Re: [ANN] [ICO] [FIZ] Fizcal - Fizcal Brings Accounting to the Blockchain

Fully Decentralised

Centralized models rely heavily on single party (government, company, individual, server, etc.) to manage and make core decisions. The large majority of models today are centralized (some may include decentralized components but do not fit the criteria of a truly decentralized model).
With a decentralised model parties are able to make an exchange without the oversight or intermediation of a third party, strongly reducing or even eliminating counterparty risk.
Users are in control of all their information and transactions and the data is complete, consistent, timely, accurate, and widely available.

Double vs Triple Entry Accounting

All current implementation of accounting software are built on the double entry accounting software concept.
The concept involves every business transaction or event to be recorded in at least two accounts. This is the same concept behind the accounting equation. Every debit that is recorded must be matched with a credit. In other words, debits and credits must also be equal in every accounting transaction and in their total.

Instead of the old method of keeping separate records in localised ledgers, companies can write their transactions directly into a joint distributed register, creating an interlocking system of enduring accounting records.

Below is a simple illustration of how triple entry accounting works.

Audit on the whole data set

Independent public audits of these accounts can be expensive and time consuming for the companys accountants.
For these reasons audits are carried out infrequently and generally only on a sample of data.
With Accounting on the Blockchain the cost and time to conduct an audit would decline considerably as a large part of the data verification would be automated.
This will result in an Increased frequency of audits due to the efficiency and time saving nature of distributed ledgers audits.

Machine Business Learning

Artificial intelligence can help companies improve operational efficiency and gain a much clearer understanding of where they are heading.
We will provide businesses with a powerful set of tools to transform and streamline some of their most fundamental business processes.
Rather than waiting until the end of the financial year, we can use AI to identify issues and recommended adjustments much sooner than is normally possible today, increasing accuracy and reducing financial year end efforts.

Crypto Payroll

Fizcal will display accounts for the most popular crypto currencies alongside fiat currencies.
There will also be an option to pay employees with crypto currencies and display this information on the payroll system.

Face & Voice recognition

We use biometric security: face, voice recognition and fingerprint ID to log-in to our App.
Our website uses password and 2 factor authorization and IP tracking/verification.

Huge Market

The global market size for accounting services in 2016 is over $200bn and growing at a steady rate of 1.5%In the US alone the figure is $90bn.

Global revenue for Accounting Software market was valued at $ 8.94 billion in 2016.
This is expected to generate revenue of $ 15.10 billion by end of 2022, growing at a CAGR of slightly above 9.13 % between 2016 and 2022.

Download whitepaper

Team Members

https://www.linkedin.com/in/roman-prokopiv-a1b341a1/
https://www.linkedin.com/in/taras-chernyshenko-180750a4/
https://www.linkedin.com/in/roman-shimanovich-047ba7137/
https://www.linkedin.com/in/ismael-rahim-4b655328/