The Accountant Quits Podcast

Are 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 Taxation and for the 1st episode, we’ll look into the US 🇺🇸 And on Episode 54, I spoke with David Zareh & Aryeh Munk, the Managing Partners at OnChain Accounting, an accounting and tax services firm focused on crypto. Topics Covered: Episode intro (00:39) David & Aryeh’s story of how they got into blockchain (2:44) Capital gains tax for crypto (7:18) How holding period affects CGT (12:19) Taxes on bridging crypto (14:29) Providing liquidity and receiving LP tokens (16:57) Income tax for crypto (20:48) Thank you to our sponsor Cryptoworth (23:05) Staking rewards & having dominion (24:43) Tax optimization - cost basis (28:57) Using a crypto sub-ledger to optimize tax expenses (31:40) Tax loss harvesting & wash sales (32:25) Thank you to our sponsor Web3CFO Club (36:45) Challenges for crypto tax compliance (36:22) How to choose a crypto sub-ledger (41:08) How does OnChain Accounting help with crypto accounting & taxes (43:37) Crypto Accounting Guide, by OnChain Accounting (47:27) Closing thoughts (50:31) Follow The Accountant Quits: LinkedIN: linkedin.com/company/the-accountant-quits Twitter: twitter.com/accountantquits Follow OnChain Accounting: Twitter: https://twitter.com/OnChainAcctng LinkedIN: https://www.linkedin.com/company/on-chain-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/

Marnus Kruger and Chris O'Reilly from Harris & Trotter are experts in auditing for crypto companies. They dive into how to prepare for audits, emphasizing the importance of verifying ownership of crypto and proper asset valuation. The duo discusses the criteria for accepting audit engagements and the complexities of recoverability from DeFi protocols. They also explore innovative tools for proving crypto ownership and the crucial role internal controls play in maintaining financial accuracy. Tune in for valuable insights on navigating the audit process in the digital asset space!

The 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; Christophe Lassuyt - CEO & Co-Founder of Request Finance Tarun Gupta - CEO & Founder of Coinshift Mackenzie Patel - CEO & Co-Founder of Hashbasis Mo Yang - CEO of Convoy Finance & CFO at Fuel Labs Richard Pasquin - COO & Co-Founder at Cryptoworth Nik Pletikos - Head of Treasury at Sweat Economy Michael Cieri - Accounting Manager at Polygon Labs Umar Mallam Hassam - Creator of The Accountant Quits Sign up for the 1st cohort starting October 19 => https://www.theaccountantquits.com/crypto-accounting-academy Unsure Whether This Course Is Right For You => Book A 1 On 1 Call Topics Covered Episode intro (00:00) Problem learning crypto accounting (2:05) Modules in the academy (4:27) Instructors of the academy (10:10) What is the course not about (14:33) Who is this course for (16:15) Do you have to be an accountant to join (17:24) Resources offered with course (18:12) Pricing (19:26) Why I’m launching a Crypto Accounting Academy (21:06) Should you quit your job (22:19) How to decide whether this course is for you (24:26) Follow The Accountant Quits: LinkedIN: linkedin.com/company/the-accountant-quits Twitter: twitter.com/accountantquits 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 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 your subscribers' data and their subscriptions and helps you to get rid of the manual work involved in connecting fiat and crypto payments. On Episode 51, I spoke with its Co-Founder & CEO, Bisola Asolo. Topics covered; Episode intro (00:37) Story of Bisola co-founding Super (2:20) Subscription billing platform v/s Payment gateway (3:53) Are web3 teams collecting payments in crypto today (7:14) Thank you to our sponsor Cryptoworth (8:31) What is Super, & features for subscription billing (10:05) Onboarding new customers (12:05) Finding 1st customers with Super (13:23) Use cases & how clients use Super (15:13) Thank you to our sponsor Convoy Finance (16:51) Roadmap & upcoming milestones (18:46) Challenges on adoption from web2 businesses (20:15) Lessons learned in scaling a business (22:48) Closing thoughts (24:37) Follow The Accountant Quits: LinkedIN: linkedin.com/company/the-accountant-quits Twitter: twitter.com/accountantquits Follow Super: Twitter: https://twitter.com/trysuper_ Follow Bisola Asolo: Twitter: https://twitter.com/bisasolo 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 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 truth to track and consolidate your DeFi and TradFi transactions simultaneously and stay compliant with your accounting and audit. Topics covered; Episode intro (00:40) Story of Tal co-founding Tres (2:20) Challenges tracking on-chain transactions (8:27) What is Tres Finance (10:59) What is a financial data lake (15:02) Sub ledgers v/s financial data lake (18:16) Onboarding with Tres (19:13) Thank you to our sponsor Convoy Finance (20:54) Capturing onchain & offchain transactions with Tres Link (22:30) Use cases of clients using Tres (23:30) Automation practices & labeling (27:38) Integration with Xero, Quickbooks, Oracle Netsuite (29:27) Reconciliation with ERP integration (32:06) How Tres compares to its competitors - Bitwave, Cryptio, Cryptoworth (33:05) Banking integrations - Plaid (36:54) Thank you to our sponsor Web3CFO Club (37:53) Pricing with Tres (39:36) Certification program for accounting & audit firms (44:11) Roadmap and upcoming milestones (46:28) Challenges for adoption (48:57) Closing thoughts (50:15) How to reach out to Tal (51:43) 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/ Follow The Accountant Quits: LinkedIN: linkedin.com/company/the-accountant-quits Twitter: twitter.com/accountantquits Follow Tres Finance: Twitter: https://twitter.com/TresDotFinance Follow Tal Zackon: Twitter: https://twitter.com/TalZackon 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 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 Safe, is Coinshift. Coinshift’s mission is to simplify on-chain treasury operations , whether for payments, reporting, and asset management. On episode 49, I spoke to its Founder & CEO Tarun Gupta. Topics Covered Episode intro (00:40) The story behind Coinshift (2:40) How Safe works (7:54) Pain points for users with Safe alone for multi-sig transactions (11:52) Overview of Coinshift (13:18) Thank you to our sponsor Cryptoworth (16:43) Onboarding with Coinshift (18:22) Pricing for Coinshift (21:36) Proposal on Coinshift v/s transaction on Safe (23:28) Most used chains & tokens (26:15) Financial reporting & asset management feature (27:17) Coinshift apps - CowSwap, Aave, LiFi, Request Finance (30:49) How CowSwap works with Coinshift (33:18) Integration with Request Finance (35:27 ) Why use Coinshift in combination with Request Finance (36:44) Thank you to our sponsor Web3CFO Club (38:40) Positioning against competitors like Utopia Labs, Multis, Parcel (40:24) Account abstraction and onboarding the next billion of web3 users with Safe (44:37) Closing thoughts of Tarun (49:24) How to reach out to Tarun & Coinshift (51:03) 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/ Follow The Accountant Quits: LinkedIN: linkedin.com/company/the-accountant-quits Twitter: twitter.com/accountantquits Follow Coinshift: Twitter: https://twitter.com/0xCoinshift Follow Tarun Gupta: Twitter: https://twitter.com/tarungupta1475 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/

Jozef Vogel, the newly appointed VP of Finance and Operations at Ether.fi, shares his fascinating journey from CPA at BDO to a key player in the crypto world. He dives into the essentials of transitioning to web3, discussing vital skills for crypto accountants. Jozef highlights the unique challenges of financial management in decentralized finance, revealing how web2 tools integrate with blockchain technology. He also emphasizes emerging opportunities in Web3 for finance professionals and the importance of adaptability in this rapidly evolving landscape.

The ‘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 Chartered Accountant and CFA charter holder, Mo started his career at traditional accounting firms like Grant Thornton and BDO, worked as a capital markets trader, undertook CFO roles at multiple web2 and web3 startups. Topics covered; Episode intro (00:39) Mo’s early career path in web2 (2:44) How Mo fell into the blockchain rabbit hole (4:12) Pre-requisite for accountants to get crypto jobs (6:09) Launching Nexoa, a Fractional CFO services firm (8:42) Thank you to our sponsor Cryptoworth (11:34) What does a Fractional CFO do (13:31) Challenges being a web3 CFO (17:54) Treasury Management advice for the new web3 CFO (20:03) Thank you to our sponsor Web3CFO Club (23:01) Tooling for web3 accounting: Cryptio & Request Finance (25:01) Set up for wallet management (26:40) Impact of AI on accountants & opportunities to work in web3 (29:09) Taking time off (31:07) 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/ Follow The Accountant Quits: LinkedIN: linkedin.com/company/the-accountant-quits Twitter: twitter.com/accountantquits Follow Mo Yang: Twitter:  https://twitter.com/_Mo_Yang 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/

Many 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 needing a fiat bank account. Their platform is non-custodial, integrates with Gnosis Safe and allows you to have as many virtual cards as you’d like for your team. On Episode 46, I spoke to its co-founder, Charles Naut. Topics covered; Episode intro (00:39) Charles’s background and how he got interested with blockchain (2:25) Where the idea for Rain came from (4:24) Friction points around off-ramping today (10:00) How do crypto corporate cards work with off-ramping (11:19) ACH & Wire transfer possible with Rain (13:26) What is Rain, and its different features (15:44) Thank you to our sponsor Cryptoworth (17:29) Getting onboarded & due diligence requirements (19:24) Does Rain plan to offer rewards/cash-back programs? (20:51) Examples of web3 projects using Rain (22:54) Using virtual cards as a spend management tool (23:45) New model for expenses reimbursement (26:49) Thank you to our sponsor Web3CFO Club (28:44) Accounting integrations with Rain (31:01) How does Rain differentiate from competitors like Brex, Ramp, Reap, AirWallex (33:28) Challenges faced for adoption (35:10) Upcoming trends for crypto spend management (36:43) How to reach out to Charles (38:18) Follow The Accountant Quits: LinkedIN: linkedin.com/company/the-accountant-quits Twitter: twitter.com/accountantquits Follow Rain: Twitter: https://twitter.com/raincards Follow Charles Naut: Twitter:  https://twitter.com/cnaut 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/

Whenever 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 pie Enter Bankless Consulting, the world’s first web3-native professional services consultancy.  As a DAO, 90% of their revenue generated is allocated to the project team. On Episode 45, I spoke with Chuck Cummings, the co-founder & Head of Finance of Bankless Consulting.  Topics covered Episode intro (00:39) Chuck’s background and how he got interested with blockchain (2:38) Web3 consulting firm principles on shared ownership & profit sharing (4:39) Creation of Bankless Consulting (8:02) Services offered - tokenomics, DAO consulting, web3 marketing strategy (10:15) Onboarding talent (13:36) Lessons learned from scaling a remote first consulting firm (17:12) Thank you to our sponsor Cryptoworth (18:47) Governance at Bankless Consulting, under a DAO model (20:21) Examples of projects working with Bankless Consulting (24:18) Lessons learned from invoicing in crypto/stablecoins (28:03) Using crypto accounting tools (31:20) Most used tools as the Head of Finance, Request Finance, Circle (33:08) Thank you to our sponsor Web3CFO Club (36:45) Experience from contributing to DAOs, & new career opportunities (39:16) Social impact projects Chuck is focusing on (44:11) Alpha on social impact projects - decentralized data marketplaces (47:42) Maxim that Chuck lives by (50:41) 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/ Follow The Accountant Quits: LinkedIN: linkedin.com/company/the-accountant-quits Twitter: twitter.com/accountantquits Follow Bankless Consulting: Twitter: https://twitter.com/banklessconsult Follow Chuck Cummings: Twitter:  https://twitter.com/mr_cgc 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/