PROPOSAL: Spend up to $1000 per month for DAO bookkeeping package
PURPOSE AND VISION: To streamline the management, efficiency and accuracy of Lobis’ financial tracking and reporting.
OVERVIEW: It is critical to the success of any DAO that it be able to track its cash flows efficiently and accurately. If approved, this software system will replace the hodgepodge of spreadsheets and notes, currently in use at Lobis, with a purpose-built professional accounting package for DAOs, from Gilded.finance. Gilded’s software automatically pulls blockchain transactions, categorizes them, and then exports the data into QuickBooks Online for analysis, reporting, and budgeting.
SPECIFICATION: Onboarding will be scheduled as soon as the initial month’s payment is received. Payment is to be made in the form of USDC, which will be obtained by swapping existing 3CRV tokens, currently held in the operations wallet.
Once all the Lobis wallets and Gnosis safe accounts are linked within the software, there will be a sync period lasting from several hours to possibly as much as a full day. Once sync’d, we will begin the manual process of examining the historical transactions and categorizing them by type.
Once the bulk of the transactions have been categorized and exported to QuickBooks, we will proceed to build the various report types and check them for face validity and accuracy. This will be an iterative process that will likely take many days as individual transactions are tracked-down, categorizations are fine-tuned, and mistakes corrected.
At the end of this considerable effort, we will have accurate and detailed financial reports available for regularly scheduled reporting, as well as near real-time customized reporting available upon request and for specific needs. The expectation is that a full summary set of reports will be published monthly, with high hopes that the entire process will eventually become sufficiently automated that more frequent “flash” reports can be issued weekly.
NB: For practicality and to get this up-and-running as quickly as possible, we have no immediate plans to go any further back in the transactional history than the first of March of this year. This potentially gives us the option to either: a) eventually do the laborious work of back-tracking and manual data entry for an additional 3 months of transactions or, b) move to a “clean slate” fiscal year, beginning on April 1st.
ROADMAP AND TIMELINE: The onboarding process typically begins within a few days to one week after receipt of the initial payment. Based upon previous experience, the full setup and mapping of accounts would likely take 1-2 weeks, and “cleanup” of the entries could take a full monthly cycle. So, the start date for reporting purposes would likely be April 1st, with the expectation that we would have clean reports for the month of April available by the first week in May.
BUDGET: The annual expense will be $12,000, paid in monthly installments of $1,000. That includes: The base Enterprise license, the Compass Advanced QBO module, a full QuickBooks Online license, and onboarding, training & support. Also included is ongoing support in the form of 6-hour email response time, a dedicated account manager, and a full quarterly review.
Although this is not an emergency measure, we are submitting the proposal with an expedited timeline request in the interest of getting started on the project as soon as possible.