We frequently discuss the impact of fintechs on financial services, but taxation is frequently overlooked. Tax filing is an unavoidable requirement, and most people hire professionals to do their taxes for them to avoid any misunderstandings with the government. Taxes can cause stress not only for consumers but also for small businesses. There are numerous fintechs available to assist both individuals and businesses in not only understanding but also paying their taxes. In this article, we will explore the best fintech companies for tax management.
But first, what is tax management?
What is Tax Management?
Tax management refers to the management of finances, for the purpose of paying taxes. This includes the timely filing of returns, having accounts audited, deducting tax at source, and so on.
So, who are the best fintech companies leading the way in tax management?
The 10 Best FinTech Companies for Tax Management
Based: London, UK | Founded: 2017
ANNA provides a business bank account as well as a mobile tax app to assist merchants with invoicing, expense tracking, and taxes. The app reminds businesses of tax deadlines and assists them in preparing by estimating how much they owe as revenue is generated. ANNA also employs a team of accountants to assist with the preparation and submission of tax returns.
Based: Seattle, US | Founded: 2004
Avalara provides tax compliance software for a variety of businesses. It provides products that help businesses calculate sales tax, gather data to prepare and file tax returns, and collect, store, and manage tax documents on their behalf. This is why we believe Avalara is one of the best finTech companies to look into. Avalara also provides products that are tailored to specific industries, such as ecommerce, lodging, communications, and restaurants.
Based: California, US | Founded: 2011
Gusto offers a comprehensive suite of services to make the lives of small business owners easier. The company automatically files payroll taxes and provides employees with I-9s, 1099s, and W-2s. Gusto also assists businesses in remaining compliant by staying up to date on changing tax laws and performing all tax-related calculations on their behalf.
Based: New Jersey, US | Founded: 2011
Refundo provides a suite of solutions to help tax preparers modernise their operations. Mobile document transfers, audit assistance, tax preparation fee collection service, payment acceptance tools, and refund advance technology are among the company’s products. Its solutions not only make the tax preparer’s life easier, but they also make the lives of their taxpaying clients easier.
Based: Maine, US | Founded: 2011
DAVO automates the entire sales tax process on behalf of a business. On a daily basis, the company connects to the merchant’s point-of-sale technology to collect sales data and set aside taxes. When sales tax is due, DAVO files and pays on behalf of the small business.
Based: Florida, US | Founded: 2016
Xendoo provides bookkeeping and CPA services that integrate with a company’s financial accounts to deliver monthly reports, business insights, and tax filing. Because Xendoo has a complete picture of the merchant’s finances, the company can also provide tax consulting services.
Based: Berlin, Germany | Founded: 2016
Taxfix offers a desktop and mobile solution for tax return preparation. You can file your taxes in about 20 minutes if you answer a list of their questions and take a picture of your annual payslip. You’ll get your tax return assessment and money back a few weeks later – the average refund is €1,007.
Based: Zurich, Switzerland | Founded: 2019
Taxly is on a mission to reimagine the entire tax process. They were able to combine tax requirements from over 26 cantons to create a customer-centred, legacy-free system for Swiss residents to file their taxes. You can estimate how much your taxes might be with their 2019 calculator before completing your full tax return through their application.
Based: Brussels, Belgium | Founded: 2017
Accountable is another company that we feel is within the best fintech companies to explore. Accountable is more than just a tax refund tool; it’s a comprehensive mobile app that can help you become self-employed. It assists you in connecting expenses, creating, and managing invoices, and providing information on VAT and tax deductibility. The goal is to assist you in optimising your taxes early in your business processes and managing it all from start to finish. They also provide a wealth of resources, tips, and tricks for students, aspiring entrepreneurs, and professionals looking to go self-employed.
How we can help
If you are a leading fintech company specialising in tax management and looking to expand your team, Get in touch. We have a team of specialised fintech recruitment consultants who can help you achieve your growth goals and build an exceptional team.