"If the work doesn't require creativity, delegate it, automate it, or leave it."
This is one of the famous quotes of most influential thinker, Investor of 21st century – Naval Ravikant
Eliminate repetitive and non – productive tasks, for tax & accounting professionals, by automating them
Accounting professionals spend a major chunk of their time on tasks like data cleaning, data segregation & reconciling data manually. This time should be otherwise spent on data analysis.
Build a SaaS platform, which is robust, secure & scalable. Can automatically segregate and transform the data, reconcile millions of transactions in few minutes.
Idea
Tax technology made inroads into Indian market with introduction of GST in 2017, though return filing tools were available for more than a decade and were majorly being used as utility.
While working with an MNC, Avdhesh was meeting CFO’s & Tax Heads to sell tax automation platform, one thing was quite evident during discussions was that tax heads were seeking automation in data preparation & reconciliation rather than return filing.
That was the trigger to initiate a discussion with Vijender Singh (CA)(CPA)(Q) and he acknowledged the problem existing in Indian market. TCS was being introduced by Government of India (Oct 2020) and Direct tax becoming more of a transaction tax, technology intervention becomes more important for companies.
So, when two came together and agreed on the problem statement, search started for someone who can build the product and has built scalable products in past.
Team
Business
Avdhesh and Vijender reached out to Dinesh Sharma (Product Development & Executive Coach) with the problem statement and he also felt that a scalable product can be built around this.
Business, functional, Product Design was sorted but the most important person was still missing – One who can build the product – CTO.
With Sai Prasad (has built SaaS products earlier) coming in, team was complete and TaxReco was seeded with a cross functional team.
TaxReco product roadmap has been created to disrupt the way corporate finance functions. TaxReco is being built in a customer centric mode, where problems as per the roadmap are discussed with customers after creating a basic framework. Additional features required, data presentation and reporting requirements are finalized after getting feedback from customers.