The Accountant Quits Podcast

The growth of financial instruments powered by DeFi is inevitable. But if the time for DeFi has come, the accounting bodies are still in their starting block (no pun intended). One firm that has gained traction and made a name for itself as the leading crypto accounting firm in the UK, is Myna Accountants. & Its founder Joe David, has been devoting his working hours to provide much needed answers to crypto accounting. Topics covered; Joe shares his nonlinear career path, and how he founded Myna (2:24) Why more institutions are adopting DeFi (exponential TVL growth) (6:38) Accounting change from ETH as intangibles to CETH as receivables in decentralized lending with Compound (8:52) Accounting challenges for liquidity mining & yield farming (12:57) Wrapped Bitcoin and its accounting implications (16:38) Airdrops accounted for as income (19:10) Challenges faced by clients for DeFi adoption (22:34) Tools like Cryptio & Request Finance facilitate crypto accounting (25:22) Can accounting be a bottleneck for DeFi adoption (29:19) HMRC guidance of DeFi lending and capital gains tax treatment (31:37) Challenge for Myna Accountants to scale (34:58) Brought to you by Request Finance - an all in one platform to manage and track invoices, salaries & expenses in crypto. 👉 Earn $10 in REQ tokens when you sign up using promo link at theaccountantquits.com/request 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/podcasts/ Follow The Accountant Quits: Instagram: instagram.com/theaccountantquits/  LinkedIN: linkedin.com/company/the-accountant-quits Twitter: twitter.com/accountantquits

Blockchain has democratized access to financial services by removing the middleman, and fuelled a new movement with Decentralized Finance, better known as DeFi. DeFi enables anyone in the world to have access to financial services on the internet, and uses smart contracts that replaces the intermediary such as a bank. But no intermediary means 2 things; The onus is now on you to manage your assets diligently and; Recognize that you are now on a new learning journey, and will have to get accustomed to a new DeFi jargon (like what a DEX means, what is staking, is non custodial important) To give you an intro into DeFi, I had the pleasure to have Maximilian Bruckner, the Head of Marketing & Sales at 21E6 Capital. Topics covered; How Maximilian became interested with blockchain (2:24) What is DeFi (6:24) How anyone can start with DeFi (7:53) Compare DEX (Uniswap) with centralized exchange (9:14) Difference between staking and liquidity mining (11:55) Trading pairs on a DEX (14:03) Key considerations before investing in a liquidity pool (14:57) What is an impermanent loss (15:49) Risks with staking (smart contract risks, lock-up risks) (17:50) Yield farming and risks involved (22:05) Alternative blockchain networks to start yield farming other than Ethereum (24:24) Anchor protocol, earn 20% interest on UST deposit (25:42) How Abracadabra.money works (27:27) Start by downloading a metamask wallet, and send funds from centralized exchange to wallet (closing thoughts) (31:40) 👉 Brought to you by Request Finance - an all in one platform to manage and track invoices, salaries & expenses in crypto. Earn $10 in REQ tokens when you sign up using promo link at theaccountantquits.com/request 👀 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/ 👋 Follow The Accountant Quits: Instagram: instagram.com/theaccountantquits/  LinkedIN: linkedin.com/company/the-accountant-quits Twitter: twitter.com/accountantquits

Antoine Scalia, founder of Cryptio, dives into the world of digital asset bookkeeping. He discusses the challenges of tracking and reporting on-chain data and highlights how Cryptio automates the integration of blockchain transactions with accounting software. Antoine elaborates on the complexities of DeFi transactions and the need for robust data infrastructures. He also addresses the unique bookkeeping needs of DAOs and the importance of transparency and partnerships in the crypto space, offering a glimpse into the future of accounting in cryptocurrency.

The onset of web3 being decentralized is fueling a paradigm shift in how work is organized on the internet, and DAOs, short for decentralized autonomous organizations, is the vehicle driving the change. With DAOs being internet-native entities with no central management, where people are incentivized to work on common shared goals, we need new tools that allow these organizations to hold people accountable. One of the emerging tools to address the accountability challenge is Sobol. Sobol provides an accountability map for DAOs that enables them to organize the roles of different participating members and their respective goals. To discuss the future of work with decentralized teams, I had the pleasure to speak to Bryan Peters, the co-founder at Sobol. In this episode you will learn; Why the future of work is built around the idea of decentralized teams How Sobol provides an accountability map for DAOs How to be incentivized working for DAOs through bounty programs today How to build an on-chain resume and its current challenges and much more. If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes. It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests. Together we can help accountants prepare themselves for a blockchain future. For show notes and past guests, please visit theaccountantquits.com/podcasts/ Follow The Accountant Quits: Instagram: instagram.com/theaccountantquits/  LinkedIN: linkedin.com/company/the-accountant-quits Twitter: twitter.com/accountantquits

Ever since I started this podcast, I’ve always been looking for people with accounting backgrounds who have successfully steered their career into crypto. For episode 24, I could not be more excited to have Will White, a Chartered Accountant, who completed his ICAEW course and has had a unique career trajectory. Will started working at PWC where he was part of the administrators team of the famous Lehmann Brothers case, and continued to be an advisor at numerous Fintech companies, Neo Banks and Venture Capital Firms. Will is not your typical accountant, and being also a tech enthusiast, was an early advocate for crypto. Today Will is a founding team member at Twali, a decentralized job marketplace for freelancers.If you’re an expert in accounting, tax, legal, HR and a lot of more, Twali is building a platform to help you cross the chasm and work in Web3. In this episode, you will learn; The different ways to work in Web3 today; The idea of building on chain verificable reputation; How can contributor in DAOs earn bounties/rewards for work done; Emerging skills for accountants and finance professionals to have for Web3 and much more. This episode is brought to you by AuditChain - the world's first decentralized continuous audit and real time reporting protocol. Traditional audit methodology focuses on “materiality”, not accuracy. We are constrained by time and cannot audit 100% of the transactions, and therefore we perform sampling. AuditChain decentralizes audit and uses an independent assurance methodology that automates auditing tasks, and continuously audits 100% of the transactions. With AuditChain, Chartered Accountants and professionals will write and own Process Control NFTs that automate internal and disclosure controls, where these NFTs pay royalties in return. With more and more automation, accountants will increasingly find themselves becoming redundant. If you are a forward thinking CPA or Chartered Accountant, and want to participate and be in touch with the latest developments from AuditChain in decentralizing the audit profession using blockchain, you should apply for membership by visiting DCARPE Alliance. If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes. It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests. Together we can help accountants prepare themselves for a blockchain future. For show notes and past guests, please visit theaccountantquits.com/podcasts/ Follow The Accountant Quits: Instagram: instagram.com/theaccountantquits/  LinkedIN: linkedin.com/company/the-accountant-quits Twitter: twitter.com/accountantquits

The very nature of cryptocurrencies is that it’s peer to peer, and there is no need for an intermediary to make payments. But to streamline and facilitate the adoption of crypto payments in a compliant way, there is the need for a whole range of financial applications to be built around. One company which has been building in this space and garnering substantial industry growth for a while now is Request. Request is a payment protocol that enables you to request a payment and be paid with crypto in a compliant way. One of the first financial applications built was Request Finance, an app that now helps over 1,200 businesses in managing their crypto payments and financial operations, including leading blockchain projects like Sandbox, Aave, Maker DAO, Ocean Protocol, to mention just a few. On Episode 23, I speak to Christophe Lassuyt, the co-founder at Request. The success story of Christophe, a former CFO turned entrepreneur, is inspiring for all accountants out there, and it’s one of the many reasons I wanted to have Christophe on the show. In this episode, you will learn; What is Request network and the financial applications being built on top; An overview into Request Finance, and how it’s being used for salaries, expenses and accounting; The future of invoicing with Defi; The new career opportunities with web3 and much more. This episode is brought to you by AuditChain - the world's first decentralized continuous audit and real time reporting protocol. Traditional audit methodology focuses on “materiality”, not accuracy. We are constrained by time and cannot audit 100% of the transactions, and therefore we perform sampling. AuditChain decentralizes audit and uses an independent assurance methodology that automates auditing tasks, and continuously audits 100% of the transactions. With AuditChain, Chartered Accountants and professionals will write and own Process Control NFTs that automate internal and disclosure controls, where these NFTs pay royalties in return. With more and more automation, accountants will increasingly find themselves becoming redundant. If you are a forward thinking CPA or Chartered Accountant, and want to participate and be in touch with the latest developments from AuditChain in decentralizing the audit profession using blockchain, you should apply for membership by visiting DCARPE Alliance. If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes. It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests. Together we can help accountants prepare themselves for a blockchain future. For show notes and past guests, please visit theaccountantquits.com/podcasts/ Follow The Accountant Quits: Instagram: instagram.com/theaccountantquits/  LinkedIN: linkedin.com/company/the-accountant-quits Twitter: twitter.com/accountantquits

Crypto Assets are challenging the accounting bodies and standard setters around the world, since they vary greatly to the traditional assets like equities, bonds, commodities and estimating their fair value is no straightforward task. They are mostly unregulated, their markets never close and many can’t be turned into fiat currency. One company who wants to solve the complex post trade blockchain data is Lukka, and as a crypto focused tech company, has developed a proprietary valuation methodology for crypto assets. In this episode, I speak to Suzanne Morsfield, the Global Head of Accounting Solutions from Lukka. Suzanne brings more than 15 years of data-driven international corporate reporting experience, and has worked for JP Morgan, Morgan Stanley, Ernst & Young, Thomson Reuters. Suzanne also worked for the IFRS Foundation, where she led projects on improving financial reporting standards. Today Suzanne is contributing to bring more clarity to Crypto Assets and is co-chair of the Global Digital Asset & Cryptocurrency Association Accounting & Tax Working Group In this episode, you will learn; What are the challenges valuing crypto; Why the classification method of Crypto Assets under Intangibles is criticized; The relevance of identifying a principal market for valuation; The valuation methodology developed by Lukka and much more. This episode is brought to you by AuditChain - the world's first decentralized continuous audit and real time reporting protocol. Traditional audit methodology focuses on “materiality”, not accuracy. We are constrained by time and cannot audit 100% of the transactions, and therefore we perform sampling. AuditChain decentralizes audit and uses an independent assurance methodology that automates auditing tasks, and continuously audits 100% of the transactions. With AuditChain, Chartered Accountants and professionals will write and own Process Control NFTs that automate internal and disclosure controls, where these NFTs pay royalties in return. With more and more automation, accountants will increasingly find themselves becoming redundant. If you are a forward thinking CPA or Chartered Accountant, and want to participate and be in touch with the latest developments from AuditChain in decentralizing the audit profession using blockchain, you should apply for membership by visiting DCARPE Alliance. If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes. It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests. Together we can help accountants prepare themselves for a blockchain future. For show notes and past guests, please visit theaccountantquits.com/podcasts/ Follow The Accountant Quits: Instagram: instagram.com/theaccountantquits/  LinkedIN: linkedin.com/company/the-accountant-quits Twitter: twitter.com/accountantquits

Right now is that time of the year when the taxman comes knocking on the door. If you’re residing in a country where crypto tax laws are not, let’s say, generous, having a tax strategy is just as important as an investment strategy. If you’re like most people, you will agree that crypto tax filing is a painful exercise. You have to compile your trading transactions from multiple exchanges, wallets and be cognizant with the relevant tax laws. My guest, Dennis Wohlfarth, also faced the same agony years ago, but unlike most of us, he decided to take matters into his own hands. Dennis is the CEO and Co-Founder of Accointing, a tax optimizing platform, which allows you to track your crypto portfolio in real time and file your taxes, whether they are in the form of trading or income. In this episode, you will learn; What gives rise to a taxable event trading crypto; Strategies to optimize and minimize your tax liability; Why using a crypto tax tracking software will make your life easy; How crypto as a source of income is taxed and much more. This episode is brought to you by AuditChain - the world's first decentralized continuous audit and real time reporting protocol. Traditional audit methodology focuses on “materiality”, not accuracy. We are constrained by time and cannot audit 100% of the transactions, and therefore we perform sampling. AuditChain decentralizes audit and uses an independent assurance methodology that automates auditing tasks, and continuously audits 100% of the transactions. With AuditChain, Chartered Accountants and professionals will write and own Process Control NFTs that automate internal and disclosure controls, where these NFTs pay royalties in return. With more and more automation, accountants will increasingly find themselves becoming redundant. If you are a forward thinking CPA or Chartered Accountant, and want to participate and be in touch with the latest developments from AuditChain in decentralizing the audit profession using blockchain, you should apply for membership by visiting DCARPE Alliance. If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes. It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests. Together we can help accountants prepare themselves for a blockchain future. For show notes and past guests, please visit theaccountantquits.com/podcasts/ Follow The Accountant Quits: Instagram: instagram.com/theaccountantquits/  LinkedIN: linkedin.com/company/the-accountant-quits Twitter: twitter.com/accountantquits

For the last episode of 2021, instead of focusing on a single overarching theme, I wanted to unwind a very eventful year and look into what awaits us in 2022 from a broad perspective. To help me in this endeavour, I had the pleasure to speak to Jay Schulman, the charismatic and versatile National Leader for Blockchain and Digital Assets at RSM US. With 20 years’ experience in information security and technology innovation, Jay leads RSM in addressing both enterprise blockchain technology and the adoption of digital assets. In addition Jay sits on the AICPA Working Group for the Accounting and Auditing of Digital Assets, and is a Board Member of the Accounting Blockchain Coalition. In this episode, we will go through; The hot topic of NFTs and new use cases other than digital art; Why DAOs are the future of work; The promise of web3 for the accounting and audit industry; New Career opportunities with Blockchain; Crypto trends to pay attention to in 2022 and much more. This episode is brought to you by AuditChain - the world's first decentralized continuous audit and real time reporting protocol. Traditional audit methodology focuses on “materiality”, not accuracy. We are constrained by time and cannot audit 100% of the transactions, and therefore we perform sampling. AuditChain decentralizes audit and uses an independent assurance methodology that automates auditing tasks, and continuously audits 100% of the transactions. With AuditChain, Chartered Accountants and professionals will write and own Process Control NFTs that automate internal and disclosure controls, where these NFTs pay royalties in return. With more and more automation, accountants will increasingly find themselves becoming redundant. If you are a forward thinking CPA or Chartered Accountant, and want to participate and be in touch with the latest developments from AuditChain in decentralizing the audit profession using blockchain, you should apply for membership by visiting DCARPE Alliance. If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes. It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests. Together we can help accountants prepare themselves for a blockchain future. For show notes and past guests, please visit theaccountantquits.com/podcasts/ Follow The Accountant Quits: Instagram: instagram.com/theaccountantquits/  LinkedIN: linkedin.com/company/the-accountant-quits

Charles Hoffman, a Certified Public Accountant, is credited as being the Father of XBRL. (‘eXtensible Business Reporting Language’ or XBRL for short is an open international standard for digital business reporting, and is used in more than 60 jurisdictions.) Charles was co-editor of the first ever XBRL taxonomy and played a major role in creating both the IFRS and US GAAP XBRL taxonomies. He is the author of the books XBRL for Dummies, XBRL Essentials (a non-technical guide to XBRL), Mastering XBRL-based Digital Financial Reporting and maintains an inexhaustible resource of XBRL content on his Blog at xbrl.squarespace.com. Today Charles is focusing his time to work on AuditChain, the first use case of blockchain in accounting, auditing and reporting. In this episode, you will learn; The pain points of manual accounting processes, What is XBRL and the distinctions between human readable & machine readable information, What are knowledge graphs and why it’s relevant for the modern accountant, The importance of using immutable digital distributed ledgers like blockchain in bookkeeping, How can Accountants monetize process control NFTs with AuditChain and much more. This episode is brought to you by AuditChain - the world's first decentralized continuous audit and real time reporting protocol. Traditional audit methodology focuses on “materiality”, not accuracy. We are constrained by time and cannot audit 100% of the transactions, and therefore we perform sampling. AuditChain decentralizes audit and uses an independent assurance methodology that automates auditing tasks, and continuously audits 100% of the transactions. With AuditChain, Chartered Accountants and professionals will write and own Process Control NFTs that automate internal and disclosure controls, where these NFTs pay royalties in return. With more and more automation, accountants will increasingly find themselves becoming redundant. If you are a forward thinking CPA or Chartered Accountant, and want to participate and be in touch with the latest developments from AuditChain in decentralizing the audit profession using blockchain, you should apply for membership by visiting DCARPE Alliance. If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes. It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests. Together we can help accountants prepare themselves for a blockchain future. For show notes and past guests, please visit theaccountantquits.com/podcasts/ Follow The Accountant Quits: Instagram: instagram.com/theaccountantquits/  LinkedIN: linkedin.com/company/the-accountant-quits