Simplifying the Workflows of Accounting Transactions with a Service-Oriented Software System

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.