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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 your bank account.
If you’re a company seeking to pay your employees and contractors in crypto, you need a single dedicated payroll solution that takes into account all these components, otherwise the payroll process becomes fragmented.
Enter Franklin, a hybrid fiat and crypto payroll solution which allows you to automate all payment flows for payroll.
On Episode 41, I spoke with its co-founder and CEO, Megan Knab.
Topics covered;
- Megan’s background and how he got interested with blockchain (2:46)
- How payroll process works, financial deductions and net salary (7:44)
- Challenges creating a tax compliant web3 payroll product (11:03)
- How Franklin helps to automate crypto & fiat payroll (15:06)
- How Franklin handles tax payments (17:29)
- Mass pay payroll function (19:34)
- How to pay your workforce on multiple chains/crypto in 1 single transaction (23:22)
- Direct crypto deposit & direct bank deposit with Franklin (27:10)
- How is Franklin different to competitors like Request Finance, Bitwage, Utopia Labs, Parcel, Coinshift (28:22)
- Joining Web3CFO Club and network with high profile web3 CFOs (30:14)
- Tax implications of receiving salary in crypto (31:56)
- Barriers for adoption of crypto payroll (34:03)
- Streaming as a payroll product (37:01)
- Accounting for payment streams (43:40)
- Accounting integrations to ERPs like Xero, Quickbooks and crypto accounting solutions like Bitwave, Cryptio (45:02)
- Megan’s favorite quote (48:26)
Brought to you by
Web3CFOclub - A community of web3 CFOs sharing best practices around web3 financial operations
👉 Join now for in person events and grow your network at theaccountantquits.com/web3cfo/
Follow The Accountant Quits:
LinkedIN: linkedin.com/company/the-accountant-quits
Twitter: twitter.com/accountantquits
Follow Franklin:
Twitter: https://twitter.com/franklinpayroll
Follow Megan Knab:
Twitter: https://twitter.com/knotmegan
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Website
For show notes and past guests, please visit theaccountantquits.com/podcast/
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