Welcome to The Accountant Quits podcast, an idea born from an inquisitive attempt to find one’s calling. I’m Umar and I will be your host on this series where we look into the impact of blockchain in accounting. From topics around the accounting treatment of cryptocurrencies, the new framework of triple entry accounting, the challenges at hand for audit and tax, and many more, we will look into how the profession of accounting is evolving and how accountants should prepare themselves for the ...
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#75: Becoming an Entrepreneurial Crypto Accountant with Patrick Camuso
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If you’re a technical accountant who’s also bringing in new business for your company, I have to ask - why haven’t you started your own firm yet? Yeah, the idea sounds terrifying at first. You’re stepping out of the cozy safety net of a guaranteed paycheck. But if you’ve got grit and the guts to be an entrepreneur, why keep waiting? Sure, it’s hard…
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# 74: Token Compensation & Tax Compliance, with Dominika Stobiecka from Toku on
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Many projects in web3 label themselves as payroll products when they’re payment products. If you’re looking for a crypto payroll provider, an important prerequisite should be that they know how to handle the following; Calculate tax withholdings, Run social security deductions, File taxes for employees Platforms like Deel, Oyster, or Remote.com al…
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#73: Jeremiah Smith from OpenCover on DeFi Insurance
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Since 2017, over $8billion has been lost on-chain due to smart contract hacks, infrastructure issues and rugpulls. The figure becomes even larger when you count phishing attacks and scam coins. Yet today the vast majority of on-chain transactions and protocol positions aren’t protected… for example if you look at DeFi current TVL which is around $8…
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#72: Audit & Attestation Tools for Digital Assets with Jeremy Nau from LedgerLens
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As the world moves “on-chain,” so too will the need for auditors. With auditors naturally evolving their practices from periodic paper reporting, to digitally native, API-enabled, Oracle-ready, and real-time reporting. But how do auditors bridge the gap and how can the auditing industry as a whole remove the technical barriers to entry? Enter Ledge…
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#71: Internal Controls for Digital Assets with David Byrd from EY
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When it comes to internal controls, management is responsible for designing, implementing, and maintaining effective internal controls. Auditors on the other hand would test for the operating effectiveness of these controls. Many auditors today lack the specialized expertise needed to provide assurance for companies holding digital assets, but if w…
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#70: Financial Reporting for DAOs with adcv from Steakhouse Financial
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There is no current standard framework on how transactions within DAOs should be structured and accounted for. Transactions on the blockchain or so-called block explorers are cash-based and do not comply with accrual-based accounting. Today many companies having on-chain transactions use crypto sub-ledgers, but the essence of DAOs is to reduce the …
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#69: MPC wallets for digital assets operations with Bentzi Rabi from Utila
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In its early days, businesses used crypto mainly for trading. However, more use cases have emerged in recent times. Making payments with crypto as we all know is lightning fast, but businesses utilizing self-custodial wallets need a full-fledged infrastructure with advanced customization. For example, managing user permissions and roles, creating a…
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#68: Crypto Payments for a Globally Distributed Workforce with Hugo Finkelstein from Rise
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Can crypto payments accentuate the trend for a globally distributed workforce? More and more people in emerging markets such as freelancers are using crypto to get paid, and having crypto as a payment option enables people to get employed anywhere in the world. So if you as an employer want to have the best talent globally, using crypto as a means …
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#67: Getting Ready for MiCA with Anne-Grace Kleczewski & Anne-Lorinne Mognetti from MME
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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, brok…
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Episode 66 | Greg Mocnik from Celestia Labs on Becoming a Web3 CFO
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A recurring theme among the CFOs I've interviewed is their common starting point: many began their careers at top accounting firms, such as the Big4. And the benefits of working for them are not insignificant - you are often surrounded by the brightest minds in accounting, work with some of the biggest clients, and your experience commands respect.…
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Episode 65 | Samuel Leichman on the Statement of Digital Assets
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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 n…
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Episode 64 | Roderick McKinley on a CFO's Guide for Tokenomics
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The tokenomics is the catch-all of the elements that make a particular crypto project particularly valuable and interesting to investors. That includes everything from its initial minting process, the token’s supply, and what utility it has. Understanding tokenomics is crucial for making informed investment decisions. A project with well-designed i…
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Episode 63 | Andrei Belonogov on Crypto Technical Accounting (SAFT, Derivatives, Staking, Stablecoins)
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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 o…
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Episode 62 | Nabin Banskota from Niural on Global Crypto Payroll through EOR Model
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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 g…
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Episode 61 | Léopold Wenger from Cometh on Becoming a Web3CFO
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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 prod…
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Episode 60 | Request Finance on an Enterprise Accounting Software for Crypto & Fiat
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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 finan…
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Episode 59 | Kareem Khattab from Entendre on AI & Blockchain for Accounting
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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 transformat…
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Episode 58 | Han Verstraete from Otonomos on Company Formation for Web3 Startups & DAOs
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Anyone who decides to build a project in web3 involuntarily accepts to have to surmount heaps of legal challenges, to be legally compliant. Many web3 businesses are borderless and this places a big regulatory burden, especially for those in their very early days. Whether you are a centralized or decentralized project in web3, planning to issue toke…
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Episode 57 | Nik Pletikos from DeFiWaves on Web3 Treasury Management
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While there is a lot of guidance and literature on Treasury Management in traditional finance, in web3, a lot of those concepts don’t apply. Managing treasury fiat currencies in traditional finance largely involves managing banking partners whereas with cryptocurrencies, that involves managing your wallet addresses in the event you’re using self-cu…
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Episode 56 | Shivani Phull from Pixelynx on Becoming a Web3 CFO
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Choosing accounting as a career path seems to be losing some of its prestige in recent years. Technologies like AI and blockchain will not take the accountants’ jobs but rather, it’s those accountants who have upskilled themselves on blockchain who will. So rather than being seen as a threat, many accountants are evolving with blockchain. On Episod…
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Episode 55 | Mackenzie Patel from Hash Basis on US GAAP Fair Value Accounting for Crypto
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The 2 words on every crypto accountant’s lips these days are fair value. Until now, crypto assets had to be measured at initial cost and could not be revalued at its market price. To make matters worse for investors, they were also subject to an annual impairment review, and any subsequent gains in the value of the asset could only be realized at t…
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Episode 54 | Aryeh Munk & David Zareh from OnChain Accounting on Crypto Taxation in the US
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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 cr…
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Episode 53 | Marnus Kruger & Chris O'Reilly from Harris & Trotter on Getting Crypto Companies Audit Ready
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An external auditor is appointed to provide an independent examination of the financial statements to ensure they provide a true and fair view. And in return provide the confidence to stakeholders that management is doing their job well. Auditors proceed by testing the internal controls and performing substantive tests. What substantive tests mean …
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Episode 52 | Launching the Crypto Accounting Academy
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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 inv…
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Episode 51 | Bisola Asolo from Super on Subscription Billing with Fiat & Crypto
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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 …
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Episode 50 | Tal Zackon from Tres Finance on Tracking DeFi & TradFi Transactions Simultaneously
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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 dat…
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Episode 49 | Tarun Gupta from Coinshift on Transforming the Multi-Signature UX through Safe for simplifying Treasury Management
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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 app…
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Episode 48 | Jozef Vogel from Ether.fi on Becoming a Web3 CFO
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This is the 2nd episode of a new series I started called ‘Becoming a Web3 CFO’ - where I dive into the inspiring stories of accounting & finance professionals who transitioned from traditional finance to web3. In Episode 48, I speak with Jozef Vogel, the newly appointed VP of Finance and Operations at Ether.fi, a decentralized non-custodial ETH sta…
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Episode 47 | Mo Yang from Fuel Labs on Becoming a Web3 CFO
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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 wi…
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Episode 46 | Charles Naut from Rain on Crypto Corporate Cards
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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 acco…
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Episode 45 | Chuck Cummings from Bankless Consulting on BUIDling a Web3 Consulting Firm
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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 peopl…
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Episode 44 | How to become a Crypto Accountant (Best of episode)
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If you’ve never listened to this podcast, this will be a good intro on the impact of blockchain in accounting. After recording 43 episodes, I thought it’s high time that I revisit some of the content and share the best best bits on what’s this podcast all about - helping you become a web3 accountant. You know even if the name of this show is called…
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Episode 43 | Geeth Jay from Cryptoworth on Data Complexities with On-Chain Transactions
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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. Cryptowo…
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Episode 42 | Eleni Steinman from Loop on Crypto Autopay (subscriptions, payroll)
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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…
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Episode 41 | Megan Knab from Franklin on Tax Compliant Web3 Payroll
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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 yo…
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Episode 40 | Jacob Kobler from Consola Finance on Crypto Bookkeeping
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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 ac…
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Episode 39 | Robin Ji from Liquifi on Token Based Compensation
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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 an…
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Episode 38 | Thibaut Sahaghian from Multis on Building a Business on Crypto
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Embracing cryptocurrencies into your business can be a daunting undertaking. 3 of the biggest hurdles to going corporate with crypto today are the following; (i) First payments and treasury managements (ii) Secondly tracking your wallets and transactions (iii) And finally exchanging crypto to fiat To discuss how you can start building your business…
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Episode 37 | Gísli Kristjánsson from Monerium on using your wallet as a bank account
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One of the barriers for crypto adoption today lies in connecting the legacy financial system to the decentralized one. While crypto ramps exist to allow the economic value to flow from fiat money into cryptoassets, and vice versa, the process can be painstakingly long for the inexperienced user, as it involves using a crypto exchange. One company t…
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Episode 36 | Pat White from Bitwave on Institutional Adoption of Digital Assets & Compliance
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If you have the intention to run your business on crypto, the traditional back office operations stack won’t make the cut. Your current processes around your invoicing and payments, accounting and reporting, tax compliance and treasury management requires an overhaul to remain compliant and mitigate the risks involved. The transition to having cryp…
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Episode 35 | Michael Revy from Bulla Network on NFT Invoicing
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The future of decentralized commerce will transform traditional commerce, as instead of being built upon siloed systems, it intends to be interoperable between its network participants. One of the foundations to achieve interoperability for commerce lies in tokenizing an invoice. In other words, having an invoice minted as an NFT provides an immuta…
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Episode 34 | Mackenzie Patel from Figment on Proof of Stake Accounting
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Proof of stake (PoS) blockchains will form the foundation of a more inclusive and user-owned Internet. If institutional token holders are primed to enjoy the staking rewards embedded within these blockchains, either by acting as validators or delegators on the network, accounting for those rewards remains a headache. Reason being that there is curr…
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Episode 33 | Kishan Shah on Bear Market Survival in Web3
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Crypto is subject to high volatility and even large market cap protocols are not immune to over 75% pricing drops. The majority of a web3 project or DAO’s treasury is typically held in their native governance token and turbulent market conditions amplifies the need for good treasury management. One that does not jeopardize the viability of the proj…
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Episode 32 | Jakub Sawczuk from AEM Algorithm on Crypto Accounting in Xero
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The adoption of cryptocurrencies also lies in the ability of that data to be easily extracted into any accounting software from the different crypto wallets & exchanges. As of today, the legacy accounting softwares do not integrate with cryptocurrencies for pricing, and accounting for crypto involves some workaround. One company which has for missi…
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Episode 31 | Michele D'Aliessi from Superfluid on Streaming Payments
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Smart contracts allow the transfer of digital assets automatically without the need for manual periodic transactions, in the form of a payment stream. Payment stream you ask? Allow me to break it down for you through a simple example. As an employee/freelancer, you are familiar with receiving your salary/fees in the form of a lump sum transfer. Wha…
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Episode 30 | Jamiel Sheikh on DeFi for CFOs
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We’re currently at a tipping point. The traditional CFO with a traditional finance background may soon become obsolete , and be replaced by the progressive CFO embracing the possibilities of DeFi. But there are no universities and there is no universal playbook offering a curriculum on how to be a Web3 CFO. To get there, it involves one being crypt…
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Episode 29 | Kevin Ngo from Polywrap on DAO Accounting
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The legal nature of DAOs is a gray zone and there is no playbook for creating a legally compliant DAO yet, but accounting can nevertheless be done right. The accounting equation is universal and accounting principles are timeless. The only difference now is the addition of blockchain technology, and that now transactions for the DAO reside onchain.…
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Episode 28 | Joe David from Myna Accountants on Accounting for DeFi
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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…
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Episode 27 | Maximilian Bruckner from 21e6 Capital on an Intro into DeFi
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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 th…
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Episode 26 | Antoine Scalia from Cryptio on Digital Assets Bookkeeping
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If accounting standards are still playing catch up with digital assets, bookkeeping can nonetheless be done right. But tracking and extracting onchain data for accounting is a tedious task - it’s time consuming and bridging that data to an accounting software can be daunting for accountants. One company that wants to automate digital assets bookkee…
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