r3gen Author: Elliott
We would like to take this opportunity to introduce ourselves to the wider Treasure community. r3gen Finance provides best in class web3 financial services with a focus on bringing compliant financial reporting and operations to the ecosystem. We are a team of web3 native accounting professionals and have experience working with top crypto projects, Aave, Gitcoin and Index Coop to name a few.
We have been working with the Treasure core team to produce up to date financial reports on the performance of TreasureDAO and its associated entities, ensuring compliance with all regulations in relation to its token issuance, current operations and tax positions. In addition we are conducting a review of internal controls and processes.
Our current work scope with Treasure covers the following:
- Bookkeeping
- Bookkeeping and mapping of all transactions since genesis (on-chain & off-chain)
- Identification of asset ownership and structuring of revenue recognition policies
- Publication of chart of accounts (x1) and genesis to date financial statement (x1)
- Implementation and automation of controls framework into accounting stack
- Controls
- Process mapping of “as is” and “to be” funding flows and multi-sig structure
- Development and codifying of new multi-entity financial controls framework and guardrails
- Documentation and implementation of internal controls
We see a large portion of our work addressing the needs of improved transparency and accountability as outlined by the community in this post. Our engagement covers an up to date financial statement including a summary of treasury balances, revenue generated from the various income streams coupled with the recycling of this revenue back into the organisation to aid ecosystem growth. In addition to this we will be able to provide an in-depth view of operational expenses incurred by Treasure and its associated organisations both on and off-chain.
r3gen is excited by the opportunity to collaborate with the Treasure team to bring transparency and compliant reporting to the community. By utilising our accounting stack, we will be able to provide live financial data that is compliant with IFRS accounting standards, using the accrual basis of accounting. No longer will you have to wait for quarterly financial statements. The on-chain data is readily accessible, so it makes sense that your P/L and balance sheet should be as well. In addition, we will work with the team to ensure accountability is built through efficient budgeting processes and live tracking of KPIs against budgeted numbers.
We invite members of the community to share their thoughts and feedback on this post, providing insights into what financial information would be valuable for them to gain a deeper understanding of the organisation. Together, we can strive for greater accountability and transparency within the web3 ecosystem.