Stellar Community Fund

By Kwickbit

Kwickbit: Corp DeFi Accounting

SCF #24

$80.0K

Legacy v5.0 Community Award

Awarded

Enhance DeFi accounting with full transaction history, reconciliation, financial reports via UI/API, expand protocol integration

Products & Services

KwickBit is a financial management platform designed for businesses and accountants engaging with Stellar and Soroban protocols. It aims to significantly boost corporate adoption and utilization of the Stellar blockchain and Soroban DeFi ecosystem. Recognizing that adoption hinges on providing essential tools for businesses to operate entirely within the crypto sphere, KwickBit develops solutions that make it practical for companies to manage their finances using cryptocurrency rather than defaulting to fiat conversion.

Most businesses currently convert cryptocurrency into fiat to cover expenses due to the lack of comprehensive crypto-based accounting systems. Our goal is to enable companies to operate with cryptocurrencies like Stellar and Soroban tokens from end-to-end. This requires not only the ability to pay for services and goods in crypto but also to integrate these transactions seamlessly into their financial systems, ensuring they are properly accounted for in the company's chart of accounts and broader financial tracking.

Integration with Soroban Financial Protocols: A platform feature designed to seamlessly integrate with Soroban's financial protocols, such as Soroswap and Mozartpay, facilitating a comprehensive view of blockchain financial activities. Businesses require detailed insights into their transactions across different financial protocols to make informed decisions. Our platform integrates these protocols, providing essential data for financial analysis and planning. By interfacing with Soroban protocols, our tool aggregates transaction data, offering businesses a centralized dashboard to monitor and analyze their blockchain financial activities.

Crypto Reconciliation System: A reconciliation system that mirrors the functionality of traditional accounting software like QuickBooks, adapted for cryptocurrency transactions. Reconciling crypto transactions with company records is crucial for accurate financial reporting. Our system enables this process, ensuring compliance and financial integrity. Similar to the reconciliation process in QuickBooks, where bank transactions are matched with ledger entries, our platform allows businesses to match crypto transactions against their recorded activities, ensuring that every transaction is accurately accounted for and reflected in the financial statements. Example of traditional fiat-based reconciliation process using Xero (alternative to QuickBooks): https://www.youtube.com/watch?v=fjMD90xN_00. We plan to implement a similar process within KwickBit for Stellar/Soroban transactions.

Integration with NowNodes for Historical Transactions: Integration with NowNodes to fetch complete historical transactions for any address, overcoming the limitations of current indexers. The current indexer's limitation to only index transactions at subscription time has hindered our ability to provide comprehensive historical data. By integrating NowNodes, we can bypass these limitations, ensuring our platform can retrieve full transaction histories without timeouts, crucial for accurate financial tracking and reporting. Adapting our pipelines to utilize NowNodes allows us to efficiently fetch complete historical transactions for an address. This integration ensures our platform can handle extensive data retrieval tasks, essential for users.

Financial Reporting Module: A reporting module that automates the generation of financial reports on realized and unrealized profits, catering to compliance requirements. Reporting realized and unrealized gains is a compliance necessity for companies. This feature is essential for a complete financial system, enabling businesses to meet tax and regulatory obligations. It accesses historical transaction data through Stellar and Soroban, applying financial principles to compute and report profits in a compliant manner.

API for Historical Data & Reports: An API service that allows businesses to access historical transaction data and financial reports programmatically. Businesses may require programmatic access to data for integration into their systems. Our API service facilitates this access, offering a flexible solution for data retrieval. Users create an API key within their account, enabling secure access to our platform's data. This allows businesses to integrate transaction data and financial reports directly into their own systems, improving efficiency and customization.

Fiat Currency Conversion Feature: A feature for real-time conversion of Stellar assets into domestic fiat currencies, supporting accurate financial assessment. Accurately valuing crypto assets in domestic currencies is essential for financial reporting and analysis. Our conversion feature uses methodologies inspired by stellar-expert to provide this capability. Leveraging the Stellar network's exchange data, we provide users with the equivalent value of their transactions in domestic fiat currencies. Without direct APIs like CoinGecko, we will use the stellar-expert's approach from https://github.com/stellar-expert/stellar-expert-explorer. We will offer an open-source example and an article to enable the community to access fiat conversion of assets in a programmatically accessible manner.

UX/UI Community Feedback Initiative: A project phase dedicated to gathering and implementing UX/UI feedback from the Stellar and Soroban user communities. For technology adoption, especially in complex areas like crypto finance, the user interface and experience must align with the needs of the community. This initiative ensures our platform is built around actual user requirements rather than assumptions. We will conduct surveys, interviews, and beta testing with community members and accountants familiar with Stellar and Soroban transactions. This feedback will guide the development of our platform, ensuring it is intuitive, efficient, and meets the practical needs of businesses operating in the crypto space.