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TurboGAAP and TurboIFRS: Revolutionizing the Automation of Accounting

Description

Generating an astounding $110.7 billion annually in domestic revenue alone [1], the world of accounting is one deceptively lacking automation of its most business-critical processes. While accounting tools do exist for the common person, especially when it is time to pay their taxes, such innovations scarcely exist for many larger…

Generating an astounding $110.7 billion annually in domestic revenue alone [1], the world of accounting is one deceptively lacking automation of its most business-critical processes. While accounting tools do exist for the common person, especially when it is time to pay their taxes, such innovations scarcely exist for many larger industrial tasks. Exceedingly common business events, such as Business Combinations, are surprisingly manual tasks despite their $1.1 trillion valuation in 2020 [2]. This work presents the twin accounting solutions TurboGAAP and TurboIFRS: an unprecedented leap into these murky waters in an attempt to automate and streamline these gigantic accounting tasks once entrusted only to teams of experienced accountants.
A first-to-market approach to a trillion-dollar problem, TurboGAAP and TurboIFRS are the answers for years of demands from the accounting sector that established corporations have never solved.
ContributorsPreston, Michael Ernest (Co-author) / Capuano, Bailey (Co-author) / Kuhler, Madison (Co-author) / Chen, Yinong (Thesis director) / Hunt, Neil (Committee member) / Computer Science and Engineering Program (Contributor) / Barrett, The Honors College (Contributor)
Created2021-05
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TurboGAAP and TurboIFRS: Revolutionizing the Automation of Accounting

Description

Generating an astounding $110.7 billion annually in domestic revenue alone [1], the world of accounting is one deceptively lacking automation of its most business-critical processes. While accounting tools do exist for the common person, especially when it is time to pay their taxes, such innovations scarcely exist for many larger…

Generating an astounding $110.7 billion annually in domestic revenue alone [1], the world of accounting is one deceptively lacking automation of its most business-critical processes. While accounting tools do exist for the common person, especially when it is time to pay their taxes, such innovations scarcely exist for many larger industrial tasks. Exceedingly common business events, such as Business Combinations, are surprisingly manual tasks despite their $1.1 trillion valuation in 2020 [2]. This work presents the twin accounting solutions TurboGAAP and TurboIFRS: an unprecedented leap into these murky waters in an attempt to automate and streamline these gigantic accounting tasks once entrusted only to teams of experienced accountants.
A first-to-market approach to a trillion-dollar problem, TurboGAAP and TurboIFRS are the answers for years of demands from the accounting sector that established corporations have never solved.
ContributorsKuhler, Madison Frances (Co-author) / Capuano, Bailey (Co-author) / Preston, Michael (Co-author) / Chen, Yinong (Thesis director) / Hunt, Neil (Committee member) / Computer Science and Engineering Program (Contributor) / Barrett, The Honors College (Contributor)
Created2021-05
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TurboGAAP and TurboIFRS: Revolutionizing the Automation of Accounting

Description

"Generating an astounding $110.7 billion annually in domestic revenue alone [1], the world of accounting is one deceptively lacking automation of its most business-critical processes. While accounting tools do exist for the common person, especially when it is time to pay their taxes, such innovations scarcely exist for many larger…

"Generating an astounding $110.7 billion annually in domestic revenue alone [1], the world of accounting is one deceptively lacking automation of its most business-critical processes. While accounting tools do exist for the common person, especially when it is time to pay their taxes, such innovations scarcely exist for many larger industrial tasks. Exceedingly common business events, such as Business Combinations, are surprisingly manual tasks despite their $1.1 trillion valuation in 2020 [2]. This work presents the twin accounting solutions TurboGAAP and TurboIFRS: an unprecedented leap into these murky waters in an attempt to automate and streamline these gigantic accounting tasks once entrusted only to teams of experienced accountants.
A first-to-market approach to a trillion-dollar problem, TurboGAAP and TurboIFRS are the answers for years of demands from the accounting sector that established corporations have never solved."
ContributorsCapuano, Bailey Kellen (Co-author) / Preston, Michael (Co-author) / Kuhler, Madison (Co-author) / Chen, Yinong (Thesis director) / Hunt, Neil (Committee member) / Computer Science and Engineering Program (Contributor, Contributor) / Barrett, The Honors College (Contributor)
Created2021-05
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Task Organizer Platform for Class and Group Collaboration

Description
There exist many very effective calendar platforms out there, from Google Calendar, to Microsoft’s Outlook, and various implementations by other service providers. While all those services serve their purpose, they may be missing in the capacity to be easily portable for some, or the capacity to offer to the user…

There exist many very effective calendar platforms out there, from Google Calendar, to Microsoft’s Outlook, and various implementations by other service providers. While all those services serve their purpose, they may be missing in the capacity to be easily portable for some, or the capacity to offer to the user a ranking of their various events and tasks in order of priority. This is that, while some of these services do offer reliable support for portability on smaller devices, it could be even more beneficial to the user to constantly have an idea of which calendar entry they should prioritize at a given point in time, based on the necessities of each entry and regardless of which entry occurs first on a chronologic line. Many of these capacities are missing in the technology currently used at ASU for course management. This project attempts to address this issue by providing a Software Application that offers to store a user’s calendar events and present those events back to the user after arranging them by order of priority. The project makes use of technologies such as Fibrease, Angular and Android to make the service available through a web browser as well as an Android mobile client. We explore possible avenues of implementations to make the services of this platform accessible and usable through other existing platforms such as Blackboard or Canvas. We also consider ways to incorporate this software into the already existing workflow of other web platforms such as Google Calendar, Blackboard or Canvas, by allowing one platform to be aware of any item creation or update from the other platform, and thus removing the necessity of creating one calendar entry multiple times in different platforms.
ContributorsNdombe, Kelly (Author) / Chen, Yinong (Thesis director) / Balasooriya, Janaka (Committee member) / Computer Science and Engineering Program (Contributor) / Barrett, The Honors College (Contributor)
Created2019-05
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Simplifying the Workflows of Accounting Transactions with a Service-Oriented Software System

Description
In 2022, the revenue generated from accounting services hit an all-time high of 119.48 billion USD (“Accounting Services in the US - Market Size”, 2022). On top of this, research has shown that 45% of all accounting professionals would like to automate something about their workflow (Thomas, 2020). Indeed, a…

In 2022, the revenue generated from accounting services hit an all-time high of 119.48 billion USD (“Accounting Services in the US - Market Size”, 2022). On top of this, research has shown that 45% of all accounting professionals would like to automate something about their workflow (Thomas, 2020). Indeed, a lot of bookkeeping accountancy has been phased out by simple automation. However, larger accounting tasks like business mergers still require a team of accountants despite being a largely iterative process. This project chronicles one such attempt at automating accounting events or transactions that are performed by businesses both large and small. With the help of accounting students Madeline Stolper and Heddie Liu we were able to build a fully-functioning website to automate accounting transactions. For this project, we used industry-standard software frameworks React and Express to build the site with dynamic accounting applications. These applications were built with reusable components, making the development of future applications very simple. We also leveraged cutting-edge technological solutions from Amazon Web Services to make the website available on the Internet with rapid response times. Lastly, we incorporated an agile approach to project management and communication, in order to create functionality in the most efficient and organized manner possible. On a large scale, something like this has never been attempted and TurboIFRS/GAAP represents a revolutionary leap in accounting automation.
ContributorsForde, Jakob (Author) / Roth, Ryder (Co-author) / McLemore, Benjamin (Co-author) / Chen, Yinong (Thesis director) / Hunt, Neil (Committee member) / Barrett, The Honors College (Contributor) / Computer Science and Engineering Program (Contributor) / School of Music, Dance and Theatre (Contributor) / School of Mathematical and Statistical Sciences (Contributor)
Created2022-05