The Accountant Quits Podcast

Many 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 is an all-in-one crypto-native solution that helps you manage employment, stablecoins, native token payroll, and token grant administration for your international team in +100 countries. ✅ OUR RESOURCES ✨Become a confident Web3 Accountant with our weekly free newsletter: ⁠https://www.theaccountantquits.com/newsletter⁠ 🙌 Join the next cohort of the Crypto Accounting Academy and learn how to manage a business using crypto h⁠ttps://www.theaccountantquits.com/crypto-accounting-academy⁠ ✊ Follow The Accountant Quits on Socials 👉 LinkedIN: ⁠linkedin.com/company/the-accountant-quits⁠ 👉 Twitter(X): ⁠https://x.com/accountantquits⁠ 👉 YouTube: ⁠https://www.youtube.com/@theaccountantquits⁠ 🎙️ Follow Episode Guest Linkedin: ⁠https://www.linkedin.com/in/dom-stobiecka/ X : ⁠https://x.com/dmnkstbck Topics Covered: (0:00) Episode Intro (2:24) Dominika’s background (4:30) When should web3 projects have a token? (7:30) Crypto compensation trends (11:38) Setting up token compensation (14:02) Choosing the right token compensation instruments - RTUs, RTAs (17:00) Thanks to our sponsor Harris & Trotter (19:04) Download the Token Compensation Primer (19:37) Understanding EOR And PEO services (23:02) Hiring an employee v/s a contractor (25:27) EORs - why crypto expertise matters (29:44) Thanks to our sponsor Web3 Finance Club (31:27) Social security deductions (33:41) Overview of Toku (36:30) Monthly payroll process with Toku (39:43) Toku’s marketing approach (44:36) Developments for crypto adoption (46:12) Closing thoughts (47:22) Dominika's Amelia Earhart Maxim (49:38) How to contact the Toku Team

Since 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 individuals against on-chain transaction and protocol risks. On Episode 73, I spoke with its Co-Founder & CEO, Jeremiah Smith, who provided us a short masterclass into DeFi cover and Insurance, and how finance & accounting professionals at web3 startups & DAOs can mitigate their on-chain risks. Download the State of DeFi Insurance Report ✅ OUR RESOURCES ✨Become a confident Web3 Accountant with our weekly free newsletter: https://www.theaccountantquits.com/newsletter 🙌 Join the next cohort of the Crypto Accounting Academy and learn how to manage a business using crypto https://www.theaccountantquits.com/crypto-accounting-academy ✊ Follow The Accountant Quits on Socials 👉 LinkedIN: linkedin.com/company/the-accountant-quits 👉 Twitter(X): https://x.com/accountantquits 👉 YouTube: https://www.youtube.com/@theaccountantquits 🎙️ Follow Episode Guest Linkedin: https://www.linkedin.com/in/itsjeremiahs/ X : https://x.com/itsJeremiahS Topics Covered: (0:00) TAQ Intro (1:08) Episode Intro (3:05) Jeremiah’s background (5:00) 3 main onchain risks (8:15) Financial impact of onchain risks (10:03) Best practices for keys management (11:30) Protecting against transaction & post-transaction risk (14:08) How to mitigate protocol risk (16:45) Thanks to our sponsor Harris & Trotter (18:49) Insurance for tokenized T-Bills (20:52) How to choose DeFi Cover (26:10) When should CFOs consider DeFi insurance (28:35) Overview of OpenCover (32:56) Thanks to our sponsor Web3 Finance Club (34:38) Is OpenCover an underwriter (37:42) Pricing (38:54) The future of AI & DeFi Insurance (41:45) OpenCover partnership (44:28) Challenges for adoption (46:11) Closing Thoughts (47:14) Jeremiah's Pablo Picasso Maxim (48:44) Reach out to Jeremiah

As 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, enabling you to take on new engagements for stablecoins, exchanges, and RWAs.  ✅ OUR RESOURCES ✨Become a confident Web3 Accountant with our weekly free newsletter: https://www.theaccountantquits.com/newsletter 🙌 Join the next cohort of the Crypto Accounting Academy and learn how to manage a business using crypto https://www.theaccountantquits.com/crypto-accounting-academy  ✊ Follow The Accountant Quits on Socials 👉 LinkedIN: https://www.linkedin.com/in/umarmhassam/ 👉 Twitter: https://x.com/accountantquits 👉 Youtube: https://www.youtube.com/@theaccountantquits  🎙️ Follow Episode Guest Linkedin: https://www.linkedin.com/in/jeremynau-cpa-cma/  X.com: https://x.com/JeremyNauCPA  🎧 Website For show notes and past guests, please visit theaccountantquits.com/podcast/ Topics covered; (0:00) TAQ intro (1:04) Episode intro  (2:58) Being at Armanino & FTX Saga (8:24) Proving ownership of private keys  (14:29) Setting up in-house nodes  (16:55) Using LedgerLens to validate audit assertions  (19:17) Crypto knowledge to use LedgerLens (20:29) Sponsor Harris & Trotter | Scholarship & Job Guarantee Program (22:40) Is LedgerLens live or in private beta (23:42) Onboarding and 1st audit engagement  (26:14) Proof-of-reserves toolkits (32:14) Target audience for proof-of-reserves toolkits (33:00) Trusting oracle networks & role of auditors with RWA (36:43) Tricky categories for RWA (38:52) Thanks to our sponsor Web3 Finance Club (40:34) Do auditors rely on subledger data (43:23) How to choose a subledger (45:01) The Network Firm & its services (46:45) Steps to become a Crypto Accounting Practice - Article (52:00) Main Takeaways (53:31) Jeremy's Maxim - Proverbs 23:23 (55:04) How to contact Jeremy

David Byrd, a Partner and Blockchain Strategy Leader at EY, dives into the world of internal controls for digital assets. He discusses the unique challenges faced in auditing this rapidly evolving space, including the need for specialized expertise. Byrd contrasts centralized and self-custody practices, emphasizing robust internal controls. He highlights the importance of accurate blockchain data and the significant impact of having a SOC 2 report. The conversation also touches on 'proof of reserves' in light of recent events in the crypto market.

There 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 & independently verifiable financial statements for DAOs.   Steakhouse contributors collaborate with industry-renowned names such as MakerDAO, ENS, Lido, Morpho, Badger, and more.  To help us understand this novel way of accounting and reporting on-chain transactions for DAOs, I spoke with Adrian (also known as ‘@adcv_’ on Twitter, the Co-Founder at Steakhouse Financial. Topics covered; Episode intro (0:47) Adrian’s story into blockchain (3:10) Starting Steakhouse Financial (5:37) Using Dune Analytics to prepare MakerDAO’s financials (7:17) Can Steakhouse commercialize Dune Analytics dashboards as a product (14:30) Dune Analytics dashboards for Lido, ENS (15:52) How to start with Dune Analytics (18:22) SQL knowledge to learn Dubne Analytics (19:30) Using owner labels (21:59) Web3 tools used by Steakhouse Financial (24:03) Using AI for crypto accounting (26:27) Thanks to our sponsor Web3Finance Club (27:51) Benchmarks & performance attribution for DAO treasuries (29:38) Diversifying into wBTC, stETH, sDAI (36:30) DAO Accounting research paper, and should DAOs use sub ledgers (38:11) What is a rebased token and wrapping stETH to wstETH (42:47) Accounting for stETH & wstETH (46:58) How CFOs can manage treasury with staking (47:53) Overview of Steakhouse’s services (57:13) How should accountants upskill with blockchain (1:01:17) How to reach out to Adrian (1:04:19) Highly recommended reading - Nikolai's principles (1:04:58) Follow The Accountant Quits: LinkedIN: linkedin.com/company/the-accountant-quits Twitter: twitter.com/accountantquits Follow adcv_: Twitter: https://x.com/adcv_  Follow Steakhouse Financial: Twitter: https://x.com/steakhousefi  Review If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes. Website For show notes and past guests, please visit theaccountantquits.com/podcast/

In 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. To help us understand how companies can use crypto for operations and manage their treasury, I spoke with Bentzi Rabi, the CEO and founder of Utila, an enterprise-grade solution for digital assets. Topics covered; Episode intro (0:41) Challenges of web3 teams for operations (1:23) Multisig v/s MPC wallets (3:41) Why would a Gnosis Safe user switch to an MPC wallet (7:36) Thanks to our sponsor Cryptoworth (11:07) Onboarding with Utila (13:09) Receiving payments use case (17:39) DeFi & CEX connections (20:55) On-ramping & off-ramping (21:59) Integrations available (24:00) How Utila compares with Fireblocks (25:57) What companies should use Utila (29:50) Challenges for mainstream adoption (32:47) Bentzi’s favourite maxim (34:42) Follow The Accountant Quits: LinkedIN: linkedin.com/company/the-accountant-quits Twitter: twitter.com/accountantquits Follow Bentzi Rabi: LinkedIN: https://www.linkedin.com/in/bentzi-rabi/ Twitter: https://x.com/bentzzi Review If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes. Website For show notes and past guests, please visit theaccountantquits.com/podcast/

Hugo Finkelstein, Co-Founder & CEO of Rise, dives into the transformative power of crypto payments for a globally distributed workforce. He discusses how platforms like Rise facilitate seamless compensation across borders, highlighting a surge in freelancer adoption in emerging markets. The conversation touches on the regulatory landscape, the rise of stablecoins in business, and the innovative compliance solutions Rise offers. Hugo shares success stories and explains how using crypto can help companies attract top talent globally.

The 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 MiCA-ready might fall on you, the Head of Operations or Finance. Being proactive and seeking legal expertise early is crucial. To help us get prepared for MiCA, I spoke with Anne-Grace Kleczewski & Anne-Lorinne Mognetti from MME. MME has been instrumental in the development of the "Crypto Valley" ecosystem and is a leading Swiss firm offering comprehensive legal, tax, and compliance services for digital assets and blockchain technology. Topics covered: Episode intro (00:47) Anne-Grace’s background (2:51) Anne-Lorinne’s background (6:21) What is MiCA & why it’s being introduced (7:41) Scope & requirements for MiCA compliance (10:42) MiCA & DeFi (13:11) Deadline of 30th December 2024 (19:19) Grandfathering rule and verifying the level of decentralization (22:46) Thanks to our sponsor Web3Finance Club (27:17) MiCA v/s current crypto regulations (29:11) Passporting feature & obligations for non EU companies (37:03) Reverse solicitation exemption (39:55) Attractive jurisdictions for non-EU companies (43:59) How MME helps with MiCA compliance (47:24) Services most requested by accountants & CFOs (50:26) How to make DeFi more accessible (53:35) Closing thoughts (58:20) Maxim of Anne-Grace & Anne-Lorinne (59:07) Follow The Accountant Quits: LinkedIN: linkedin.com/company/the-accountant-quits Twitter: twitter.com/accountantquits Follow Anne-Grace Kleczewski: LinkedIN: https://www.linkedin.com/in/anne-grace-kleczewski-789baa81/ Follow Anne-Lorinne Mognetti: LinkedIN: https://www.linkedin.com/in/anne-lorinne-mognetti-766586152/ Review If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes. Website For show notes and past guests, please visit theaccountantquits.com/podcast/

In this engaging chat, Greg Mocnik, the CFO of Celestia Labs and former Head of Finance at dYdX Foundation, shares his journey from Ernst & Young to the forefront of Web3 finance. He discusses the value of skills like SQL for analyzing data, and the intense hiring process at dYdX. Greg also sheds light on innovative financial practices in the crypto space, including the use of advanced accounting tools and the unique challenges faced by CFOs in Web3. His insights are both inspiring and informative for aspiring finance professionals.

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) Follow The Accountant Quits: LinkedIN: linkedin.com/company/the-accountant-quits Twitter: twitter.com/accountantquits Follow Samuel Leichman: LinkedIN: https://www.linkedin.com/in/samleichman/ Twitter: https://x.com/samleichman Review If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes. Website For show notes and past guests, please visit theaccountantquits.com/podcast/