The Accountant Quits Podcast

Roderick McKinley, a Tokenomics and Finance Advisor, shares insights gained from helping crypto projects raise over $100 million. He emphasizes the critical elements of tokenomics, such as the minting process and supply. Roderick discusses whether every Web3 project genuinely needs a token and the importance of value accrual strategies. He also dives into unique financial modeling challenges in blockchain, explaining how well-structured tokenomics can lead to sustainable growth in the crypto ecosystem. His engaging anecdotes and expert knowledge illuminate the exciting world of token design.

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 Web3Finance 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) Follow The Accountant Quits: LinkedIN: linkedin.com/company/the-accountant-quits Twitter: twitter.com/accountantquits Follow Andrei Belonogov: LinkedIN: https://www.linkedin.com/in/andrewbelonogov/ Twitter: https://twitter.com/tech_accounting 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/

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 Web3Finance 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) Follow The Accountant Quits: LinkedIN: linkedin.com/company/the-accountant-quits Twitter: twitter.com/accountantquits Follow Nabin Banskota : LinkedIN: https://www.linkedin.com/in/nabinbanskota/ 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/

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 Web3Finance 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) Follow The Accountant Quits: LinkedIN: linkedin.com/company/the-accountant-quits Twitter: twitter.com/accountantquits Follow Léopold Wenger: Twitter: http://@leo_wgr LinkedIN: https://www.linkedin.com/in/l%C3%A9opold-wenger-076015b4/ 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/

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 Web3Finance 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) Follow The Accountant Quits: LinkedIN: linkedin.com/company/the-accountant-quits Twitter: twitter.com/accountantquits Follow Christophe Lassuyt: Twitter: https://twitter.com/LassuytChristop LinkedIN: https://www.linkedin.com/in/christophel1310/ Follow Christophe Fonteneau: Twitter: https://twitter.com/chfonteneau LinkedIN: https://www.linkedin.com/in/fonteneau/ 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/

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 Web3Finance 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) Follow The Accountant Quits: LinkedIN: linkedin.com/company/the-accountant-quits Twitter: twitter.com/accountantquits Follow Kareem Khattab: Twitter: https://twitter.com/kvreem LinkedIN: https://www.linkedin.com/in/kareem-khattab/ 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/

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 Web3Finance 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) Follow The Accountant Quits: LinkedIN: linkedin.com/company/the-accountant-quits Twitter: twitter.com/accountantquits Follow Han Verstraete: Twitter: https://twitter.com/hanverstraete LinkedIN: https://www.linkedin.com/in/hanverstraete/ 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/

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 Web3Finance 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) Follow The Accountant Quits: LinkedIN: linkedin.com/company/the-accountant-quits Twitter: twitter.com/accountantquits Follow Nik Pletikos: Twitter: https://twitter.com/ethreasurer LinkedIN: https://www.linkedin.com/in/nikpletikos/ 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/

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) Follow The Accountant Quits: LinkedIN: linkedin.com/company/the-accountant-quits Twitter: twitter.com/accountantquits Follow Shivani Phull: Twitter: https://twitter.com/shivv_p LinkedIN: https://www.linkedin.com/in/shivani-phull-30bb1953/ 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/

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 Web3Finance 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) Follow The Accountant Quits: LinkedIN: linkedin.com/company/the-accountant-quits Twitter: twitter.com/accountantquits Follow Hash Basis: Twitter: https://twitter.com/HashBasis LinkedIN: https://www.linkedin.com/company/hash-basis/ 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/