The Accountant Quits 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/

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/