Smoothbalance Ltd is a U.K. based software company building a cloud-based, multiplatform accounting app for sole traders, freelancers and SMEs. Our app can send quotations, invoices and record expenses facilitating frictionless bookkeeping and simplifying tax returns.
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. In addition, the software facilitates compliance with HMRC’s Making Tax Digital rules.
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.
Our team of seven members 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.
As evidenced by iTunes Analytics, there is a global demand for our cloud-based accounting app. Our users currently span all five regions (as demarcated by Apple Analytics) and we are developing customised software with a view to further penetrating regional markets.
Throughout the year, and especially during the annual tax return period, accountants and bookkeepers spend a significant proportion of their time tracing and organising invoices and expense receipts. 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. UK market studies have found that:
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
Cloud-storage of the invoices and expense and receipt records – accessible to both client and accountant via our web portal – enables efficient communication, and seamless bookkeeping and tax return processes. This solution not only affords users the freedom to work remotely, but also significantly reduces the necessity for manual paperwork.
Our intuitive UI ensures instant usability with no specialist knowledge required. Unlike traditional accounting software, we are developing an ecosystem connecting businesses and accountants on the same platform.
The global cloud accounting software market – currently valued at US$ 2732.7 million – is predicted to increase to US$ 3505.2 million by 2024. It is estimated that there are about 200 million small businesses worldwide and only 2% use cloud accounting software. North America is the largest consumer of cloud accounting software at 35.6% and the EU (including the UK) is 23.4%.
Our initial target market is comprised of UK and EU based SMEs and accountants. The UK currently has 5.3 million small businesses, 280,000 qualified accountants and 5,660+ registered audit companies. Following an EU market study, we are currently developing new Spanish, French, German and Italian versions of the app. The EU market is comprised of 25 million SMEs and 1 million accountants. Within the next three years, we will target the US market comprised of 30 million SMEs and 1.3 million accountants. Dual tax system capability has already been developed to meet state and federal requirements in the US.
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.
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.
How much money do we need?
Pre-money valuation: £ 2,250,000
Post-money valuation: £ 2,500,000
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