Say what you will about capitalism and the 1% or the stereotypes of accountants (did you see that Ben Affleck flick?) but there are some good-doers out there truly backing up those that need it and we should all know about this one. The statistics for launching and growing a successful startup are not great which could discourage some great ideas from ever launching. According to an article on Entrepreneur.com “Why Some Startups Succeed (and Why Most Fail)”, 75% of venture-backed startups will fail after the first year. Ouch.
Why do they fail? Maybe some were early to market or late. Maybe some didn’t have the right leadership. Maybe some ran out of money.
TaxTaker is an Austin start up by Co-Founder and CEO Ari Palmer, that works specifically with CPAs (Certified Public Accountants) who advise startups, as well as accounting firms, on how to review the legal jargon and utilize crucial data analytics that is meant to empower the startup to take advantage of unknown tax credits against their payroll tax liabilities. This allows more funding to be put back into the business and offers a longer runway when it comes to financing that may help them make it past that first year or even further.
“By leveraging our TaxTaker software, we’re able to capture all the data necessary to compute, generate, and substantiate these claims in as little as an hour (versus the weeks or months it typically can take).
We’re also productizing some other business tools that are in the works, but we’re really excited to help accountants help their startups extend their runway the most.” says Ari.
It really is amazing how technology can serve the needs of people with limited time and resources – speaking of startup founders and teams here. If you use TaxTaker and are able to save on taxes, that is money that can be used to pursue other opportunities to expand your reach and/or hire more talent to help you get more done and possibly have a fighting chance and beating that scary statistic predicting your failure.