The Accountant Quits Podcast

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 currently limited guidance from the accounting standar...

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 project and reassures the community on its financial h...

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 mission to simplify financial reporting of crypto i...

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. What if I told you could now receive crypto payment e...

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 crypto curious and not being afraid to experiment by da...

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. With the number of DAOs expected to soar in the y...

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 an...

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...

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 bookkeeping is Cryptio . Cryptio allows you to convert th...

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 ac...

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 famou...

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...

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...

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...

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 securit...

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 t...

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 betwee...

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 ventur...

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 a...

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...

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 th...

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 par...

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 innovat...

The topic of blockchain education is dear to my heart, which is the very reason why I started this podcast. Once you start your blockchain education journey and start digging, it truly is never ending. But you have to start because use cases with blockchain will be omnipresent in every industry in the years to come and we have only barely scratched the tip of the iceberg so far. Like most people w...

This is the 2nd episode focused on Blockchain for Enterprises, and after Hyperledger, we dive into the other market leader Corda , designed by R3 . From the get go, the team behind Corda wanted to solve the pain points of the financial services industry, tainted by duplicated and inconsistent data. And of course the team resorted to using a distributed ledger and blockchain technology. Even if Cor...