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Problem & solution

Problem: In the U.K alone, sole traders spend 9.5 million hours on tax returns. Of this group, 78% do not use bookkeeping software and 63% complete their tax returns without an accountant increasing the likelihood of human error. During the tax return period especially, and throughout the rest of the year, an accountant or bookkeeper spends a significant amount of time handling invoices and receipts.

  • Sole traders spend 9.5 million hours doing their tax returns
  • 22% say they spend ten hours or more on their annual submission
  • 91 % are not using software to identify their tax liability
  • 45% do not employ an accountant or bookkeeper
  • 72% have a single person responsible for both HR and accounts

Solution: Smoothbalance App is accounting software for small businesses to send quotations, invoices, and record business expenses. Our app keeps a record of all sent/ paid/ unpaid invoices and expenses in the cloud. All the stored data is accessible to both the app user and designated accountant. The cloud portal for an accountant, calculates tax owed by utilising expenses and invoice data, making the accountant’s life much easier.

Why did we build Smoothbalance?

An app to manage a small businesses

We want to save time and effort required for bookkeeping and simplify the process to perform tax return. Unlike conventional accounting software which is designed to serve businesses and accountant as a separate group, our approach is to create an ecosystem where businesses and accountant can thrive together by sharing and promoting both information and businesses.

From the earliest stages of conception, we have been working towards achieving two distinct outcomes by developing this app which is to:

  • Enable small businesses to manage their everyday accounts in a few simple steps
  • Enable accountants to maintain their clients’ bookkeeping, calculate annual tax returns and VAT, and sell their accounting package

We are going to achieve this by developing two separate platforms, one for the user and the other for the accountant.

  • The user platform will run on iOS, Android and WebApp
  • The accountant platform will run on any browser’#]

Both platforms will share and connect data via a cloud server using our secure API

To check feasibility, test the market and understand customers’ expectations we have developed and released version 1.0 in the year 2016 in AppStore, globally. Our users currently span all five regions (as demarcated by Apple Analytics) and we are developing customised software to further penetrate regional markets.

Our record:

We have a track record of successfully launching a comprehensive accounting app in 2016 with 4700+ downloads and 1600+ signups. As evidenced by iTunes Analytics there is a global demand for our cloud-based accounting app.

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Our team:

Our team has been working on this app from the earliest stages of development. The multi-language version is being developed in three phases. Phase one is complete and, following completion of phases 2 and 3, an iTunes Store release date is scheduled for October.

 

Cloud-based accounting software:

Smoothbalance is positioning itself to meet the fast-growing global demand for cloud-based accounting software. With this in mind, we are currently developing a multi-language version of our app that is fully compliant with the General Data Protection Regulation.

Making Tax Digital:

Our web portal is designed to enable accountants to calculate tax returns and manage tax administration processes in a way that is effective, efficient and accurate. Besides, the software facilitates compliance with HMRC’s Making Tax Digital rules.

Based on our first attempt, we are building an even better and robust version of our app which is already in the development process. Some of the preview of a new UI interface you can see it here.

The new version is focused in multi-lingual (English, French, German, Italian and Spanish) and multiplatform (iOS, Android and WebApp) operating system so that the user can use it in any language and any platform.    

The problem and our solution

Our approach towards the solution

Problem: In the U.K alone, sole traders spend approximately 9.5 million hours on tax returns every year. Of this group, 78% do not use bookkeeping software and 63% complete their tax returns without an accountant

Solution: Smoothbalance keeps a record of all sent/ paid/ unpaid invoices and expenses in the cloud. All the stored data is accessible to both the app user and designated accountant. The cloud portal for an accountant, calculates tax owed by utilising expenses and invoice data, making the accountant’s life much easier.

Our Mission & Vision

A time has come to change the future

Our goal is to simplify bookkeeping by storing sent invoices, quotation and expense record in the cloud and sharing information with the designated accountant to simplify tax return. The market study carried out by various organisations validates our approach.

Sole traders

Sole traders spend 9.5 million hours doing their tax returns every year

Hiring Accountant

45% do not employ an accountant or bookkeeper

Annual submission

22% say they spend ten hours or more on their annual submission

HR and accounts

72% have a single person responsible for both HR and accounts

Software use

91 % are not using software to identify their tax liability

Financial record

25% still record their finances on paper, instead of on a computer

Current and future development

Phase 1 (completed)

A first version of the app has been released. We have comprehensive knowledge of development timeframes, technical requirements, costs and have established efficient working processes. To try our current app, please visit the iTunes store.

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Phase 2 (current)

We are seeking investment to develop and market a new version of the app, designed specifically for use on ultra-high-resolution smartphones (iOS, Android and web applications). As we have already developed the operational framework and have a team of experienced developers, we expect to have a market-ready ver.2.0 app within 6 months after securing funding.

What's new?

1. Cleaner user interface

2. Multiple language integration (English, French, German, Italian and Spanish)

3. Multi platform app (iOS, Android and WebApp)

4. Several revenue generation funnel

5. Referral and loyalty program integration

Market Study

Business scope market study within the UK, EU and US

There are 5.9m in the UK, 28.8m in the US and 25m in EU SMEs; each one is legally required to keep accounts

Survey about accounting staff hiring and software matrix among SMEs (U.K)

  • 45% employ neither an accountant nor a bookkeeper,
  • 22% employ a full- or part-time outsourced accountant
  • 15% of full-time in-house
  • 11% consultant
  • 6% part-time in-house
  • 72% one person handles both HR and accounting responsibilities
  • 25% still record their finances on paper, instead of on a computer
  • 33% of offline software
  • 41% of online software
  • 22% of businesses use software to compile cost and expenses

Business Scope market study of Accountants and firms in the UK

  • There are roughly 5,660+ registered audit firms in the UK
  • The largest 100 accountancy firms received £14.2 billion in fee incomes
  • The largest four firms claiming over 75 percent of this sum

Total number of UK based accounting membership (ACCA, ICAEW, CIMA etc.)

  • Total global membership: 536,400
  • UK based membership: 326,200
  • Ireland: 38,000 in Ireland
  • Rest of the globe: 173,400

Students

  • UK and ROI: 164,000 students

Market study of our target market (U.K)

Accountants

Market study of Accountants and firms in the UK

SMEs

Businesses in the UK

Total number of UK based accounting membership (ACCA, ICAEW, CIMA etc.)

Breakdown of profession (U.K)

Students

Where they find the job (freelancers)

Why invest in Smoothbalance?

A simple fintech app

The possibilities and opportunities are endless when we can create a frictionless financial service where banks, HMRC and fintech companies work collaboratively in sharing resources and therefore making it easier to keep up in our rapidly changing world.

Intro

We are developing accounting software for iOS, Android, and Web. It’s an all in one mobile and web app where user can send invoices, quotations and record business expenses and authorise an accountant to access those data, which is stored in the cloud. This software will automatically calculate the tax owed to HMRC by calculating business expenses and invoices and give a predictable result to the accountant.

Target Market

Our software is designed to satisfy the need of both the small businesses and accounting firms; therefore, both the businesses fall under our target market group. The UK has 280,000 professionally qualified accountant and 5.5 million micro-businesses.

Product Description

Conventional accounting software is designed to serve businesses and accountant as a separate group whereas our approach is to create an ecosystem where businesses and accountant can thrive together. Smoothbalance is designed to integrate both groups (SMEs and accountants) on the same platform so that they can exchange data and information in real-time, making bookkeeping and tax return effortless.

EIS Tax relief

HMRC offers very generous tax relief to eligible startup investors as an incentive to back young, exciting, British businesses. EIS tax relief includes:

  • Save 30% upfront income tax relief off your current year or last year’s tax bill 
  • Investors are entitled to defer their Capital Gains Tax by investing in EIS- eligible companies
  • Tax-free profits from EIS investments, as long as they are held for 3+ years
  • Use EIS to defer capital gains tax from other investments, potentially indefinitely
  • Save up to a further 45% of your investment off your tax bill should the investment fail
  • Tax relief depends on an individual’s circumstances and may change in the future. The availability of tax relief depends on the company invested in maintaining its qualifying status

We are raising investment via TrendScout

Our Team

Rajiv Shakya

Rajiv Shakya

System Architect

Samir Jwarchan

Samir Jwarchan

Senior iOS Developer

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