the financial applications being built on top;
An overview into Request Finance, and how it’s being used for salaries, expenses and accounting;
The future of invoicing with Defi;
The new career opportunities with web3 and much more.

This episode is brought to you by AuditChain - the world's first decentralized continuous audit and real time reporting protocol.

Traditional audit methodology focuses on “materiality”, not accuracy. We are constrained by time and cannot audit 100% of the transactions, and therefore we perform sampling.

AuditChain decentralizes audit and uses an independent assurance methodology that automates auditing tasks, and continuously audits 100% of the transactions.

With AuditChain, Chartered Accountants and professionals will write and own Process Control NFTs that automate internal and disclosure controls, where these NFTs pay royalties in return.

With more and more automation, accountants will increasingly find themselves becoming redundant. If you are a forward thinking CPA or Chartered Accountant, and want to participate and be in touch with the latest developments from AuditChain in decentralizing the audit profession using blockchain, you should apply for membership by visiting DCARPE Alliance.

If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes. It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests. Together we can help accountants prepare themselves for a blockchain future.

For show notes and past guests, please visit theaccountantquits.com/podcasts/

Follow The Accountant Quits:

Instagram: instagram.com/theaccountantquits/

LinkedIN: linkedin.com/company/the-accountant-quits

Twitter: twitter.com/accountantquits

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Crypto Assets are challenging the accounting bodies and standard setters around the world, since they vary greatly to the traditional assets like equities, bonds, commodities and estimating their fair value is no straightforward task. They are mostly unregulated, their markets never close and many can’t be turned into fiat currency.

One company who wants to solve the complex post trade blockchain data is Lukka, and as a crypto focused tech company, has developed a proprietary valuation methodology for crypto assets.

In this episode, I speak to Suzanne Morsfield, the Global Head of Accounting Solutions from Lukka.

Suzanne brings more than 15 years of data-driven international corporate reporting experience, and has worked for JP Morgan, Morgan Stanley, Ernst & Young, Thomson Reuters.

Suzanne also worked for the IFRS Foundation, where she led projects on improving financial reporting standards. Today Suzanne is contributing to bring more clarity to Crypto Assets and is co-chair of the Global Digital Asset & Cryptocurrency Association Accounting & Tax Working Group

In this episode, you will learn;

What are the challenges valuing crypto;
Why the classification method of Crypto Assets under Intangibles is criticized;
The relevance of identifying a principal market for valuation;
The valuation methodology developed by Lukka and much more.

This episode is brought to you by AuditChain - the world's first decentralized continuous audit and real time reporting protocol.

Traditional audit methodology focuses on “materiality”, not accuracy. We are constrained by time and cannot audit 100% of the transactions, and therefore we perform sampling.

AuditChain decentralizes audit and uses an independent assurance methodology that automates auditing tasks, and continuously audits 100% of the transactions.

With AuditChain, Chartered Accountants and professionals will write and own Process Control NFTs that automate internal and disclosure controls, where these NFTs pay royalties in return.

With more and more automation, accountants will increasingly find themselves becoming redundant. If you are a forward thinking CPA or Chartered Accountant, and want to participate and be in touch with the latest developments from AuditChain in decentralizing the audit profession using blockchain, you should apply for membership by visiting DCARPE Alliance.

If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes. It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests. Together we can help accountants prepare themselves for a blockchain future.

For show notes and past guests, please visit theaccountantquits.com/podcasts/

Follow The Accountant Quits:

Instagram: instagram.com/theaccountantquits/

LinkedIN: linkedin.com/company/the-accountant-quits

Twitter: twitter.com/accountantquits

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Right now is that time of the year when the taxman comes knocking on the door. If you’re residing in a country where crypto tax laws are not, let’s say, generous, having a tax strategy is just as important as an investment strategy.

If you’re like most people, you will agree that crypto tax filing is a painful exercise. You have to compile your trading transactions from multiple exchanges, wallets and be cognizant with the relevant tax laws.

My guest, Dennis Wohlfarth, also faced the same agony years ago, but unlike most of us, he decided to take matters into his own hands.

Dennis is the CEO and Co-Founder of Accointing, a tax optimizing platform, which allows you to track your crypto portfolio in real time and file your taxes, whether they are in the form of trading or income.

In this episode, you will learn;

What gives rise to a taxable event trading crypto;
Strategies to optimize and minimize your tax liability;
Why using a crypto tax tracking software will make your life easy;
How crypto as a source of income is taxed and much more.

This episode is brought to you by AuditChain - the world's first decentralized continuous audit and real time reporting protocol.

Traditional audit methodology focuses on “materiality”, not accuracy. We are constrained by time and cannot audit 100% of the transactions, and therefore we perform sampling.

AuditChain decentralizes audit and uses an independent assurance methodology that automates auditing tasks, and continuously audits 100% of the transactions.

With AuditChain, Chartered Accountants and professionals will write and own Process Control NFTs that automate internal and disclosure controls, where these NFTs pay royalties in return.

With more and more automation, accountants will increasingly find themselves becoming redundant. If you are a forward thinking CPA or Chartered Accountant, and want to participate and be in touch with the latest developments from AuditChain in decentralizing the audit profession using blockchain, you should apply for membership by visiting DCARPE Alliance.

If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes. It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests. Together we can help accountants prepare themselves for a blockchain future.

For show notes and past guests, please visit theaccountantquits.com/podcasts/

Follow The Accountant Quits:

Instagram: instagram.com/theaccountantquits/

LinkedIN: linkedin.com/company/the-accountant-quits

Twitter: twitter.com/accountantquits

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For the last episode of 2021, instead of focusing on a single overarching theme, I wanted to unwind a very eventful year and look into what awaits us in 2022 from a broad perspective.

To help me in this endeavour, I had the pleasure to speak to Jay Schulman, the charismatic and versatile National Leader for Blockchain and Digital Assets at RSM US.

With 20 years’ experience in information security and technology innovation, Jay leads RSM in addressing both enterprise blockchain technology and the adoption of digital assets.

In addition Jay sits on the AICPA Working Group for the Accounting and Auditing of Digital Assets, and is a Board Member of the Accounting Blockchain Coalition.

In this episode, we will go through;

The hot topic of NFTs and new use cases other than digital art;
Why DAOs are the future of work;
The promise of web3 for the accounting and audit industry;
New Career opportunities with Blockchain;
Crypto trends to pay attention to in 2022 and much more.

This episode is brought to you by AuditChain - the world's first decentralized continuous audit and real time reporting protocol.

Traditional audit methodology focuses on “materiality”, not accuracy. We are constrained by time and cannot audit 100% of the transactions, and therefore we perform sampling.

AuditChain decentralizes audit and uses an independent assurance methodology that automates auditing tasks, and continuously audits 100% of the transactions.

With AuditChain, Chartered Accountants and professionals will write and own Process Control NFTs that automate internal and disclosure controls, where these NFTs pay royalties in return.

With more and more automation, accountants will increasingly find themselves becoming redundant. If you are a forward thinking CPA or Chartered Accountant, and want to participate and be in touch with the latest developments from AuditChain in decentralizing the audit profession using blockchain, you should apply for membership by visiting DCARPE Alliance.

If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes. It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests. Together we can help accountants prepare themselves for a blockchain future.

For show notes and past guests, please visit theaccountantquits.com/podcasts/

Follow The Accountant Quits:

Instagram: instagram.com/theaccountantquits/

LinkedIN: linkedin.com/company/the-accountant-quits

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Charles Hoffman, a Certified Public Accountant, is credited as being the Father of XBRL.

(‘eXtensible Business Reporting Language’ or XBRL for short is an open international standard for digital business reporting, and is used in more than 60 jurisdictions.)

Charles was co-editor of the first ever XBRL taxonomy and played a major role in creating both the IFRS and US GAAP XBRL taxonomies.

He is the author of the books XBRL for Dummies, XBRL Essentials (a non-technical guide to XBRL), Mastering XBRL-based Digital Financial Reporting and maintains an inexhaustible resource of XBRL content on his Blog at xbrl.squarespace.com.

Today Charles is focusing his time to work on AuditChain, the first use case of blockchain in accounting, auditing and reporting.

In this episode, you will learn;

The pain points of manual accounting processes,
What is XBRL and the distinctions between human readable & machine readable information,
What are knowledge graphs and why it’s relevant for the modern accountant,
The importance of using immutable digital distributed ledgers like blockchain in bookkeeping,
How can Accountants monetize process control NFTs with AuditChain and much more.

This episode is brought to you by AuditChain - the world's first decentralized continuous audit and real time reporting protocol.

Traditional audit methodology focuses on “materiality”, not accuracy. We are constrained by time and cannot audit 100% of the transactions, and therefore we perform sampling.

AuditChain decentralizes audit and uses an independent assurance methodology that automates auditing tasks, and continuously audits 100% of the transactions.

With AuditChain, Chartered Accountants and professionals will write and own Process Control NFTs that automate internal and disclosure controls, where these NFTs pay royalties in return.

With more and more automation, accountants will increasingly find themselves becoming redundant. If you are a forward thinking CPA or Chartered Accountant, and want to participate and be in touch with the latest developments from AuditChain in decentralizing the audit profession using blockchain, you should apply for membership by visiting DCARPE Alliance.

If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes. It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests. Together we can help accountants prepare themselves for a blockchain future.

For show notes and past guests, please visit theaccountantquits.com/podcasts/

Follow The Accountant Quits:

Instagram: instagram.com/theaccountantquits/

LinkedIN: linkedin.com/company/the-accountant-quits

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The topic of regulation in the crypto space causes division. While some feel uneasy, the rest would welcome it as it's a necessary evil for crypto adoption.

Until now, crypto has undoubtedly largely benefited from the lack of clear regulations.

Regulators around the world have struggled and been playing catch up with the pace of innovation in crypto, while trying to find a balanced approach between protecting investors and not over regulating and squashing innovation.

One country which stands out from the lot is Liechtenstein, as it’s one of the first countries to issue regulation on the tokenization of assets.

For episode 18, I have the immense pleasure to have on the show Dr Thomas Nägele, the managing partner at Nägele lawfirm who was part of the working group to draft the Blockchain Act of Liechtenstein.

In this episode, you will learn;

The proposed crypto regulation by the European Commission titled MiCA;
How to regulate Defi protocols;
The Blockchain Act of Liechtenstein and a future where everything is tokenized;
Whether crypto needs its own regulator;
The issue of the legal identity around DAOs, and much more.

As a disclaimer, even if Dr Thomas is an Attorney at Law, nothing in this episode constitutes legal advice.

This episode is brought to you by AuditChain - the world's first decentralized continuous audit and real time reporting protocol.

Traditional audit methodology focuses on “materiality”, not accuracy. We are constrained by time and cannot audit 100% of the transactions, and therefore we perform sampling.

AuditChain decentralizes audit and uses an independent assurance methodology that automates auditing tasks, and continuously audits 100% of the transactions.

With AuditChain, Chartered Accountants and professionals will write and own Process Control NFTs that automate internal and disclosure controls, where these NFTs pay royalties in return.

With more and more automation, accountants will increasingly find themselves becoming redundant. If you are a forward thinking CPA or Chartered Accountant, and want to participate and be in touch with the latest developments from AuditChain in decentralizing the audit profession using blockchain, you should apply for membership by visiting DCARPE Alliance.

If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes. It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests. Together we can help accountants prepare themselves for a blockchain future.

For show notes and past guests, please visit theaccountantquits.com/podcasts/

Follow The Accountant Quits:

Instagram: instagram.com/theaccountantquits/

LinkedIN: linkedin.com/company/the-accountant-quits

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Freelancing , remote working and crypto have already disrupted the way we work, and I believe in the future, these 3 combinations will become the rule rather than the exception.

One startup that caught my eye and that I’ve been following for a while now is Basenode, as in their words, Basenode’s mission is to empower freelancers to embrace crypto payments.

Based in Berlin and backed by the venture capital firm Blockchain Founders Group, Basenode has recently launched its beta version.

My guest is Oliver Schantin, the CEO and Co-Founder of Basenode, where we discuss how the platform they are building can empower freelancers to switch to the emerging token economy.

In this episode, we will discuss;

Why freelancers should consider switching from fiat invoicing to crypto invoicing;
Challenges faced by crypto freelancers;
The practical steps to switching from fiat to crypto;
How smart contracts can improve the invoicing process;
Challenges for adoption and much more.

This episode is brought to you by AuditChain - the world's first decentralized continuous audit and real time reporting protocol.

Traditional audit methodology focuses on “materiality”, not accuracy. We are constrained by time and cannot audit 100% of the transactions, and therefore we perform sampling.

AuditChain decentralizes audit and uses an independent assurance methodology that automates auditing tasks, and continuously audits 100% of the transactions.

With AuditChain, Chartered Accountants and professionals will write and own Process Control NFTs that automate internal and disclosure controls, where these NFTs pay royalties in return.

With more and more automation, accountants will increasingly find themselves becoming redundant. If you are a forward thinking CPA or Chartered Accountant, and want to participate and be in touch with the latest developments from AuditChain in decentralizing the audit profession using blockchain, you should apply for membership by visiting DCARPE Alliance.

If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes. It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests. Together we can help accountants prepare themselves for a blockchain future.

For show notes and past guests, please visit theaccountantquits.com/podcasts/

Follow The Accountant Quits:

Instagram: instagram.com/theaccountantquits/

LinkedIN: linkedin.com/company/the-accountant-quits

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Cryptocurrencies offer the possibility to exchange value instantly without the need for intermediaries like banks allowing you to save all banking transaction fees in the process.

Your funds are moved in and out of your crypto wallet in a matter of seconds to anyone in the world.

However to drive adoption of crypto-commerce, you need tools that enable you to connect and facilitate crypto to your accounting.

Enter Gilded - a platform that allows you to invoice in crypto, make payments and connect your wallets and sync all your crypto transactions into your accounting software.

To learn more about Gilded, I have the pleasure to speak to its founder & CEO Gil Hildebrand.

In this episode, you will learn;

The accounting challenges faced by businesses transacting in crypto;
Why more and more companies are now using stablecoins as a form of payment;
How Gilded enables you to connect your crypto invoicing and transactions to your existing accounting software;
The future potential of NFTs and why Gilded launched the NFTOPS platform;
How Web 3.0 will transform the accounting industry;
The challenges for adoption and much more.

This episode is brought to you by AuditChain - the world's first decentralized continuous audit and real time reporting protocol.

Traditional audit methodology focuses on “materiality”, not accuracy. We are constrained by time and cannot audit 100% of the transactions, and therefore we perform sampling.

AuditChain decentralizes audit and uses an independent assurance methodology that automates auditing tasks, and continuously audits 100% of the transactions.

With AuditChain, Chartered Accountants and professionals will write and own Process Control NFTs that automate internal and disclosure controls, where these NFTs pay royalties in return.

With more and more automation, accountants will increasingly find themselves becoming redundant. If you are a forward thinking CPA or Chartered Accountant, and want to participate and be in touch with the latest developments from AuditChain in decentralizing the audit profession using blockchain, you should apply for membership by visiting DCARPE Alliance.

If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes. It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests. Together we can help accountants prepare themselves for a blockchain future.

For show notes and past guests, please visit theaccountantquits.com/podcasts/

Follow The Accountant Quits:

Instagram: instagram.com/theaccountantquits/

LinkedIN: linkedin.com/company/the-accountant-quits

Twitter: https://twitter.com/accountantquits

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We introduced AuditChain on Episode 5 a few weeks ago. As a refresher, AuditChain is building the world’s first continuous audit & real time financial reporting protocol.

As part of its long awaited commercial launch expected to happen at the end of the year, AuditChain recently launched its pilot project.

I have the pleasure to have Jason Meyers, its founder, back with us today where we will discuss:

The results of the pilot project so far;
The upcoming listing of the AUDT token;
What role will the AUDT token play - both for node operators and other stakeholders in the network;
Other upcoming milestones on the roadmap up to the token listing;
& how education is shaped by the innovators of an industry.

This episode is brought to you by AuditChain - the world's first decentralized continuous audit and real time reporting protocol.

Traditional audit methodology focuses on “materiality”, not accuracy. We are constrained by time and cannot audit 100% of the transactions, and therefore we perform sampling.

AuditChain decentralizes audit and uses an independent assurance methodology that automates auditing tasks, and continuously audits 100% of the transactions.

With AuditChain, Chartered Accountants and professionals will write and own Process Control NFTs that automate internal and disclosure controls, where these NFTs pay royalties in return.

With more and more automation, accountants will increasingly find themselves becoming redundant. If you are a forward thinking CPA or Chartered Accountant, and want to participate and be in touch with the latest developments from AuditChain in decentralizing the audit profession using blockchain, you should apply for membership by visiting DCARPE Alliance.

If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes. It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests. Together we can help accountants prepare themselves for a blockchain future.

For show notes and past guests, please visit theaccountantquits.com/podcasts/

Follow The Accountant Quits:

Instagram: instagram.com/theaccountantquits/

LinkedIN: linkedin.com/company/the-accountant-quits

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This episode aims at providing the listeners with a macro perspective of fiat currencies , the growing concern on inflation levels and how cryptocurrencies represent a better way for people to protect their wealth.

One of the reasons behind this episode was a few weeks ago, a friend told me investing in cryptocurrencies is a scam, and while of course I did my best to convince him otherwise that the government printing money is the actual scam, I want this episode to serve as a wake up call for people not familiar with cryptocurrencies as a medium of exchange and store of value.

To help us gain an understanding about the future of money, I have the pleasure to speak to Andrew Noble. Andrew is a rare breed of accountant, he is an entrepreneur with a vision for the accounting profession, a technologist, a Web 3.0 investor and working alongside the sharpest minds to bring some much needed change in accounting.

Andrew has founded LodgeIT, AccSource and more recently Accziom which offers a digital toolset for enterprises to leverage on blockchain technologies.

In this episode you will learn,

The recent surge in money printing by governments
Bitcoin as the new store of value
Are CBDCs an attack on our privacy and freedom
The future of money and whether cryptocurrencies will spell the end of cash
How to predict and be better prepared for the future
And much more

This episode is brought to you by AuditChain - the world's first decentralized continuous audit and real time reporting protocol.

Traditional audit methodology focuses on “materiality”, not accuracy. We are constrained by time and cannot audit 100% of the transactions, and therefore we perform sampling.

AuditChain decentralizes audit and uses an independent assurance methodology that automates auditing tasks, and continuously audits 100% of the transactions.

With AuditChain, Chartered Accountants and professionals will write and own Process Control NFTs that automate internal and disclosure controls, where these NFTs pay royalties in return.

With more and more automation, accountants will increasingly find themselves becoming redundant. If you are a forward thinking CPA or Chartered Accountant, and want to participate and be in touch with the latest developments from AuditChain in decentralizing the audit profession using blockchain, you should apply for membership by visiting DCARPE Alliance.

If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes. It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests. Together we can help accountants prepare themselves for a blockchain future.

For show notes and past guests, please visit theaccountantquits.com/podcasts/

Follow The Accountant Quits:

Instagram: instagram.com/theaccountantquits/

LinkedIN: linkedin.com/company/the-accountant-quits

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Earlier this year, I had read a collection of 7 articles on ‘a new way of auditing’ written by Ian in 2009 whereby he had proposed to ‘perform the check ourselves by relying on a community of volunteers without the need to appoint an external auditor’.

The inability of the auditors to spot the failures that led to the financial crisis had been challenged, and Ian questioned whether ‘audits are part of the problem rather than the solution’.

Ian Grigg is considered as one of the pioneers of financial cryptography.

His groundbreaking work for inventing the ‘Ricardian Contract’ has brought him acclaim and attention from all over the globe.

Ian is well known for having coined the term ‘Triple Entry Accounting’, where back in 2005 he proposed a new concept of having a third entry as a digitally signed receipt to avoid transaction frauds.

In this episode, we discuss;

How technology can incentivize people to collaborate instead of cheating and;
A new way of audit without the need to appoint an external auditor;
Limitations of sampling audit
The future of centralized audit providers;
How TEA helps to prevent financial failures and frauds;
His newly published book called the 'Identity Cycle';
And much more.

This episode is brought to you by AuditChain - the world's first decentralized continuous audit and real time reporting protocol.

Traditional audit methodology focuses on “materiality”, not accuracy. We are constrained by time and cannot audit 100% of the transactions, and therefore we perform sampling.

AuditChain decentralizes audit and uses an independent assurance methodology that automates auditing tasks, and continuously audits 100% of the transactions.

With AuditChain, Chartered Accountants and professionals will write and own Process Control NFTs that automate internal and disclosure controls, where these NFTs pay royalties in return.

With more and more automation, accountants will increasingly find themselves becoming redundant. If you are a forward thinking CPA or Chartered Accountant, and want to participate and be in touch with the latest developments from AuditChain in decentralizing the audit profession using blockchain, you should apply for membership by visiting DCARPE Alliance.

If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes. It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests. Together we can help accountants prepare themselves for a blockchain future.

For show notes and past guests, please visit theaccountantquits.com/podcasts/

Follow The Accountant Quits:

Instagram: instagram.com/theaccountantquits/

LinkedIN: linkedin.com/company/the-accountant-quits

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With more and more institutional money pouring into the crypto market, I wanted to dive into how these cryptocurrencies are being recorded into the financial statements.

As of now, cryptocurrencies do not have a stand alone accounting standard, and therefore are being accounted under ‘Intangible Assets’ - the standard that governs assets like software licences, trademarks, and so on.

While innovation in the crypto space is moving at a rapid pace, we cannot say standard setters in the accounting industry are having the same stamina to keep up.

However, I must say that I do sympathize with them since new crypto assets are emerging all the time with varying properties. The task is monumental to say the least.

To help us understand how to interpret the current standards, I speak to Shehnaaz Suleman, a Partner at BDO South Africa specializing in IFRS Technical.

In this episode, you will learn;

Where are we right now with accounting for crypto assets;
The issues with the current accounting treatment;
Differences with holding crypto as a long term investment rather than for trading purposes;
How to account for stable coins;
Whether we need a stand alone standard for crypto;
And much more.

This episode is brought to you by AuditChain - the world's first decentralized continuous audit and real time reporting protocol.

Traditional audit methodology focuses on “materiality”, not accuracy. We are constrained by time and cannot audit 100% of the transactions, and therefore we perform sampling.

AuditChain decentralizes audit and uses an independent assurance methodology that automates auditing tasks, and continuously audits 100% of the transactions.

With AuditChain, Chartered Accountants and professionals will write and own Process Control NFTs that automate internal and disclosure controls, where these NFTs pay royalties in return.

With more and more automation, accountants will increasingly find themselves becoming redundant. If you are a forward thinking CPA or Chartered Accountant, and want to participate and be in touch with the latest developments from AuditChain in decentralizing the audit profession using blockchain, you should apply for membership by visiting DCARPE Alliance.

If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes. It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests. Together we can help accountants prepare themselves for a blockchain future.

For show notes and past guests, please visit theaccountantquits.com/podcasts/

Follow The Accountant Quits:

Instagram: instagram.com/theaccountantquits/

LinkedIN: linkedin.com/company/the-accountant-quits

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The topic of blockchain education is dear to my heart, which is the very reason why I started this podcast.

Once you start your blockchain education journey and start digging, it truly is never ending.

But you have to start because use cases with blockchain will be omnipresent in every industry in the years to come and we have only barely scratched the tip of the iceberg so far.

Like most people working in this industry, I have self taught my way into blockchain, but more and more universities and online educational platforms are exploring offering courses to meet the demands of this relentlessly expanding landscape.

According to the LinkedIN Learning Report 2020, blockchain ranked first in the most in demand hard skill.

To discuss this topic, I have the pleasure to have Vincent Hoffmann, the COO of HTML Coin & AltHash University, who has been dedicating his working hours in the past years to educate a global community of learners.

In this episode we will discuss;

The challenges faced by companies to hire people with blockchain expertise;
The approach of AltHash University to design their courses;
How can blockchain technology transform Higher Education;
The future of education and the importance of lifelong learning;
And much more.

Blockchain is not Bitcoin, it’s the technology behind Bitcoin, and in this episode we dive into why your future self will thank you for learning blockchain today.

This episode is brought to you by AuditChain - the world's first decentralized continuous audit and real time reporting protocol.

Traditional audit methodology focuses on “materiality”, not accuracy. We are constrained by time and cannot audit 100% of the transactions, and therefore we perform sampling.

AuditChain decentralizes audit and uses an independent assurance methodology that automates auditing tasks, and continuously audits 100% of the transactions.

With AuditChain, Chartered Accountants and professionals will write and own Process Control NFTs that automate internal and disclosure controls, where these NFTs pay royalties in return.

With more and more automation, accountants will increasingly find themselves becoming redundant. If you are a forward thinking CPA or Chartered Accountant, and want to participate and be in touch with the latest developments from AuditChain in decentralizing the audit profession using blockchain, you should apply for membership by visiting DCARPE Alliance.

If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes. It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests. Together we can help accountants prepare themselves for a blockchain future.

For show notes and past guests, please visit theaccountantquits.com/podcasts/

Follow The Accountant Quits:

Instagram: instagram.com/theaccountantquits/

LinkedIN: linkedin.com/company/the-accountant-quits

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This is the 2nd episode focused on Blockchain for Enterprises, and after Hyperledger, we dive into the other market leader Corda, designed by R3.

From the get go, the team behind Corda wanted to solve the pain points of the financial services industry, tainted by duplicated and inconsistent data.

And of course the team resorted to using a distributed ledger and blockchain technology.

Even if Corda first started with banks, it’s a myth that Corda is just for finance. Corda is for all industries, and has been adopted in healthcare, insurance, energy, trade and more.

To help us learn more about how Corda can transform business, I have the pleasure to have Anthony Nixon, a Software Engineer at R3, who specializes in Digital Asset solutions and Payment integrations.

As a former Developer Evangelist, Anthony enjoys articulating and sharing the world of DLT/Blockchain through simple, real-world discussions accessible to a broad range of audiences.

Anthony is the proof that accountants can evolve - As a Chartered Accountant, he taught himself to code and became instrumental to Corda’s current success.

In this episode, you will learn;

What Corda is and the business problem it aims to solve;
How will banks evolve in the future;
The best use cases of Corda;
Whether it’s possible to use Corda to build the same financial mechanisms of the Defi space;
How tokenization works with Corda;
And much more;

This episode is brought to you by AuditChain - the world's first decentralized continuous audit and real time reporting protocol.

Traditional audit methodology focuses on “materiality”, not accuracy. We are constrained by time and cannot audit 100% of the transactions, and therefore we perform sampling.

AuditChain decentralizes audit and uses an independent assurance methodology that automates auditing tasks, and continuously audits 100% of the transactions.

With AuditChain, Chartered Accountants and professionals will write and own Process Control NFTs that automate internal and disclosure controls, where these NFTs pay royalties in return.

With more and more automation, accountants will increasingly find themselves becoming redundant. If you are a forward thinking CPA or Chartered Accountant, and want to participate and be in touch with the latest developments from AuditChain in decentralizing the audit profession using blockchain, you should apply for membership by visiting DCARPE Alliance.

If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes. It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests. Together we can help accountants prepare themselves for a blockchain future.

For show notes and past guests, please visit theaccountantquits.com/podcasts/

Follow The Accountant Quits:

Instagram: instagram.com/theaccountantquits/

LinkedIN: linkedin.com/company/the-accountant-quits

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Imagine owning a piece of the ‘Mona Lisa Painting’ or the ‘Colosseum’ in Rome?

No I’m not saying you would have to invest your life savings into them, but any amount you desire. $10 , $1000, it’s up to you.

With blockchain, you will have the ability to convert a physical asset into its digital form, and be able to fractionalize the asset for trading.

Imagine a world where you can tokenize anything - not only the traditional assets like stocks, bonds, commodities and real estate.

But also more exotic assets like art, wine, cars, sports teams.

It’s a use case of blockchain I’m incredibly excited about but have an extreme ignorance of how it’s being done in practice.

To learn more about tokenization, I speak to Sabrina Boudefar, a blockchain advisor and tokenization expert who has founded STOk Capital.

If you are new to blockchain, consider this episode as a tokenization 101 class, where you will learn;

What tokenization really means and how real world assets can be moved onto a blockchain;´
What makes tokenization appealing to low to mid income investors with fractionalization;
Use cases of tokenization already on the market today;
What are NFTs and their uses cases other than art collectibles;
And much more.

This episode is brought to you by AuditChain - the world's first decentralized continuous audit and real time reporting protocol.

Traditional audit methodology focuses on “materiality”, not accuracy. We are constrained by time and cannot audit 100% of the transactions, and therefore we perform sampling.

AuditChain decentralizes audit and uses an independent assurance methodology that automates auditing tasks, and continuously audits 100% of the transactions.

With AuditChain, Chartered Accountants and professionals will write and own Process Control NFTs that automate internal and disclosure controls, where these NFTs pay royalties in return.

With more and more automation, accountants will increasingly find themselves becoming redundant. If you are a forward thinking CPA or Chartered Accountant, and want to participate and be in touch with the latest developments from AuditChain in decentralizing the audit profession using blockchain, you should apply for membership by visiting DCARPE Alliance.

If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes. It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests. Together we can help accountants prepare themselves for a blockchain future.

For show notes and past guests, please visit theaccountantquits.com/podcast/

Follow The Accountant Quits:

Instagram: instagram.com/theaccountantquits/

LinkedIN: linkedin.com/company/the-accountant-quits

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The topic Triple Entry Accounting was introduced on this podcast in Episode 4 with Juan Ignacio Ibanez. For the listeners not familiar with the idea, Triple Entry Accounting is an evolution of the double entry accounting system, and it uses blockchain technology to overcome the trust concern in bookkeeping.

I was curious to unravel how companies are using the theoretical concept of triple entry accounting to gather empirical evidence and commercialize it as a service.

The challenge for use cases in blockchain is to move from proof of concept to commercialization while achieving scalability, cost effectiveness and security.

For the first episode on a series dedicated to how #TripleEntryAccounting can be used as a service, I have the pleasure to have Torje Vingen Sunde, the Chief Technology Officer from Abendum

Abendum has developed a beta version of their triple entry accounting offering using a public blockchain and has been testing it with the help of the Norwegian regulator using a sandbox environment.

In this episode, you will learn;

How Abendum has created a product using the idea of Triple Entry Accounting;
How an invoice gets digitally signed and recorded on a public ledger in practice;
The challenges and conclusions learnt from the beta version of Abendum so far;
The key enablers to transition from double entry accounting to triple entry accounting;
The future role of accountants with automation;
And much more..

This episode is brought to you by AuditChain - the world's first decentralized continuous audit and real time reporting protocol.

Now traditional audit methodology focuses on “materiality”, not accuracy. We are constrained by time and cannot audit 100% of the transactions, and therefore we perform sampling.

AuditChain decentralizes audit and uses an independent assurance methodology that automates auditing tasks, and continuously audits 100% of the transactions.

With AuditChain Chartered Accountants and professionals will write and own Process Control NFTs that automate internal and disclosure controls, where these NFTs pay royalties in return.

With more and more automation, accountants will increasingly find themselves becoming redundant. If you are a forward thinking CPA or Chartered Accountant, and want to participate and be in touch with the latest developments from AuditChain in decentralizing the audit profession using blockchain, you should apply for membership by visiting DCARPE Alliance.

If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes. It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests. Together we can help accountants prepare themselves for a blockchain future.

For show notes and past guests, please visit theaccountantquits.com/podcast/

Follow The Accountant Quits:

Instagram: instagram.com/theaccountantquits/

LinkedIN: linkedin.com/company/the-accountant-quits

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Amidst the noise and attention-grabbing cryptocurrency price headlines some of you are having sleepless nights on, there are many companies which perhaps you are hearing less of but who are working on how this fascinating technology of blockchain can be used to transform business.

Modern business is made up of siloed repositories of data, each enterprise keeps a separate copy of their data since there is no collective trust.

Now we do know that blockchain can solve this data stewardship problem but I wanted to understand how enterprises can overcome the data visibility concern within a public blockchain.

For the first episode of this series called ´Blockchain for Enterprises´, I have the immense pleasure to have Karen Ottoni, the Director of Ecosystem at Hyperledger, who is leading the mission of ‘advancing business blockchain adoption through global open source collaboration’.

In this episode, you will learn;

The difference between a public blockchain like Bitcoin and private blockchain for enterprises;
How to assess which blockchain fits your enterprises’ needs;
How Hyperledger is helping the accounting and finance industry implement blockchain;
How the promise of blockchain can bring real socio economic change;
And much more..

This episode is brought to you by AuditChain - the world's first decentralized continuous audit and real time reporting protocol.

Now traditional audit methodology focuses on “materiality”, not accuracy. We are constrained by time and cannot audit 100% of the transactions, and therefore we perform sampling.

AuditChain decentralizes audit and uses an independent assurance methodology that automates auditing tasks, and continuously audits 100% of the transactions.

With AuditChain Chartered Accountants and professionals will write and own Process Control NFTs that automate internal and disclosure controls, where these NFTs pay royalties in return.

With more and more automation, accountants will increasingly find themselves becoming redundant. If you are a forward thinking CPA or Chartered Accountant, and want to participate and be in touch with the latest developments from AuditChain in decentralizing the audit profession using blockchain, you should apply for membership by visiting DCARPE Alliance.

If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes. It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests. Together we can help accountants prepare themselves for a blockchain future.

For show notes and past guests, please visit theaccountantquits.com/podcast/

Follow The Accountant Quits:

Instagram: instagram.com/theaccountantquits/

LinkedIN: linkedin.com/company/the-accountant-quits

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In this episode, I want to invite accountants and auditors to reflect on how the profession is today and what needs to change in the wake of emerging technologies like Blockchain, Artificial Intelligence and the rest.

These technologies are bringing more and more automation to the profession, and therefore should accountants be sitting on the sidelines witnessing for this change to happen or rather participate and evolve?

I do not have all the answers on what needs to be done, but this is an inquisitive attempt to encourage more discussion on this topic, which from what I see is lacking from the leading professional accountancy qualifications

This episode is brought to you by AuditChain - the world's first decentralized continuous audit and real time reporting protocol.

Now traditional audit methodology focuses on “materiality”, not accuracy. We are constrained by time and cannot audit 100% of the transactions, and therefore we perform sampling.

AuditChain decentralizes audit and uses an independent assurance methodology that automates auditing tasks, and continuously audits 100% of the transactions.

With AuditChain Chartered Accountants and professionals will write and own Process Control NFTs that automate internal and disclosure controls, where these NFTs pay royalties in return.

With more and more automation, accountants will increasingly find themselves becoming redundant. If you are a forward thinking CPA or Chartered Accountant, and want to participate and be in touch with the latest developments from AuditChain in decentralizing the audit profession using blockchain, you should apply for membership by visiting DCARPE Alliance.

If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes. It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests. Together we can help accountants prepare themselves for a blockchain future.

For show notes and past guests, please visit theaccountantquits.com/podcast/

Follow The Accountant Quits:

Instagram: instagram.com/theaccountantquits/

LinkedIN: linkedin.com/company/the-accountant-qui

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The emergence of blockchain will not spare any industry, and would you believe it , not even the auditing industry.

An audit does not provide absolute assurance on the truth and fairness of the financial accounts since it does not verify 100% of the transactions, but adopts a sampling approach.

As a recovering external auditor, I wanted to know whether blockchain technology can solve this pain point? Yes it can.

Enter AuditChain, the world’s first decentralized continuous audit & real time financial reporting protocol ecosystem.

This time by including 100% of the transactions, a network of independent CPAs and Chartered Accountants provide external assurance on the controls, financial data and disclosure requirements.

If Satoshi Nakamoto will go down in history as the inventor of the world’s first peer to peer payment system without central intermediary with Bitcoin, Jason Meyers, the inventor of AuditChain, will be remembered for being the pioneer of decentralized continuous audit.

Jason is currently developing the only known use case of blockchain for the auditing industry with AuditChain, and bringing some much needed change with real time assurance and financial reporting.

In this episode, you will learn;

What decentralized continuous audit really means;
Why real time financial reporting is necessary;
The challenges ahead to transition from traditional audit to decentralized audit;
How NFTs can be used not only as art collectibles but as a monetization opportunity for accountants;
And much more…

This episode is brought to you by AuditChain - the world's first decentralized continuous audit and real time reporting protocol.

Now traditional audit methodology focuses on “materiality”, not accuracy. We are constrained by time and cannot audit 100% of the transactions, and therefore we perform sampling.

AuditChain decentralizes audit and uses an independent assurance methodology that automates auditing tasks, and continuously audits 100% of the transactions.

With AuditChain Chartered Accountants and professionals will write and own Process Control NFTs that automate internal and disclosure controls, where these NFTs pay royalties in return.

With more and more automation, accountants will increasingly find themselves becoming redundant. If you are a forward thinking CPA or Chartered Accountant, and want to participate and be in touch with the latest developments from AuditChain in decentralizing the audit profession using blockchain, you should apply for membership by visiting DCARPE Alliance.

If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes. It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests. Together we can help accountants prepare themselves for a blockchain future.

For show notes and past guests, please visit theaccountantquits.com/podcast/

Follow The Accountant Quits:

Instagram: instagram.com/theaccountantquits/

LinkedIN: linkedin.com/company/the-accountant-quits

View Details

All of you will be familiar with a double entry accounting framework, the bookkeeping system where all debits must be equal to the amounts entered as credits.

But even if your accounts are balanced, that does not necessarily mean the reporting figures are free from misstatements, whether due to fraud or error. Which is the reason why audits are required.

Triple Entry Accounting allows for a shared ledger and with the advent of blockchain, this shared ledger can now be trusted due to the inherent features of cryptography.

When I first read Triple Entry Accounting,I had the firm conviction that if what this accounting framework promises in theory could be applied in practice, it can be set to revolutionize the future of bookkeeping.

In this episode, we discuss;

The limitations of the current double entry accounting system;
What triple entry accounting really means and how blockchain has made the idea viable;
Use cases and examples of companies building business applications using the framework of triple entry accounting;
Challenges and solutions to accelerate adoption of triple entry accounting;
And many more...

My guest for the episode, Juan Ignacio Ibañez is the Centre Administrator and a Research Associate at the Centre for Blockchain Technologies of the University College of London.

Juan has spent the last few years studying various aspects of triple-entry accounting with blockchain, and has co-written several papers on the subject matter.

The papers are;

The Efficiency of Single Truth: Triple-entry Accounting
REA, Triple-Entry Accounting and Blockchain: Converging Paths to Shared Ledger Systems
Triple-entry Accounting, Blockchain and Next of Kin: Towards a Standardization of Ledger Terminology

You will find all the shownotes, transcripts and links to the episode on the website of The Accountant Quits.

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With the launch of Ethereum in 2014, for the first time ever, we could program decentralized applications that run on a blockchain.

But in order to become mainstream, their inherent security is of paramount importance. If poorly coded, these smart contracts are vulnerable to hacking. With a significant amount of funds locked into these smart contracts, the losses can be irreversible for the investors.

One way to mitigate the risk of having smart contracts exploited by hackers is by having smart contracts audits. Smart contracts can be transformative but the only way to get there is if people know with certainty that money cannot be stolen from their smart contract.

Stefan Beyer is a consultant in Distributed Ledger Technology and Cryptography focusing on blockchain architectures and smart contract security and has under his belt more than 100 smart contract audits.

Stefan has recently co-founded Oak Security, a company offering security auditing services for a number of blockchains, with a special focus on third-generation blockchains such as the Cosmos, Terra, and Polkadot ecosystems.

In this episode, we discuss;

Smart contract audits and common mistakes for developers writing smart contracts;
Planning a smart contract audit and how should the client prepare;
The evolution of smart contracts and new concerns faced by auditors;
Vulnerabilities of smart contracts leading to hacks;
Where to start to become a smart contract auditor and blockchain programming languages available;
And many more...

For shownotes/links to the episode, please visit www.theaccountantquits.com

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With more and more companies looking to invest in bitcoin and other cryptocurrencies as an alternative to traditional investments like bonds, stocks and so forth, an important consideration for these companies involves the risks and controls in place for owning such assets.

One of these significant risks lies in custody. Will the company keep custody of the assets itself, or will it rely on third-party providers?

Custody of cryptocurrencies requires a new kind of infrastructure, and connectivity to the internet is the intersection where solutions for custody diverge.

For Episode 2, I have the pleasure to have Lior Lamesh, the co-founder of GK8.

GK8 is a Tel-Aviv based blockchain cybersecurity company which provides an enterprise-grade custody platform that enables financial institutions to execute their blockchain transactions risk free from cyber attacks. To achieve this, the company has developed the world’s first true air-gapped vault with no internet connectivity, or in other words an offline system for transacting cryptocurrencies.

The company’s slogan speaks for itself - You can’t hack what you can’t reach.

Lior earned his expertise in cybersecurity while serving in Israel’s elite cyber team in charge of protecting the country’s strategic assets from state-level hackers, reporting directly to the Prime Minister's Office.

An expert in both cyber-attacks and cyber-defense, Lior leads the development of GK8’s and his vision is to make hacking private keys and blockchain assets impossible.

Enjoy the episode..

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To give you a short yet compelling glimpse of Monica’s faith in blockchain as an emerging technology, after 20 years of being the CEO of Strate, the central securities depository of South Africa and putting the country on the map as a trusted digitised financial market ecosystem, she resigned.

Why ? Well, long story short - The executive board of Strate didn’t share her vision into the magic of blockchain.

With a background in accounting, Monica started her career in auditing and from an early stage was involved in developing accounting standards for the Chartered Accountancy profession.

Today Monica is the South African Lead for Consensys, a market leader in building blockchain based solutions, which was founded by none other than Joseph Lubin, one of the 8 co-founders of Ethereum.

Monica is a also professor on blockchain at the University of Johannesburg, a board member of The Accounting Blockchain Coalition and board member of The South African Institute of Chartered Accountants (SAICA).

Monica’s career is a testament of someone who doesn't resist but adapts to change, and recognizes that intellectual curiosity is where one starts to reinvent themselves.

In this episode, we will cover wide ranging topics around blockchain as a technology, its use cases in accounting and how accountants can start to educate themselves.

The Accountant Quits Podcast: Recent Episodes

Umar Mallam Hassam

AuditChain decentralizes audit and uses an independent assurance methodology that automates auditing tasks, and continuously audits 100% of the transactions.