Accountants Turn Down $25M VC Money for Cutting Edge AI Product, TaxJoe
Company seeks an appropriate investment partner to capitalize on the opportunity.
BETHESDA, MD / ACCESSWIRE / November 6, 2024 /The first-ever AI for accountants software aims to revolutionize the industry by offering a platform that puts advisory services and time back in the hands of accountants. TaxJoe.ai is ready for additional investment and rapid expansion after achieving remarkable success across 7 states.
The rapid expansion of artificial intelligence (AI) has created new players across numerous industries. Thus far, the accounting and financial services industry has yet to experience the sheer growth and possible transformation AI can offer. TaxJoe.ai, led by CEO Sam Forline, is changing the game. AI for accountants stands to enhance business relationships, eliminate costs, and improve accuracy across the industry.
Bringing AI to the Accounting Industry
TaxJoe is on a mission to accelerate the transformation of the tax preparation industry by providing AI-driven tools that streamline and automate the entire accounting process. This is a $147B industry opportunity, one thus far left untapped.
TaxJoe has a clear mission: shift the accounting industry to enable AI to handle mundane and highly technical tasks while empowering accounting professionals to focus on strategic advisory and client service. This improves efficiencies, enhances service opportunities, and allows even a small accounting firm to operate as a robust, full-service firm. By utilizing AI for manual data entry and inefficient tax preparation tasks, it 's possible to empower accountants. AI can save time, enhance security, improve accuracy, and drive business growth.
"TaxJoe.ai is more accurate than human staff. Before, there was so much data entry that was manually done. With TaxJoe.ai, there is a 99% accuracy rate, and the 1% mistake is a simple name and address function," shares Forline.
TaxJoe Is Growing and Seeking Financial Partners
To spur this mission, TaxJoe is seeking Smart Money Partners to continue to develop cutting-edge technology further, pushing the already successful company to a valuation of $10 billion.
TaxJoe.ai is currently a self-funded project and the first AI model designed for accountants that is made by accountants. Since its inception, the software has completed 10,000 tax returns across 7 states, creating an annual savings range from $4.785 million to $6.96 million, based on staff earning between $55,000 and $80,000 annually.
TaxJoe.ai partners with regional and national accounting firms to provide cost savings through the elimination of staffing positions. At one firm, the service has saved $4 million alone, demonstrating its clear financial opportunity. This is a critical move for many organizations. Forline states, "Every accountant is overwhelmed. There is too little supply. Every single accountant can use our product."
About CEO Sam Forline
Sam Forline is a determined entrepreneur who has never held a traditional job. From going door-to-door selling products and services to launching software and building eight-figure service companies, his journey has been fueled by passion and innovation. After deciding to drop out of college, Sam focused on entrepreneurship. His first venture was an app development company, successfully launching several apps on the market.
Later, Sam shifted his attention to the construction industry in Washington, D.C., where he grew his business to generate over $30 million in revenue in an eight year span, without any external investment or loans. In 2017, Sam became a partner at a national Tax Firm and played a key role in driving the company 's impressive 14,900% growth from when he joined through 2024.
An early adopter of AI technology, Sam applied machine learning to his core business, Blue Collar Scholars, and the Tax Firm. Recently, he has concentrated on developing an AI tool called TaxJoe.AI, which is transforming internal processes throughout many tax firms.
About TaxJoe.ai
TaxJoe.ai is an innovative platform that utilizes AI to automate tax filing, eliminate human error, and streamline compliance across industries. As the first AI for accountants, created by accountants, TaxJoe.Ai aids organizations in mitigating risk and reducing costs. With cutting-edge, AI-driven tax solutions specifically tailored to accountants, TaxJoe.ai is empowering transformation and saving companies millions of dollars.
TaxJoe.ai includes AI-powered tax filing, real-time tax law updates, and tax optimization strategies using historical filing trends to maximize tax savings. It also offers audit defense and risk minimization and easily integrates into existing accounting systems. Firms can utilize the reporting and analytics tools to gain more insight into tax planning strategies that benefit clients.
Contact Us
Sign up to be notified to be one of the early adopters by visiting taxjoe.ai. Contact sam@taxjoe.ai.
SOURCE: TaxJoe.ai
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