Automatic bookkeeping and automatic Yearly Statements with smart contracts

[GENERAL] Name and surname of main applicant

Elvar Eyvindsson

[GENERAL] Email address of main applicant

elvarey@gmail.com

Additional applicants

No other applicants

[GENERAL] Please specify how many months you expect your project to last (from 2-12 months)

6

[GENERAL] Please indicate if your proposal has been auto-translated into English from another language.

No

[GENERAL] Does your project have any dependencies on other organizations, technical or otherwise?

No

[GENERAL] If YES, please describe what the dependency is and why you believe it is essential for your project’s delivery. If NO, please write “No dependencies.” .

No dependencies

[GENERAL] Will your project’s output/s be fully open source?

Yes

[GENERAL] If NO, please describe which outputs are not going to be open source. If YES, please write “Project will be fully open source.”

Project will be fully open source

[METADATA] Category of Proposal

Other

[IMPACT] Please describe your proposed solution.

Automatic bookkeeping and automatic Yearly Statements

The problem

Record keeping and bookkeeping with yearly statements for tax purposes and other is a huge task of every small and medium sized businesses. It is very costly, and time consuming for small businesses to keep track of financial matters and an ever increasing burden to comply with government regulations and deadlines.

The solution

I want to investigate if it is possible to make a system of smart contracts that keep track of individual sales of companies, calculate and collect taxes (like a VAT tax) and deliver them to the government, municipalities or other institutions. These smart contracts would then also be usable to make yearly (or monthly or whatever) statements and the government or other public institutions that are supposed to oversee and keep track of things, would have a limited access to the information that has to do with its field.

The implementation

Iceland is a small closed economy with a high level of education and digital experience and utilization. It would be a good place to develop such a system and bring it to use.

What to do?

A 2-4 month work with experts is needed and the end product would be a report with outlining of the project, what is needed, what is possible and how the next steps would look like.  

[IMPACT] How does your proposed solution address the challenge and what benefits will this bring to the Cardano ecosystem?

This would bring a huge benefit to the Cardano ecosystem as it will make a huge impact in securing the blockchain and the industry as a whole and would also bring a useful and beneficial instrument in everyday's life. It will simplify the work of taxation of governments and in securing the privacy of the businesses as access is limited to those who need it and to what is needed.

[IMPACT] How do you intend to measure the success of your project?

Success would be measured in the document that will be produced. It has to be read and edited by people from various fields.

[IMPACT] Please describe your plans to share the outputs and results of your project?

I would use the document to apply for further assistance in exploring and making prototypes. If available in the Cardano ecosystem and also apply for funding from Innovation funds in Iceland.

[CAPABILITY/ FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability?

I have a BS degree in Business science from the University of Akureyri and general skills in accounting, economics etc.. Also a lot of common sense.

[CAPABILITY/ FEASIBILITY] What are the main goals for the project and how will you validate if your approach is feasible?

The goal is to lay out the ground, in a document, for the automation of bookkeeping and overall account statements of small businesses. Implementation would preferably be in Iceland as it is a small economy but at the same time technically advanced with a high level of education.

[CAPABILITY/ FEASIBILITY] Please provide a detailed breakdown of your project’s milestones and each of the main tasks or activities to reach the milestone plus the expected timeline for the delivery.

The only milestone would be to finish the paper for review and as a ground for further work and for another applications.

[CAPABILITY/ FEASIBILITY] Please describe the deliverables, outputs and intended outcomes of each milestone.

A paper 10-20 pages long outlining the project.

[RESOURCES & VALUE FOR MONEY] Please provide a detailed budget breakdown of the proposed work and resources.

Salary and an expenditure for specialists knowledge

25000 Ada

[RESOURCES & VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?

It would bring gigantic usage into the system.

[IMPORTANT NOTE] The Applicant agreed to Fund10 rules and also that data in the Submission Form and other data provided by the project team during the course of the project will be publicly available.

I Accept