{"id":394,"date":"2018-07-29T15:51:00","date_gmt":"2018-07-29T15:51:00","guid":{"rendered":"https:\/\/fintechcadence.com\/2018\/07\/accounting-tech-nextax-and-deeply-ascension-fintech-program\/"},"modified":"2020-09-02T22:18:40","modified_gmt":"2020-09-02T22:18:40","slug":"accounting-tech-nextax-and-deeply-ascension-fintech-program","status":"publish","type":"post","link":"https:\/\/fintechcadence.com\/fr\/blog-posts\/accounting-tech-nextax-and-deeply-ascension-fintech-program\/","title":{"rendered":"Accounting Tech: Nextax and Deeply | Ascension Fintech Program"},"content":{"rendered":"

Many, especially small businesses, wish that they could make the process of accounting and taxation a lot easier, or do away with it altogether. Score.org conducted a survey<\/span><\/a> among 1000 small and medium sized businesses, which revealed that 47% of these business dislike the cost associated with accounting and 13% dislike the administrative headaches and time that this process takes<\/p>\n\n\n\n

All this points towards the need for a faster, automated and more efficient accounting system. A need being fulfilled by advances in technology – namely artificial intelligence, blockchain and cloud computing. More and more data is being moved to the cloud, allowing accountants and businesses alike to streamline their workflow and focus on attaining new insights for their work rather than wasting time on mundane tasks.<\/p>\n\n\n\n

Some areas in accountancy such as bookkeeping, data-entry, invoice management and payments were the low-hanging fruit and first to change.There are, however, many other areas that are ripe for the picking. Two in particular, analysis\/intelligence and sales\/onboarding\/customer interaction, are of high interest.<\/p>\n\n\n\n

At the Ascension Fintech Program<\/span><\/a>, two startups Deeply and Nextax were focused exactly on these areas. Details of these two ventures,  the accompanying market environment and their value proposition are mentioned below.<\/p>\n\n\n\n

Nextax<\/strong><\/span><\/a><\/p>\n\n\n\n

For both individuals and businesses, the tax season entails collecting tons of documents and sending lots of emails. On the accountants side, numerous man hours are spent sifting through emails and matching documents with the right file.<\/p>\n\n\n\n

Needless to say, errors are a part of this process, leading to delays and frustrations on both sides. Zakaria Frooni, founder at Nextax aims to solve this problem by automating the entire process of document exchange and filling.<\/p>\n\n\n\n

Nuance Communications in the United States, more of an SME rather than a startup, is a veteran in this area and provides workflow process automation solution through Nuance Imaging. Taxaroo is another startup focused on providing a customized solution for accountants. Canopy, another huge player, currently is at Series C with USD 72 MN in funding. There is a lot of competition, but the size of the market is huge and space for many players to exist.<\/p>\n\n\n\n

Who\u2019s behind Nextax?<\/strong><\/p>\n\n\n\n

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