GoodMoney

GoodMoney helps local businesses manage their money and calculate their taxes, but also promotes social good by incentivizing businesses to make positive changes in their operations.

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Inspiration

We were inspired by our parents who work in the finance industry, and via the problem that many small businesses may go bankrupt easily due to the lack of prediction data. This way, even start-ups (well specifically, businesses that fall under the 'sole proprietorship' category, can use this tool in order to understand their monetary data: taxable income,tax money, wage bonuses, profits, and more.

What it does

Simply: this is a project that takes corporate data in order to:

  1. calculate the current profit given revenue, expenses, wage bonuses, and more
  2. calculate taxable money based on deductions
  3. predicts future profit given predicted revenue, expenses, etc.

More thoroughly: GoodMoney is a revolutionary app designed for sole proprietorship businesses to help them predict their profit data. The app is built on the principle that businesses can thrive financially while also making a positive impact on society and the environment.

With GoodMoney, business owners can easily track their revenue and expenses, and the app uses predictive algorithms to forecast their profit data based on historical trends and market conditions, given user-inputted files. This allows business owners to make informed decisions about their finances and plan for the future with confidence.

GoodMoney is easy to use and accessible to all types of businesses. The app is designed to be user-friendly, with intuitive interfaces and helpful resources to guide users through the process of forecasting their profit data and measuring their social impact.

Overall, GoodMoney is an essential tool for sole proprietorship businesses that want to grow financially while also making a positive impact on the world. With its advanced financial forecasting capabilities and emphasis on social good, GoodMoney is the perfect app for business owners who want to do well by doing good.

How we built it

We built this using python flask - in replit. All back-end calculations are done in python. Front-end web development is being handled by javascript and html.

Challenges we ran into

We ran into some serious challenges in:

  1. understanding finances and tax money data (we're now dreading having to file taxes)
  2. integrating the user input data and the backend for the prediction data
  3. using flask and flask variables to ensure everything runs smoothly
  4. being able to interpret other, more complex data algorithms and predictors

Accomplishments that we're proud of

GoodMoney has the potential to create a positive impact on society. By emphasizing social good and providing a platform for businesses to measure their profits and monetary data. This can lead to a more sustainable and equitable future, which is a cause worth supporting.

Additionally, GoodMoney is designed to help small businesses and sole proprietorships succeed financially. These businesses often face significant challenges in managing their finances and forecasting their profit data, which can make it difficult for them to thrive and grow. By providing a user-friendly and accessible app that helps businesses track their finances and make informed decisions, GoodMoney can make a tangible difference in the lives of business owners and their families.

Another reason to be proud of building GoodMoney is that it can contribute to the overall growth and success of the business sector. When businesses are able to thrive financially and make a positive impact on society, they can create more jobs, drive innovation, and contribute to the economic growth of their communities. GoodMoney can help businesses achieve these goals, which can have a ripple effect throughout the broader economy.

Furthermore, we are proud of what we got accomplished in building this. We furthered our understanding Python and web design (respectively) and were able to learn more about data handling and processing. We were able to understand the mathematics behind taxes and provide users a way to help themselves — in a sector in which we are so closely related.

What we learned

We learned a lot about data handling and integration between the back-end and front-end (which took us absolutely forever). Even with the aid of a css template, we were able to learn significantly about the nuances of css and html and how the code can flow and work together.

Outside of code, we were able to learn more about the business sector and the harsh realities it has - especially when it comes to taxes. We hope to aid smaller businesses and start-ups so that they can succeed with the help of specific tools - and not drown and be forced to go bankrupt.

What's next for GoodMoney

One potential direction for GoodMoney could be to expand its social impact measurement capabilities. The app currently provides a platform for businesses to track their money, but there is always room for improvement and growth in this area. For example, GoodMoney could incorporate more sophisticated measurement tools and benchmarks to help businesses better understand their impact and compare themselves to industry peers.

Another possibility is that GoodMoney could integrate more advanced AI and machine learning algorithms into its financial forecasting capabilities, as well as more developed mathematical data handling and algorithms. As technology continues to advance, there is always potential to improve the accuracy and sophistication of predictive models. GoodMoney could leverage these advancements to provide even more accurate and customized forecasts to its users.

Finally, GoodMoney could also explore ways to expand its user base beyond sole proprietorships. While the app is currently tailored to this specific demographic, there may be opportunities to broaden its appeal to other types of businesses and even individual users. This could involve developing new features or partnerships that appeal to a wider range of users.

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