Episode 41 | Megan Knab from Franklin on Tax Compliant Web3 Payroll

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

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/

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Follow Franklin:
Twitter: https://twitter.com/franklinpayroll

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Twitter:  https://twitter.com/knotmegan

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