Shows
The Accountant Quits Podcast#95: Navigating Web3 Operations with Sarah Luehrs from Union LabsNavigating Web3 operations isn’t always glamorous.While developers are busy building, someone needs to ensure the machines run smoothly behind the scenes.Sarah Luehrs is the COO at Union Labs, and she pulls back the curtain on what it takes to navigate web3 operations and scale a remote-first team.✅ OUR RESOURCES🌐 Join a global community of web3 accounting & finance professionals - https://app.theaccountantquits.com/ 🤓 Join the FREE Crypto Accounting Class & learn how to start working in web3 accounting https://www.theaccountantq...
2025-08-2147 min
The Accountant Quits Podcast#94 - Stablecoin Issuance Regulation with Legal Nodes (GENIUS Act v/s MiCA)Ep. 94 dives into the newly signed GENIUS Act and what it means for stablecoin issuers. I’m joined by Nestor Dubnevych (Legal Nodes) to unpack its impact on licensing, compliance, and cross-border operations. We also cover global regulatory trends and what teams need to know when building crypto payment products.✅ OUR RESOURCES🌐 Join a global community of web3 accounting & finance professionals - https://app.theaccountantquits.com/ 🤓 Join the FREE Crypto Accounting Class & learn how to start working in web3 accounting https://www.theaccountantquits.co...
2025-08-0844 min
The Accountant Quits Podcast#93: Asset Management & Financial Reporting for DAOs with Jack Gale from kpk (formerly karpatkey)kpk is redefining crypto treasury management with secure, transparent, fully on-chain systems. In this episode, I speak with Jack Gale, core contributor at kpk (formerly Karpatkey), managing over $1.8B for top DAOs like Gnosis, Aave, ENS, and dYdX.We dive into why an Investment Policy Statement (IPS) is essential for DAOs, how kpk builds trust with crypto-native reporting, and a case study with Beefy Finance using Octav for on-chain data tracking.✅ OUR RESOURCES🌐 Join a global community of web3 accounting & finance professionals - https://app.theaccountantquits.com/ 💌Join our week...
2025-07-2557 min
The Accountant Quits Podcast#92: Web3 Incorporation in Panama (A Legal Guide)Web3 is global, but where you set up your company matters. One growing hotspot is Panama.Panama doesn’t have specific crypto laws yet, so Web3 projects don’t need special licenses. It’s unregulated, but still legal. Plus, there’s 0% corporate tax on foreign income, making it a great place for innovation.To break it all down, I’m joined by Edgar Young, Partner at Pacifica Legal, a firm that’s helped over 270 Web3 companies incorporate in Panama.✅ OUR RESOURCES💌Join our weekly free newsletter and become a confiden...
2025-07-101h 03
The Accountant Quits Podcast#91: DeFiBank for Enterprises with Jozef Vogel, COO of EtherFiBanking has always been about trust and control. Neobanks upgraded the user experience, but the system remained centralized.Now, we’re in the third wave: DeFi banks, a non-custodial, blockchain-based, and fully user-controlled.Leading this shift is EtherFi, offering a seamless way to save, earn, and spend without traditional banks. Think fiat on/off ramps, asset deployment into BTC, ETH, stables, staking, swapping, and more all in one place.Jozef Vogel, COO of EtherFi, shares how finance professionals can start using these tools in their day to day business.✅ OUR RESOURCES
2025-06-2742 min
The Accountant Quits Podcast#90: Token Launch & Valuation with Neil Thakur from Teknos AssociatesIn practice, token launches are often delayed, and that can slow down the entire roadmap of a web3 project.Once there’s a traded price for a token, it’s difficult to walk it back. Post-launch valuations are often magnitudes higher than pre-launch ones. That’s why valuation reports have a limited shelf life, and why getting it right matters.My guest is Neil Thakur, Managing Director and Founding Member at Teknos Associates, a crypto valuation & advisory firm.If you’re in the middle of launching a token or structuring your SAFT wit...
2025-06-121h 13
The Accountant Quits Podcast#89: A Legal Guide for Token Launches with Jonathan Turnham from NXT LawBefore a token hits the market, founders face complex legal and tax decisions that can make or break their project.Where to incorporate? What type of token to issue? How does your personal residency affect taxes?On Ep. 89, I’m joined by Jonathan Turnham, Managing Partner at NXT Law, who’s helped launch over 350 Cayman Foundations and advised crypto projects since the ICO era.If you're involved in a token launch, this episode could save you from major legal headaches.✅ OUR RESOURCES💌Join our weekly free newsletter and become a confide...
2025-05-301h 19
The Accountant Quits Podcast#88: Fund Accounting for Digital Assets with MG Stover & OttoThe investment fund industry is massive, spanning everything from mutual funds and hedge funds to private equity and ETFs. But something’s changing.Finance is shifting from slow, opaque off-chain transactions to fast, transparent on-chain finance. Tokenized funds are here, with institutional AUM now over $470 million (rwa.xyz).Leading this evolution is MG Stover, managing $40billion+ in digital assets and now part of Securitize, a leader in tokenizing real-world assets ($3.7billion on-chain). Their latest innovation? Otto, an app designed for institutional digital asset funds.On Ep. 88, I speak with Patrick Clancy, He...
2025-05-1454 min
The Accountant Quits Podcast#87: The Future of Crypto Accounting with Chandan Lodha from CoinTrackerTokenization is hitting an inflection point, with $4–5 trillion in digital securities expected by 2030.Crypto accounting has come a long way from the Wild West days, but challenges remain for crypto accountants.Regulators and accounting bodies are stepping in, and a real crypto finance stack is finally emerging.On Episode 87, I'm joined by Chandan Lodha, Co-Founder of CoinTracker, who’s helped 2.5M+ users with crypto taxes and is now tackling enterprise accounting with a new crypto subledger.✅ OUR RESOURCES💌Join our weekly free newsletter and become a confident web3 Accountant https://www.the...
2025-04-2748 min
The Accountant Quits Podcast#86: Launching a Fractional Web3 CFO Practice with Nauman Mustafa from Celo Foundation & HashLedgerFractional leadership is booming, especially in web3.Startups can tap into C-suite expertise without the full-time salary. But once VC money hits, if your financial ops aren’t solid, you’re not scaling, you’re stalling.Enter the Fractional CFO: a strategic partner handling fundraising, treasury, and audit readiness.In this episode, I chat with Nauman Mustafa (Managing Partner at HashLedger & CFO at Celo Foundation) about what it takes to launch a Fractional Web3 CFO practice.✅ OUR RESOURCES💌Join our weekly free newsletter and become a confident web3 Accountant https://www.the...
2025-04-1154 min
The Accountant Quits Podcast#85: Onchain Treasury Allocation with OctavIn traditional finance, Treasury Management is a well-documented practice with plenty of guidance and literature. But in web3, many of those concepts don’t quite apply.Foundations, DAOs, and other web3 startups often hold their treasuries in wallets, with those assets remaining idle.But by strategically allocating part of their treasury to generate yield, these organizations can create an additional revenue stream to help finance daily operations.The companies that understand DeFi tend to have a longer runway. They burn less of their initial funding because DeFi yield covers some or all of th...
2025-03-3041 min
The Accountant Quits Podcast#84: Building an Enterprise Crypto Accounting Software with CryptioCrypto sub-ledgers have evolved from their early days when they would only be required to categorize onchain transactions and calculate the realized gain/loss under the appropriate cost basis method.To satisfy their existing customers and bring new players into the industry, sub-ledgers have to adapt to new requirements from local GAAP & IFRS, and regional regulatory requirements like MiCA in Europe or VARA in the UAE. Finding a sub-ledger that only provides crypto bookkeeping features is no longer sufficient. You need one that addresses regulatory & audit readiness. For over six years, Cryptio has...
2025-03-221h 16
The Accountant Quits Podcast#83: Yield Bearing Stablecoins with CoinshiftThe extra steps needed to tap into DeFi protocols often intimidate web3 companies from putting idle capital to work.Many of these companies hold large amounts of stablecoins like USDC and USDT, sitting idle and earning no yield.Since the start of 2025, Coinshift has been redefining how users earn passive income on stable assets through their liquid lending token, csUSDL, backed by U.S. Treasury Bills.Unlike traditional stablecoins like USDC, where users need to actively lend or stake to generate yield, csUSDL is designed to earn yield natively.On Episode 83...
2025-02-2351 min
The Accountant Quits Podcast#82: Managing Data in a Multi-Blockchain World with NovesAs the number of new blockchains and protocols continues to surge, accountants face an increasingly complex challenge in reconciling on-chain data.
With no universal standard for blockchain data, and significant variations in how different chains operate, the task becomes even more daunting.
Accountants are not engineers, they rely on tools like sub-ledgers and tax tracking platforms to handle crypto accounting and tax compliance.
To help us understand how to navigate through managing data in a multi-blockchain world, I spoke with Ben Roy, the CEO & Co-Founder at Noves.
Noves offers infinite scalability...
2025-01-3040 min
The Accountant Quits Podcast#81: Digital Assets Tax Updates for 2025 with RSM USDonald Trump’s presidency is stirring up buzz in the web3 communities.
Builders and users alike are optimistic about how the new administration could shape the future of digital assets, with promises of clearer regulations and greater adoption of cryptocurrencies on the horizon.
But while we wait for these changes to take effect, there are already some major tax updates you need to know.
To help us navigate these complex but important updates, I spoke with RSM US, one of the largest accounting firms in the world and a leader in the digital as...
2025-01-1758 min
The Accountant Quits Podcast#80: 2024 Wrapped - plus new courses & upgraded community for 2025In this special New Year's episode, I’m pulling back the curtain on what The Accountant Quits has been up to in 2024 and giving you an exclusive preview of what’s ahead in 2025.
I’ll dive into the milestones we’ve hit, from the Crypto Accounting Academy’s relative success to the launch of the Crypto Accounting Accelerator. Plus, I’ll highlight the growth of our weekly newsletter, the debut of our tools page for navigating crypto accounting, finance, and operations, and key takeaways from the conferences I attended in 2024.
But that’s not all, I’m also revea...
2025-01-0325 min
The Accountant Quits Podcast#79: DAO Services in the Cayman Islands with Karel Olivier from LemmaOne school of thought argues that DAOs should avoid any legal structure and remain unregistered in all jurisdictions.
But having a legal entity allows the DAO to engage in contracts with other real-world entities, and perhaps the biggest of all,
A legal entity protects the individual participants of a DAO from unlimited liability.
One structure that has gained popularity is the Cayman Islands Foundation structure.
This facilitates opening bank accounts, exchange accounts, or dealing with vendors and market makers for the DAO.
Now while this setup doesn't need shareholders...
2024-12-201h 08
The Accountant Quits Podcast#78: Becoming a Web3 CFO with Zac Hogg from Solana FoundationA recurring theme among the CFOs I've interviewed is their common starting point: a lot of them started out at the Big4 accounting firms.
I call these places boot camps for accountants - you’re surrounded by some of the brightest minds in accounting, working on massive clients, and the name on your resume alone gets people to take you seriously.
Yes, the hours are grueling, and the starting pay is modest. But for those willing to embrace the grind, the payoff isn’t just a paycheck - it’s the foundation for a career that s...
2024-12-071h 10
The Accountant Quits Podcast#77: Building a Crypto SaaS with a Two-Person Team with Bassil Eid & Selem Essaied from BreezingFor the past 2 years, downsizing has been rampant across the board at companies embracing AI.
According to Techcrunch, in 2024 alone, there have been more than 130,000 job cuts across 457 companies, from tech giants like Google, Salesforce, Dropbox, Microsoft and Consensys.
If existing companies are slashing their workforce, the new startups are also leveraging AI to build a lean workforce.
For the past year and a half, Breezing, a crypto subledger, has been quietly hustling, shipping products and onboarding customers - with just two people running the entire show.
I spoke with Bassil...
2024-11-221h 00
The Accountant Quits Podcast#76: Crypto Powered Neobank for Businesses with Ryan Bozarth from DakotaWith traditional banks, it takes days to move your money, they offer little to no yield, and worst of all, they can freeze your account without warning.
Also, you no longer control your assets once deposited - they become liabilities on the bank’s balance sheet. That means if things go wrong, your best hope is a bailout.
We’re currently ushering into a new era of banking, one powered by stablecoins.
One company building on this vision is Dakota, a crypto-powered neo-bank designed for global businesses.
With Dakota, your deposits are...
2024-11-0138 min
The Accountant Quits Podcast#75: Becoming an Entrepreneurial Crypto Accountant with Patrick CamusoIf you’re a technical accountant who’s also bringing in new business for your company, I have to ask - why haven’t you started your own firm yet?
Yeah, the idea sounds terrifying at first. You’re stepping out of the cozy safety net of a guaranteed paycheck.
But if you’ve got grit and the guts to be an entrepreneur, why keep waiting? Sure, it’s hard work, but in the end, it’s worth every ounce of effort. It's the satisfaction of creating something that’s yours.
Being a crypto accountan...
2024-10-2150 min
The Accountant Quits Podcast# 74: Token Compensation & Tax Compliance, with Dominika Stobiecka from Toku onMany projects in web3 label themselves as payroll products when they’re payment products.
If you’re looking for a crypto payroll provider, an important prerequisite should be that they know how to handle the following;
Calculate tax withholdings,
Run social security deductions,
File taxes for employees
Platforms like Deel, Oyster, or Remote.com allow you to have access to a global pool of talent. But, they were built for fiat, not crypto.
On Episode 74, Dominika Stobiecka, CEO and Co-Founder of Toku helps us to learn about token-based compensation and tax compliance.
Toku...
2024-10-0549 min
The Accountant Quits Podcast#73: Jeremiah Smith from OpenCover on DeFi InsuranceSince 2017, over $8billion has been lost on-chain due to smart contract hacks, infrastructure issues and rugpulls.
The figure becomes even larger when you count phishing attacks and scam coins.
Yet today the vast majority of on-chain transactions and protocol positions aren’t protected… for example if you look at DeFi current TVL which is around $80billion, there is only about $100m which is covered or insured against protocol risk.
One company that is on a mission to make DeFi safe and accessible is OpenCover.
Since 2022, OpenCover has protected thousands of businesses and...
2024-09-2249 min
The Accountant Quits Podcast#72: Audit & Attestation Tools for Digital Assets with Jeremy Nau from LedgerLensAs the world moves “on-chain,” so too will the need for auditors.
With auditors naturally evolving their practices from periodic paper reporting, to digitally native, API-enabled, Oracle-ready, and real-time reporting.
But how do auditors bridge the gap and how can the auditing industry as a whole remove the technical barriers to entry?
Enter LedgerLens, a platform made for auditors, by auditors.
Providing a suite of crypto-audit and attestation tools, enabling auditors to complete financial statement audits with digital assets on the balance sheet. LedgerLens also provides additional “Proof of Reserve”-specific tooling...
2024-09-0656 min
The Accountant Quits Podcast#71: Internal Controls for Digital Assets with David Byrd from EYWhen it comes to internal controls, management is responsible for designing, implementing, and maintaining effective internal controls.
Auditors on the other hand would test for the operating effectiveness of these controls.
Many auditors today lack the specialized expertise needed to provide assurance for companies holding digital assets, but if we are rooting for cryptocurrencies to become mainstream, auditors will have to quickly come to grips with how to provide assurance for digital assets.
Blockchain has the potential to allow auditors to have absolute assurance over on-chain transactions, which is an enormous leap forward...
2024-08-2355 min
The Accountant Quits Podcast#70: Financial Reporting for DAOs with adcv from Steakhouse FinancialThere is no current standard framework on how transactions within DAOs should be structured and accounted for.
Transactions on the blockchain or so-called block explorers are cash-based and do not comply with accrual-based accounting.
Today many companies having on-chain transactions use crypto sub-ledgers, but the essence of DAOs is to reduce the financial asymmetry of information and instead offer real-time and transparent accounting records.
One company making a significant contribution to advancing the state of on-chain accounting is Steakhouse Financial, a web3 consulting services firm, which has developed a methodology to offer real-time & in...
2024-08-081h 08
The Accountant Quits Podcast#69: MPC wallets for digital assets operations with Bentzi Rabi from UtilaIn its early days, businesses used crypto mainly for trading.
However, more use cases have emerged in recent times.
Making payments with crypto as we all know is lightning fast, but businesses utilizing self-custodial wallets need a full-fledged infrastructure with advanced customization.
For example, managing user permissions and roles, creating approval workflows, and having quick integrations with exchanges or DeFi apps.
The war for enterprise wallets is raging, and teams have to decide whether to opt for a fully decentralized multisig solution or rather a centralized MPC wallet infrastructure.
...
2024-07-2736 min
The Accountant Quits Podcast#68: Crypto Payments for a Globally Distributed Workforce with Hugo Finkelstein from RiseCan crypto payments accentuate the trend for a globally distributed workforce?
More and more people in emerging markets such as freelancers are using crypto to get paid, and having crypto as a payment option enables people to get employed anywhere in the world.
So if you as an employer want to have the best talent globally, using crypto as a means of payment seem to work hand in hand.
One company that has garnered substantial growth over the past months is Rise, which offers a platform to pay employees and contractors globally with...
2024-07-1739 min
The Accountant Quits Podcast#67: Getting Ready for MiCA with Anne-Grace Kleczewski & Anne-Lorinne Mognetti from MMEThe deadline for new crypto regulation in the EU, termed the Market in Crypto-Assets (MiCA) is fast approaching, and many are wondering - What exactly does MiCA entail, and how can you prepare for it?
For starters, MiCA applies to a broad range of entities providing services related to crypto, including exchanges, custodians, wallet providers, brokers, investment firms, and more.
There are two key compliance deadlines based on the nature of your services: June and December 2024.
Now in the absence of a dedicated compliance specialist, the task of ensuring your web3 startup is...
2024-06-281h 03
The Accountant Quits Podcast#66: Becoming a Web3 CFO with Greg Mocnik from Celestia LabsA 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...
2024-06-1550 min
The Accountant Quits Podcast#65: Statement of Digital Assets (SoDA) with Samuel LeichmanBlockchain 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...
2024-05-3153 min
The Accountant Quits Podcast#64: CFO's Guide for Tokenomics with Roderick McKinleyThe 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...
2024-05-1756 min
The Accountant Quits Podcast#63: Crypto Technical Accounting (SAFT, Derivatives, Staking, Stablecoins) with Andrei BelonogovDigital 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...
2024-05-0337 min
The Accountant Quits Podcast#62: Global Crypto Payroll through EOR Model with Nabin Banskota from NiuralCOVID 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 con...
2024-04-2249 min
The Accountant Quits Podcast#61: Becoming a Web3CFO with Léopold Wenger from ComethIf 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 ind...
2024-04-0540 min
The Accountant Quits Podcast#60: Enterprise Accounting Software for Crypto & Fiat with Request FinanceA 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...
2024-03-2250 min
The Accountant Quits Podcast#59: AI & Blockchain for Accounting with Kareem Khattab from EntendreBlockchain 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 fi...
2024-03-0847 min
The Accountant Quits Podcast#58: Company Formation for Web3 Startups & DAOs with Han Verstraete from OtonomosAnyone 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...
2024-02-231h 02
The Accountant Quits Podcast#57: Web3 Treasury Management with Nik Pletikos from DeFiWavesWhile 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.
...
2024-02-0948 min
The Accountant Quits Podcast#56: Becoming a Web3 CFO with Shivani Phull from PixelynxChoosing 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...
2024-01-2636 min
The Accountant Quits Podcast#55: US GAAP Fair Value Accounting for Crypto with Mackenzie Patel from Hash BasisThe 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 va...
2024-01-1248 min
The Accountant Quits Podcast#54: Crypto Taxation in the US with Aryeh Munk & David Zareh from OnChain AccountingAre 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 Taxa...
2023-12-2254 min
The Accountant Quits Podcast#53: Getting Crypto Companies Audit Ready with Marnus Kruger & Chris O'Reilly from Harris & TrotterAn 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...
2023-12-0852 min
The Accountant Quits Podcast#52: Launching the Crypto Accounting AcademyThe 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;
C...
2023-10-0226 min
The Accountant Quits Podcast#51: Subscription Billing with Fiat & Crypto with Bisola Asolo from SuperIf 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...
2023-09-1828 min
The Accountant Quits Podcast#50: Tracking DeFi & TradFi Transactions Simultaneously with Tal Zackon from Tres FinanceThe 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 tr...
2023-08-3153 min
The Accountant Quits PodcastEpisode 49 | Tarun Gupta from Coinshift on Transforming the Multi-Signature UX through Safe for simplifying Treasury ManagementWhile 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...
2023-08-1852 min
The Accountant Quits PodcastEpisode 48 | Jozef Vogel from Ether.fi on Becoming a Web3 CFOThis 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 acco...
2023-07-2436 min
The Accountant Quits PodcastEpisode 47 | Mo Yang from Fuel Labs on Becoming a Web3 CFOThe ‘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...
2023-07-0734 min
The Accountant Quits PodcastEpisode 46 | Charles Naut from Rain on Crypto Corporate CardsMany 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...
2023-05-2641 min
The Accountant Quits PodcastEpisode 45 | Chuck Cummings from Bankless Consulting on BUIDling a Web3 Consulting FirmWhenever 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...
2023-05-0553 min
The Accountant Quits PodcastEpisode 44 | How to become a Crypto Accountant (Best of episode)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...
2023-04-2428 min
The Accountant Quits PodcastEpisode 43 | Geeth Jay from Cryptoworth on Data Complexities with On-Chain TransactionsEven 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 on...
2023-04-0946 min
The Accountant Quits PodcastEpisode 42 | Eleni Steinman from Loop on Crypto Autopay (subscriptions, payroll)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 fund...
2023-03-2440 min
The Accountant Quits PodcastEpisode 41 | Megan Knab from Franklin on Tax Compliant Web3 PayrollIf 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 frag...
2023-03-1051 min
The Accountant Quits PodcastEpisode 40 | Jacob Kobler from Consola Finance on Crypto BookkeepingIf 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 c...
2023-02-2434 min
The Accountant Quits PodcastEpisode 39 | Robin Ji from Liquifi on Token Based CompensationIn 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 p...
2023-02-1044 min
The Accountant Quits PodcastEpisode 38 | Thibaut Sahaghian from Multis on Building a Business on CryptoEmbracing 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...
2022-10-0333 min
The Accountant Quits PodcastEpisode 37 | Gísli Kristjánsson from Monerium on using your wallet as a bank accountOne 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...
2022-09-0951 min
The Accountant Quits PodcastEpisode 36 | Pat White from Bitwave on Institutional Adoption of Digital Assets & ComplianceIf 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 CE...
2022-08-2643 min
The Accountant Quits PodcastEpisode 35 | Michael Revy from Bulla Network on NFT InvoicingThe 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...
2022-07-2940 min
The Accountant Quits PodcastEpisode 34 | Mackenzie Patel from Figment on Proof of Stake AccountingProof 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...
2022-07-0849 min
The Accountant Quits PodcastEpisode 33 | Kishan Shah on Bear Market Survival in Web3Crypto 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 in...
2022-06-2529 min
The Accountant Quits PodcastEpisode 32 | Jakub Sawczuk from AEM Algorithm on Crypto Accounting in XeroThe 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.
2022-05-2746 min
The Accountant Quits PodcastEpisode 31 | Michele D'Aliessi from Superfluid on Streaming PaymentsSmart 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...
2022-05-1347 min
The Accountant Quits PodcastEpisode 30 | Jamiel Sheikh on DeFi for CFOsWe’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.
...
2022-04-2934 min
The Accountant Quits PodcastEpisode 29 | Kevin Ngo from Polywrap on DAO AccountingThe 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...
2022-04-1533 min
The Accountant Quits PodcastEpisode 28 | Joe David from Myna Accountants on Accounting for DeFiThe 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...
2022-04-0145 min
The Accountant Quits PodcastEpisode 27 | Maximilian Bruckner from 21e6 Capital on an Intro into DeFiBlockchain 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...
2022-03-1835 min
The Accountant Quits PodcastEpisode 26 | Antoine Scalia from Cryptio on Digital Assets BookkeepingIf 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 fo...
2022-02-1953 min
The Accountant Quits PodcastEpisode 25 | Bryan Peters from Sobol on The Future of WorkThe 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...
2022-02-121h 01
The Accountant Quits PodcastEpisode 24 | Will White on a Career Change from Accountant to Web3 ArchitectEver 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 be...
2022-02-0559 min
The Accountant Quits PodcastEpisode 23 | Christophe Lassuyt from Request on Building a Financial Suite for CryptocurrenciesThe 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 a payment protocol that enables you to request a payment and be paid with crypto in a compliant way....
2022-01-2937 min
The Accountant Quits PodcastEpisode 22 | Suzanne Morsfield from Lukka on Valuation of Crypto AssetsCrypto 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 fr...
2022-01-2258 min
The Accountant Quits PodcastEpisode 21 | Dennis Wohlfarth from Accointing on Crypto Taxes Strategy for IndividualsRight 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...
2022-01-1551 min
The Accountant Quits PodcastEpisode 20 | Jay Schulman from RSM on Where to Pay Attention to Blockchain in 2022For 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 Gr...
2021-12-311h 12
The Accountant Quits PodcastEpisode 19 | Charles Hoffman on How to Modernize Accounting (XBRL, Knowledge Systems, Immutable Distributed Ledgers)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...
2021-12-2558 min
The Accountant Quits PodcastEpisode 18 | Thomas Nägele on Regulation of Crypto, Defi & DAOsThe 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...
2021-12-181h 12
The Accountant Quits PodcastEpisode 17 | Oliver Schantin from Basenode on Crypto Payments & Invoicing for FreelancersFreelancing , 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 di...
2021-12-1044 min
The Accountant Quits PodcastEpisode 16 | Gil Hildebrand from Gilded on Crypto Payments, Invoicing & NFT AnalyticsCryptocurrencies 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...
2021-12-0452 min
The Accountant Quits PodcastEpisode 15 | Jason Meyers on AuditChain Tokenomics and TimelineWe 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 an...
2021-11-2730 min
The Accountant Quits PodcastEpisode 14 | Andrew Noble on Rising Inflation, Cryptocurrencies and The Future of MoneyThis 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...
2021-11-2059 min
The Accountant Quits PodcastEpisode 13 | Ian Grigg on the Evolution of Trust, Triple Entry Accounting and a New Way of AuditEarlier 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 ‘Ricardi...
2021-11-131h 32
The Accountant Quits PodcastEpisode 12 | Shehnaaz Suleman from BDO on Accounting for Crypto AssetsWith 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...
2021-11-0642 min
The Accountant Quits PodcastEpisode 11 | Vincent Hoffmann on Blockchain EducationThe 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...
2021-10-2935 min
The Accountant Quits PodcastEpisode 10 | Anthony Nixon on Blockchain for Enterprises with CordaThis 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, tr...
2021-10-212h 02
The Accountant Quits PodcastEpisode 9 | Sabrina Boudefar on An Introduction Into TokenizationImagine 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, c...
2021-10-1545 min
The Accountant Quits PodcastEpisode 8 | Torje Vingen Sunde from Abendum on building an MVP on Triple Entry Accounting as a serviceThe 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...
2021-10-091h 01
The Accountant Quits PodcastEpisode 7 | Karen Ottoni on Blockchain for Enterprises with HyperledgerAmidst 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...
2021-10-021h 07
The Accountant Quits PodcastEpisode 6 | Why are accountants not being taught information technology?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...
2021-09-2609 min
The Accountant Quits PodcastEpisode 5 | Jason Meyers on Continuous Audit and Real-time ReportingThe 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 ne...
2021-09-181h 00
The Accountant Quits PodcastEpisode 4 | Juan Ignacio Ibañez on Triple Entry AccountingAll 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...
2021-08-2848 min
The Accountant Quits PodcastEpisode 3 | Stefan Beyer on Smart Contract AuditsWith 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...
2021-08-1548 min
The Accountant Quits PodcastEpisode 2 | Lior Lamesh on Custody of crypto assets for banks and financial institutionsWith 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...
2021-08-0539 min
The Accountant Quits PodcastEpisode 1 | Monica Singer on How can an Accountant prepare for a Blockchain FutureTo 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 Acco...
2021-07-2850 min