Uphill both ways

In the past year, our dedicated team has embarked on a mission to disrupt the tax industry, an area that is often seen as archaic and resistant to change. Despite the challenges, we have delved deep into understanding the inner workings of this industry, surpassing the knowledge of most experts in the field. In this article, we will explore the hurdles we faced, the milestones we achieved, and the potential impact of our scalable FinTech startup. Through examples and references, we will shed light on our journey uphill, both ways.

Outdated Practices and Technological Lag:

The tax industry, often synonymous with the inevitabilities of death and taxes, has lagged behind the technological curve by approximately three decades. While we don't claim to have mastered the intricacies of the tax code and various deductions, our focus has been on understanding how the industry operates. What we discovered was a landscape reminiscent of the wild, wild west, with outdated practices and a lack of technological advancement.

Challenges and Veteran Leadership:

Navigating such a landscape presented significant obstacles for our team. However, our leadership comprises a group of seasoned veterans who brought invaluable experience and resilience to the table. Additionally, our journey was facilitated by the support of remarkable partners during our inaugural tax season, as we searched for our path within this complex industry.

The Uphill Battle for Funding:

To kickstart our venture, like any scalable FinTech startup, we needed to secure funding. While we managed to bootstrap a significant portion of the project, gaining acceptance into the prestigious FinTech accelerator program, RevTech Labs Foundation , based in Charlotte, NC, was a game-changer for us. This recognition and investment in our idea were vital, as building a FinTech startup in Greenville, SC, posed challenges due to the lack of vision and support for a veteran-founded company.

RevTech Labs: A Catalyst for Progress:

RevTech Labs and their experienced mentors possessed a profound understanding of the FinTech landscape. Brandon Martin, CPA Charles (Chip) Royce They guided us through the launch phase and proof of concept, with resounding success across the United States. As we shared our discoveries about the tax industry from the past year with them, their astonishment mirrored our own. These mentors, who had paid taxes throughout their lives and aided numerous FinTech companies, recognized the immense potential of our venture.

Democratizing Tax Filing Knowledge:

On the other side of the uphill battle, we encountered taxpayers who believed that only certified public accountants (CPAs) could file taxes. Imagine the colossal number of CPAs HR Block would require, given their average hourly pay of about $20, if that were the case. We clarified the process by educating people that obtaining a Preparer Tax Identification Number (PTIN) by paying the IRS a fee of $36 was sufficient to file taxes. No licenses, insurance, or examinations were necessary. This newfound knowledge shaped our platform's requirements, with an emphasis on quality and protection that surpassed those of around 80% of commercial tax preparation locations found in strip malls.

Reaching the Summit:

Having climbed both sides of the hill, we accomplished two significant feats. Firstly, we convinced people that our scalable FinTech solution had the potential to revolutionize the $13+ billion tax industry. Secondly, we reassured taxpayers that they could obtain competitive and transparent quotes for their tax filings. With these achievements under our belt, we now embark on year two, ready to address other pain points within the tax, accounting, and financial industries.

Expanding Our Impact:

In our second year, we are expanding our platform to alleviate various challenges faced by the tax industry, aiming to impact the broader accounting and financial sectors. Two notable additions are an emergency succession plan and an Artificial Intelligence (AI) sidekick feature tailored for the solo practitioners who comprise approximately 70% of the industry.

Building Alliances:

Throughout our journey, we have cultivated valuable relationships, starting with the National Association of Enrolled Agents , the first group to fully comprehend our vision. We also had the privilege of attending the AICPA Engage conference in Las Vegas as guests of Drake Software , where we participated in sessions that addressed the talent pipeline issue. This issue not only affects major accounting firms like the Big 4 and G400 but also impacts solo practitioners.

Our uphill battle to revolutionize the tax industry through FinTech innovation has been both challenging and rewarding. With an understanding of the industry's shortcomings, support from experienced mentors, and a commitment to democratizing tax knowledge, we have made substantial progress. As we expand our platform and forge alliances within the industry, we remain steadfast in our mission to transform the tax, accounting, and financial sectors for the better. We believe as we train the #transitioningservicemembers and #militaryspouses to become tax professionals with the assistance of Gleim Exam Prep we will be able to turn the tide.