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By Kwickbit
Boost corporate adoption of Stellar & Soroban with accountant-friendly DeFi software.
What the product is
KwickBit is a crypto accounting software tailored specifically for accountants and bookkeepers. Serving as a bridge between the realm of crypto assets and traditional accounting systems, it seamlessly integrates Stellar Assets into their workflows. This platform allows professionals to synchronize on-chain Stellar and Soroban transactions to their accounting software (Quickbooks to start), ensuring compliance.
KwickBit amplifies corporate adoption and utilization of the Stellar blockchain and Soroban DeFi ecosystem.
To accomplish this, KwickBit interacts with a Soroban and Stellar indexer, such as subQuery or Mercury, allowing users to identify all their on-chain transactions. Additionally, Kwickbit automatically recognizes the most significant and common DeFi operations that users have conducted when interacting with Smart Contracts on Soroban.
Key Features:
Seamless Integration: KwickBit can easily integrate with popular accounting software like QuickBooks.
Diverse Source Integration: - Wallets: Integration of transactions from different wallet addresses. - Blockchain Support: Compatibility with Stellar and Soroban. - DeFi: Comprehensive tracking of DeFi activities like swaps, lending, borrowing, liquidity margins.
Empowering Collaboration: - Automatic Recognition: Kwickbit automatically recognizes the most significant and common DeFi operations. - Client-Driven Transaction Import: Clients can import and label their transactions, minimizing communication gaps. - On-chain Transaction Reconciliation: Accountants can match on-chain transactions on KwickBit and easily transfer these reconciled transactions to their primary accounting software. We're starting with QuickBooks integration since it's a popular accounting tool.
Efficiency & Transparency: - Unparalleled Transparency: Every step in the reconciliation process is transparent to both the accountant and the client, ensuring clear communication and fostering trust.
What is the problem
Difficulty to comply with tax regulations, difficulty to include on-chain DeFi transactions into accountant activities.
Currently, limited and difficult solutions for accountants dealing with on-chain Stellar/Soroban transactions, leading to errors and retarding broader corporate adoption. With a very steep learning curve.
What audience
Accountants with clients using DeFi transactions.
How it works, how it uses Stellar and/or Soroban
Kwickbit interacts with a Soroban and Stellar indexer, such as subQuery or Mercury, allowing users to identify all their on-chain transactions. Additionally, Kwickbit automatically recognizes the most significant and common DeFi operations that users have conducted when interacting with Smart Contracts on Soroban.
Future work:
- Exchanges: Direct synchronization with major exchanges such as Kraken and Binance. - Blockchain Support: Compatibility with other chains, including Solana, Polkadot, Bitcoin, and more in the pipeline. - Cross-chain transactions support.
$39.0K
Market Need and Target Market: Bridge accounting software like KwickBit, which integrates transactions into mainstream accounting platforms like Quickbooks and Xero, currently has a few gaps:
Such tools are primarily designed for and accessible to large institutions or companies due to their high monthly fees. Stellar integration is lacking in main current crypto accounting software.
Notably, there isn't a tool specifically tailored for small to medium-sized accounting agencies.
Charles-Edouard LADARI
By Kwickbit
Kwickbit: Corp DeFi Accounting