The Accountant Quits 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/

Explore the fascinating world of crypto accounting and its impact on traditional practices. Discover how technology is reshaping the profession and why many accountants might become redundant. Learn about triple entry accounting and the inefficiencies of spreadsheets. Hear insights from industry leaders on navigating the complexities of crypto assets and emerging career opportunities in Web3. This conversation emphasizes the need for accountants to adapt, innovate, and embrace automation in an evolving landscape.

Even if it’s relatively straightforward to export transactions from block explorers, how do you know for a fact that the data is complete and accurate? Block explorers have not been designed for accounting purposes, and turning the complexities of on-chain transactions into an enterprise grade data for your accounting is quite a challenge. Cryptoworth provides the operating system to convert the complex blockchain data from wallets, exchanges, and custodians into your accounting software to facilitate your reporting, audits and tax filings. Cryptoworth supports around 100 blockchains, 56 exchanges, over 700 DeFi protocols and has already onboarded more than 1,200 users using their platform.  Their users include web3 industry leaders, including Aave, Axie Infinity, Celo, Moonbeam, Request Finance amongst others. On Episode 43, I spoke with its co-founder & CEO Geeth Jay. Topics covered; Geeth’s background and how he got interested with blockchain (2:24) Completeness & accuracy of transactions from block explorers (5:17) Different block explorers for the same blockchain (6:42) Different block explorers for different blockchains (7:56) Reconciliation exercises (9:49) Common transaction deviations (11:12) Running your own nodes & indexing the data yourself (12:19) Public v/s private blockchains (14:42) Overview of Cryptoworth (16:35) How to get on boarded with Cryptoworth (19:03) Use cases for using Cryptoworth (21:13) Difference between using Excel v/s Cryptoworth (23:06) How is Cryptoworth different to other competitors like Cryptio, Bitwave, Consola, Tres Finance, Integral (25:38) Joining Web3CFO Club (17:29) Can Cryptoworth be both a crypto sub ledger & main ledger (28:32) How does pricing work (30:41) Features available with minimum pricing package (33:50) Overview of Cryptoworth Alliance program (35:05) Challenges for adoption (36:32) Should accountants specialize on specific chains (39:04) Roadmap in 2023 (40:09) DeFi & NFT modules for tracking positions, income & expenses (41:13) Closing thoughts (43:28) 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 Cryptoworth: Twitter: https://twitter.com/CryptoworthApp Follow Geeth Jay: LinkedIN:  https://www.linkedin.com/in/geeth-jay-44200690/ 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 autopay function is prevalent in TradFi - think about all instances where payments are automated, like your subscriptions , loan repayment, salaries, utilities payment, credit card repayment. Having to manually approve such recurring payments would be a headache for you.  Today in the web3 space, projects having a subscription pricing model have a tough time automating these recurring payments if they want to be paid in crypto. That’s because payments in crypto right now are push payments.  One company who wants to enable automatic recurring crypto payments, without locking up funds is Loop.  With Loop, you can embed a simple payment link on your application which allows your customers to pay their recurring subscriptions - with no code required.  On Episode 42, I spoke with Loop’s CEO & Co-Founder Eleni Steinman Topics covered; Eleni’s background and how he got interested with blockchain (2:24) Difference between push and pull payments (4:55) How does Loop automate recurring payments (6:24) How to integrate Loop (11:24) How to allow recurring payments using Loop’s SDK & API (14:14) Integration with ChargeBee for crypto subscriptions (15:26) Usage based subscription model (17:55) Invoicing & receipts automatically generated with Loop (19:09) Joining Web3CFO Club and network with high profile web3 CFOs (21:46) Crypto2Fiat and Fiat2Crypto autopay with Loop (23:28) Run payroll without involving multi-sig wallet owners (25:09) Use cases for crypto autopay (29:00) Barriers for adoption for Loop (32:15) What is a token allowance (33:23) Roadmap & upcoming features (34:45) How can a protocol like Request Network build on top of Loop (36:24) How to reach out to Loop (37:20) 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 Loop: Twitter: https://twitter.com/loopcrypto_xyz Follow Eleini Steinman: Twitter:  https://twitter.com/EleniThinks 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’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/ Follow The Accountant Quits: LinkedIN: linkedin.com/company/the-accountant-quits Twitter: twitter.com/accountantquits Follow Franklin: Twitter: https://twitter.com/franklinpayroll Follow Megan Knab: Twitter:  https://twitter.com/knotmegan 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 are contemplating to run your business on crypto rails, the framework for your bookkeeping is a combination of traditional and crypto native accounting softwares. Like any traditional business, you will need a traditional ERP solution softwares like Quickbooks, Xero, Oracle NetSuite being used as your Main Ledger.  And a specialized crypto accounting software to be used a Sub ledger - which would extract, process and feed in transactions from the blockchain to your Main ledger. If you are looking to scale your business using crypto, you need to start automating your crypto bookkeeping.  On Episode 40, I speak with Jacob Kobler, the CEO & Founder of Consola Finance.  Consola Finance allows you to convert the blockchain transactions from wallets, exchanges, and custodians into your accounting software to facilitate your reporting, audits and tax filings.  Topics Covered: Jacob’s background and how he got interested with blockchain (2:32) Common issues when not using a specialized crypto accounting software (5:10) Back office set-up for crypto bookkeeping (8:07) What is Consola Finance & features for on-chain accounting (10:51) Integrations with Quickbooks, Xero, Request Finance (13:53) How is Consola different to other competitors like Cryptio, Bitwave, Cryptoworth, Tres Finance, Integral (15:34) Joining Web3CFO club and network with high profile web3 CFOs (17:29) How to get onboarded on Consola, and minimum volume of crypto transactions (19:28) Impairment & different cost basis available (22:00) Fair value measurement and valuation using market price (24:04) Accounting for staking income (25:03) Challenges faced by Consola for adoption (27:29) Upcoming features & milestones for Consola (29:01) How to reach out to Jacob (30:34) 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 Consola Finance: Twitter: https://twitter.com/consolafinance Follow Jacob Kobler: Jacob Kobler: https://twitter.com/kobler_official 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 order to allow you to hire and retain the best talent to build your web3 company, having a sound token based compensation is crucial. Resorting yourself to manually distributing and sending tokens is a painful process, and using excel spreadsheets runs the risk of making transfer mistakes or missing payments.  Token-based compensation is a new and powerful form of incentive alignment and is inherently different from traditional stock options compensation.  To help us understand token based compensation, I spoke with Robin Ji, the CEO and co-founder of Liquifi.  Liquifi is a platform that allows you to automate token distributions and track vesting schedules, and will save yourself time in managing your crypto payroll operations. Topics covered; Robin’s story into blockchain and how Liquifi started (2:44) Differences between token based compensation and traditional equity (8:03) Designing a token compensation plan (11:34) Should all web3 projects have a token? (14:15) Should every DAO have a token? (18:00) Join web3CFOclub and network with high profile web3 CFOs (18:51) Benchmarks for token allocations for team, treasury & community (21:27) Token allocation strategy for the community (22:52) Token allocation strategy for the investors (25:17) What is Liquifi and overview of features (26:51) Onboarding process at Liquifi (29:23) Pricing structure of Liquifi (31:04) Difference between vesting & streaming tokens (32:17) How to manage token performance with token lock-ups (35:26) Main challenge for adoption is understanding token’s utility (37:10) Upcoming features/milestones of Liquifi (39:00) 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 Liquifi: Twitter: twitter.com/liquifi_finance Follow Robin Ji: Twitter: twitter.com/robindavidji 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/