The Accountant Quits Podcast

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

The topic of regulation in the crypto space causes division. While some feel uneasy, the rest would welcome it as it's a necessary evil for crypto adoption. Until now, crypto has undoubtedly largely benefited from the lack of clear regulations. Regulators around the world have struggled and been playing catch up with the pace of innovation in crypto, while trying to find a balanced approach between protecting investors and not over regulating and squashing innovation. One country which stands out from the lot is Liechtenstein, as it’s one of the first countries to issue regulation on the tokenization of assets. For episode 18,  I have the immense pleasure to have on the show Dr Thomas Nägele, the managing partner at Nägele law firm who was part of the working group to draft the Blockchain Act of Liechtenstein. In this episode, you will learn; The proposed crypto regulation by the European Commission titled MiCA; How to regulate Defi protocols; The Blockchain Act of Liechtenstein and a future where everything is tokenized; Whether crypto needs its own regulator; The issue of the legal identity around DAOs, and much more. As a disclaimer, even if Dr Thomas is an Attorney at Law, nothing in this episode constitutes legal advice. 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

Freelancing , remote working and crypto have already disrupted the way we work, and I believe in the future, these 3 combinations will become the rule rather than the exception. One startup that caught my eye and that I’ve been following for a while now is Basenode, as in their words, Basenode’s mission is to empower freelancers to embrace crypto payments. Based in Berlin and backed by the venture capital firm Blockchain Founders Group, Basenode has recently launched its beta version.  My guest is Oliver Schantin, the CEO and Co-Founder of Basenode, where we discuss how the platform they are building can empower freelancers to switch to the emerging token economy. In this episode, we will discuss; Why freelancers should consider switching from fiat invoicing to crypto invoicing; Challenges faced by crypto freelancers; The practical steps to switching from fiat to crypto; How smart contracts can improve the invoicing process; Challenges for adoption 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

Cryptocurrencies offer the possibility to exchange value instantly without the need for intermediaries like banks allowing you to save all banking transaction fees in the process. Your funds are moved in and out of your crypto wallet in a matter of seconds to anyone in the world. However to drive adoption of crypto-commerce, you need tools that enable you to connect and facilitate crypto to your accounting. Enter Gilded - a platform that allows you to invoice in crypto, make payments and connect your wallets and sync all your crypto transactions into your accounting software. To learn more about Gilded, I have the pleasure to speak to its founder & CEO Gil Hildebrand. In this episode, you will learn; The accounting challenges faced by businesses transacting in crypto; Why more and more companies are now using stablecoins as a form of payment; How Gilded enables you to connect your crypto invoicing and transactions to your existing accounting software; The future potential of NFTs and why Gilded launched the NFTOPS platform; How Web 3.0 will transform the accounting industry; The challenges for adoption 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: https://twitter.com/accountantquits

We introduced AuditChain on Episode 5 a few weeks ago. As a refresher, AuditChain is building the world’s first continuous audit & real time financial reporting protocol. As part of its long awaited commercial launch expected to happen at the end of the year, AuditChain recently launched its pilot project. I have the pleasure to have Jason Meyers, its founder, back with us today where we will discuss: The results of the pilot project so far; The upcoming listing of the AUDT token; What role will the AUDT token play - both for node operators and other stakeholders in the network; Other upcoming milestones on the roadmap up to the token listing; & how education is shaped by the innovators of an industry. 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

This episode aims at providing the listeners with a macro perspective of fiat currencies , the growing concern on inflation levels and how cryptocurrencies represent a better way for people to protect their wealth. One of the reasons behind this episode was a few weeks ago, a friend told me investing in cryptocurrencies is a scam, and while of course I did my best to convince him otherwise that the government printing money is the actual scam, I want this episode to serve as a wake up call for people not familiar with cryptocurrencies as a medium of exchange and store of value. To help us gain an understanding about the future of money, I have the pleasure to speak to Andrew Noble. Andrew is a rare breed of accountant, he is an entrepreneur with a vision for the accounting profession, a technologist, a Web 3.0 investor and working alongside the sharpest minds to bring some much needed change in accounting. Andrew has founded LodgeIT, AccSource and more recently Accziom which offers a digital toolset for enterprises to leverage on blockchain technologies. In this episode you will learn, The recent surge in money printing by governments Bitcoin as the new store of value Are CBDCs an attack on our privacy and freedom The future of money and whether cryptocurrencies will spell the end of cash How to predict and be better prepared for the future 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

Earlier this year, I had read a collection of 7 articles on ‘a new way of auditing’ written by Ian in 2009 whereby he had proposed to ‘perform the check ourselves by relying on a community of volunteers without the need to appoint an external auditor’. The inability of the auditors to spot the failures that led to the financial crisis had been challenged, and Ian questioned whether ‘audits are part of the problem rather than the solution’. Ian Grigg is considered as one of the pioneers of financial cryptography. His groundbreaking work for inventing the ‘Ricardian Contract’ has brought him acclaim and attention from all over the globe. Ian is well known for having coined the term ‘Triple Entry Accounting’, where back in 2005 he proposed a new concept of having a third entry as a digitally signed receipt to avoid transaction frauds. In this episode, we discuss; How technology can incentivize people to collaborate instead of cheating and; A new way of audit without the need to appoint an external auditor; Limitations of sampling audit The future of centralized audit providers; How TEA helps to prevent financial failures and frauds; His newly published book called the 'Identity Cycle'; 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

With more and more institutional money pouring into the crypto market, I wanted to dive into how these cryptocurrencies are being recorded into the financial statements. As of now, cryptocurrencies do not have a stand alone accounting standard, and therefore are being accounted under ‘Intangible Assets’ - the standard that governs assets like software licences, trademarks, and so on. While innovation in the crypto space is moving at a rapid pace, we cannot say standard setters in the accounting industry are having the same stamina to keep up. However, I must say that I do sympathize with them since new crypto assets are emerging all the time with varying properties. The task is monumental to say the least. To help us understand how to interpret the current standards, I speak to Shehnaaz Suleman, a Partner at BDO South Africa specializing in IFRS Technical. In this episode, you will learn; Where are we right now with accounting for crypto assets; The issues with the current accounting treatment; Differences with holding crypto as a long term investment rather than for trading purposes; How to account for stable coins; Whether we need a stand alone standard for crypto; 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