In the context of “Swachh Sarvekshan”, the concept of waste management plays a very significant role in achieving the vision and mission of “Swachh Bharat Abhiyan”, the clean mission of India. Waste on one hand can become a factor undesirable, on the other and the most important angle, can contribute significantly to the national income as it has the potential to become a great source of income if put to use through recycling and reusing. Focusing on the domestic waste, a project was taken up under the title “A Cost-Effective Prototype Solution for Finance Accountability using MATLAB-GUI for Waste Management” which formulated a cost-effective software solution using MATLAB-GUI for finance accountability during the administration of waste management at municipality level. Considering nine modules with nine parameters as one for each module the software formulated assists in calculation of revenues generated out of recycled and reused waste, in a flash of a moment. The project also provides a sample administration to the software designed to facilitate easy replication besides giving a few workable solutions for sustaining the enthusiasm of the citizens in following the procedures laid down for managing the waste effectively. The current article reviews the available literature in the area of waste management and fund accountability. The study of this literature helped in identifying the research gap for selection of the above project and facilitated the formulation of the software solution.