Episode 29 | Kevin Ngo from Polywrap on DAO Accounting

The Accountant Quits Podcast

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 years to come, accountants are set to play a key role in the adoption of DAOs.

To discuss DAO accounting, I speak to Kevin Ngo, the DAO Accountant at Polywrap DAO.

Kevin has forged his own path into web3, by wearing many hats at Polywrap, and using the emerging web3 technological stack for the DAO’s accounting.

Topics covered;

• Story of Kevin, starting at a CPA firm to becoming a freelancer (2:14)
• How Kevin found out about Polywrap and went full time into DAO accounting (5:42)
• Managerial accounting v/s compliance accounting for a DAO (8:29)
• Difference between web2 accounting and DAO accounting (10:57)
• Can DAOs offer real time accounting (12:55)
• How Kevin tackles budgeting at Polywrap DAO, and shares actual spending to the community (15:02)
• Challenges DAOs are facing for accounting (19:26)
• Skills and knowledge for accountants to transition from web2 to web3 (21:38)
• Compensation between fiat and DAO native tokens for contributors (23:49)
• Tools to facilitate DAO accounting (25:55)
• How should DAO contributors separate DAO income to remain compliant (27:12)
• Word of advice to DAO founders to simplify accounting (29:16)

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