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 work, but in the end, it’s worth every ounce of effort. It's the satisfaction of creating something that’s yours.

Being a crypto accountant is an emerging career field, and I’m excited to talk with someone who took the leap of faith when it was still brand new, 8 years ago.

I’m talking about Patrick Camuso, a well-respected and recognizable voice of the web3 industry.

He’s the founder of Camuso CPA, a full-service firm specializing in tax, accounting, and advisory services for web3 businesses.

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Topics Covered:

(0:00) Episode Intro

(2:38) Why did Patrick quit his job at Deloitte

(5:06) Launching a crypto accounting practice

(6:49) How Patrick closed his 1st clients

(8:59) Expanding from tax to accounting services

(11:53) Initial sales call with clients

(15:30) Crypto onboarding checklist

(17:43) Becoming a forensic accountant in web3

(21:02) Pricing - approach & learnings

(24:06) Hiring & onboarding team members

(27:25) Interview test with block explorers

(29:19) Hiring from the Philippines & Pakistan

(30:51) Team culture

(32:12) ROI on content creation

(35:56) Web2 tech stack like ClickUp, Karbon

(37:12) Sub ledgers & tax tracking tools

(40:29) Overview of CamusoCPA

(43:24) Onchain sales tax

(45:01) Get a copy of Navigating The NFT Sales Tax Maze

(46:22) If Patrick had to start all over again

(48:22) Patrick’s favorite quote

(49:51) How to contact Patrick

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;

Platforms like Deel, Oyster, or Remote.com allow you to have access to a global pool of talent. But, they were built for fiat, not crypto.

On Episode 74,  Dominika Stobiecka, CEO and Co-Founder of Toku helps us to learn about token-based compensation and tax compliance.

Toku is an all-in-one crypto-native solution that helps you manage employment, stablecoins, native token payroll, and token grant administration for your international team in +100 countries.

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Topics Covered:

(0:00) Episode Intro

(2:24) Dominika’s background

(4:30) When should web3 projects have a token?

(7:30) Crypto compensation trends

(11:38) Setting up token compensation

(14:02) Choosing the right token compensation instruments - RTUs, RTAs

(17:00) Thanks to our sponsor Harris & Trotter

(19:04) Download the Token Compensation Primer

(19:37) Understanding EOR And PEO services

(23:02) Hiring an employee v/s a contractor

(25:27) EORs - why crypto expertise matters

(29:44) Thanks to our sponsor Web3 Finance Club

(31:27) Social security deductions

(33:41) Overview of Toku

(36:30) Monthly payroll process with Toku

(39:43) Toku’s marketing approach

(44:36) Developments for crypto adoption

(46:12) Closing thoughts

(47:22) Dominika's Amelia Earhart Maxim

(49:38) How to contact the Toku Team

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 $80billion, there is only about $100m which is covered or insured against protocol risk.

One company that is on a mission to make DeFi safe and accessible is OpenCover.

Since 2022, OpenCover has protected thousands of businesses and individuals against on-chain transaction and protocol risks.

On Episode 73, I spoke with its Co-Founder & CEO, Jeremiah Smith, who provided us a short masterclass into DeFi cover and Insurance, and how finance & accounting professionals at web3 startups & DAOs can mitigate their on-chain risks.

Download the State of DeFi Insurance Report

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Topics Covered:

(0:00) TAQ Intro

(1:08) Episode Intro

(3:05) Jeremiah’s background

(5:00) 3 main onchain risks

(8:15) Financial impact of onchain risks

(10:03) Best practices for keys management

(11:30) Protecting against transaction & post-transaction risk

(14:08) How to mitigate protocol risk

(16:45) Thanks to our sponsor Harris & Trotter

(18:49) Insurance for tokenized T-Bills

(20:52) How to choose DeFi Cover

(26:10) When should CFOs consider DeFi insurance

(28:35) Overview of OpenCover

(32:56) Thanks to our sponsor Web3 Finance Club

(34:38) Is OpenCover an underwriter

(37:42) Pricing

(38:54) The future of AI & DeFi Insurance

(41:45) OpenCover partnership

(44:28) Challenges for adoption

(46:11) Closing Thoughts

(47:14) Jeremiah's Pablo Picasso Maxim

(48:44) Reach out to Jeremiah

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 LedgerLens, a platform made for auditors, by auditors.

Providing a suite of crypto-audit and attestation tools, enabling auditors to complete financial statement audits with digital assets on the balance sheet. LedgerLens also provides additional “Proof of Reserve”-specific tooling, enabling you to take on new engagements for stablecoins, exchanges, and RWAs. 

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Topics covered;

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 we are rooting for cryptocurrencies to become mainstream, auditors will have to quickly come to grips with how to provide assurance for digital assets.

Blockchain has the potential to allow auditors to have absolute assurance over on-chain transactions, which is an enormous leap forward from the limiting sample-based approach currently used.

To help us know understand the knowledge gap, I spoke with David Byrd, a Partner and the Blockchain Strategy Leader at E&Y US.

Topics covered;

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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 financial asymmetry of information and instead offer real-time and transparent accounting records. 

One company making a significant contribution to advancing the state of on-chain accounting is Steakhouse Financial, a web3 consulting services firm, which has developed a methodology to offer real-time & independently verifiable financial statements for DAOs.  

Steakhouse contributors collaborate with industry-renowned names such as MakerDAO, ENS, Lido, Morpho, Badger, and more. 

To help us understand this novel way of accounting and reporting on-chain transactions for DAOs, I spoke with Adrian (also known as ‘@adcv_’ on Twitter, the Co-Founder at Steakhouse Financial.

Topics covered;

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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 approval workflows, and having quick integrations with exchanges or DeFi apps.

The war for enterprise wallets is raging, and teams have to decide whether to opt for a fully decentralized multisig solution or rather a centralized MPC wallet infrastructure.

To help us understand how companies can use crypto for operations and manage their treasury, I spoke with Bentzi Rabi, the CEO and founder of Utila, an enterprise-grade solution for digital assets.

Topics covered;

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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 of payment seem to work hand in hand.

One company that has garnered substantial growth over the past months is Rise, which offers a platform to pay employees and contractors globally with crypto and has processed more than $150million in volume of payments to date.

Some of their clients include t3rn, Bitcoin.com, Velodrome Finance, LIDO, P2P, Zen Academy to name a few.

On Episode 68, I spoke with Hugo Finkelstein, the Co-Founder & CEO of Rise, on how compensation is evolving & the incentives companies are proposing to attract talent globally.

Topics covered;

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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, brokers, investment firms, and more.

There are two key compliance deadlines based on the nature of your services: June and December 2024.

Now in the absence of a dedicated compliance specialist, the task of ensuring your web3 startup is MiCA-ready might fall on you, the Head of Operations or Finance.

Being proactive and seeking legal expertise early is crucial.

To help us get prepared for MiCA, I spoke with Anne-Grace Kleczewski & Anne-Lorinne Mognetti from MME.

MME has been instrumental in the development of the "Crypto Valley" ecosystem and is a leading Swiss firm offering comprehensive legal, tax, and compliance services for digital assets and blockchain technology.

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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.

Despite the long hours and relatively low initial compensation, many professionals accept these challenges, hoping that the skills and experiences gained will provide a competitive edge later in their careers.

The Accountant Quits aims to highlight the stories of CFOs who have successfully made the leap from traditional finance to blockchain.

On Episode 66, I spoke with Greg Mocnik, the CFO at Celestia Labs and previous Head of Finance at dYdX Foundation, supporting the growth of the dYdX protocol, one of the most prominent decentralized exchanges.

Greg spent nearly five years at EY in their advisory department, and since many of you have similar backgrounds and aspirations to start working in web3, I hope this episode will serve as a source of inspiration.

Topics covered:

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For show notes and past guests, please visit theaccountantquits.com/podcast/