The Future of Web3 Accounting: Insights from The Accountant Quits Founder
In a recent episode of The Financial Frontier podcast, host Patrick Camuso sat down with Umar, the founder of The Accountant Quits, an educational platform helping accountants navigate the world of digital assets. Their conversation offered valuable insights into the evolving landscape of Web3 accounting and the opportunities it presents for financial professionals.
From Traditional Accounting to Web3 Pioneer
Umar’s journey into Web3 accounting began after years of working in traditional accounting roles, including a stint at Deloitte. Feeling constrained by hierarchical corporate environments, he took a bold step in August 2020 by quitting his job during the COVID-19 pandemic. This decision led him to explore blockchain technology more deeply, eventually recognizing it as fundamentally an accounting technology.
“The more I read about blockchain, the more I understood this was actually an accounting technology,” Umar explained. “I thought accountants are not speaking about this, and there has to be more accountants who at least start to look at blockchain and its impact.”
Building The Accountant Quits Platform
What started as a podcast focusing on general tech and career changes for accountants evolved into a specialized platform for blockchain accounting education. The Accountant Quits has grown to become a well-known name in the crypto accounting niche, offering a comprehensive seven-week course called the Crypto Accounting Academy.
The academy covers essential topics including:
- Block explorer usage
- Crypto accounting tools and sub-ledgers
- On-chain accounting
- Treasury management
- Token economics
- Enterprise wallet solutions
- Internal controls
- Tax considerations
- Accounting standards (IFRS and US GAAP)
- Company formation for token launches
The Challenge of Adoption
One of the key challenges discussed was the slower adoption rate among traditional accounting professionals. Umar noted a generational divide, with younger professionals showing more inclination toward embracing blockchain technology. However, he emphasized that wider adoption is inevitable, particularly as more businesses begin incorporating digital assets into their operations.
“Everyone needs an accountant,” Umar pointed out. “If you have a company, you have to have an accountant, you have to have financial guidance.” This reality suggests that as more companies adopt blockchain technology, accountants will need to adapt or risk falling behind.
Keys to Success in Web3 Accounting
The conversation highlighted several crucial qualities for success in Web3 accounting:
- Curiosity and Continuous Learning: The industry evolves rapidly, requiring professionals to stay current with new developments in both technology and regulations.
- Hands-on Experience: Understanding blockchain requires practical experience. As Umar advised, “You’re not just going to read about Bitcoin and understand it, but you’re going to be dabbling sometimes. Lose some money here and there, but it’s through those mistakes that you actually learn.”
- Networking and Community Engagement: The Web3 accounting space is still relatively small, making networking and community building crucial for professional growth.
- Content Creation: Creating and sharing knowledge through articles, podcasts, or social media can help establish expertise in this emerging field.
Getting Started in Web3 Accounting
For professionals interested in entering the space, Umar recommended starting with fundamental blockchain experiences before diving into professional education:
- Set up a self-custodial wallet
- Make some basic transactions
- Explore decentralized applications (dApps)
- Learn to use block explorers
- Understand basic bridging and swapping
Only after gaining this foundational knowledge should professionals consider more specialized training in Web3 accounting.
Looking Ahead to 2025
Both speakers expressed optimism about the future of Web3 accounting, particularly looking ahead to 2025. The industry continues to mature, with more tools and resources becoming available for accounting professionals. The Accountant Quits platform itself is expanding its offerings, with plans for more specialized courses and enhanced community experiences, including in-person events.
Conclusion
The conversation highlighted that while Web3 accounting presents a significant learning curve, it also offers substantial opportunities for accounting professionals willing to invest in understanding the technology. As blockchain adoption continues to grow, the demand for accountants with Web3 expertise will likely increase.
For those interested in learning more, The Accountant Quits offers various resources, from podcasts to comprehensive courses, helping bridge the gap between traditional accounting and the Web3 world. As Umar emphasized, the key is to start with the basics and maintain consistent engagement with the technology and community.
The future of accounting is increasingly intertwined with blockchain technology, and professionals who position themselves at this intersection now will be well-prepared for the industry’s evolution in the coming years.
