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The Brussels-based fintech startup Accountable has recently raised a €1.7 million in a seed round led by Connect Ventures along with other Belgian and international business angels. This startup offers an application that makes the life of self-employed workers easier, by allowing them a real-time overview of their finances, deadlines and taxes.
Will be used for expansion
Founded in 2017, this Belgian company will be using the fund for expanding and improving the product, increasing the number of banks they connect to and grow into different countries. Notably, the application is free, but beyond a specific volume, the charges are applied and its somewhere near €10 to €15 depending on monthly or annual payments. Further, Accountable also offers an invite-only plan for €30 per month (paid annually) that includes a chartered accountant looking at your individual situation and making tweaks and adjustments tailored to the customer’s unique situation.
According to RSVZ (Rijksinstituut voor de Sociale Verzekeringen der Zelfstandigen), the most recent numbers from 2017 state, that the number of independents has increased by 2.76% to the total amount of 1,087,763 people in Belgium.
Six months of intensive testing
With that being said, the company provides real-time tax optimisation recommendations for its users and aims to redefine banking, accounting and tax advisory experience for freelancers, consultants, architects, and others. In fact, the company has come up with an app after six months of intensive testing with a testing group of around 150 people.
Moreover, the users can also keep existing accountants in the loop by providing well-organised exports. With Accountable, you can say goodbye to weekends spent preparing data for your accountant or big surprises when comes your next tax bill. Notably, this app makes accounting and tax advisory 5x cheaper for self-employed workers.
Major European cities
Reportedly, the startup is planning to expand its presence in one of the major European countries. At the moment Accountable is looking at countries like France, England and Germany to expand to in 18 to 24 months but is still assessing the market which country to expand to next. At present, the company employs around 9 people, but the team is expected to grow rapidly in the upcoming days.
Key Features
- Connect your bank account to automate the capture of expenses.
- Create beautiful sales invoices in under a minute.
- Be notified when a client pays you and stop searching for payments in your banking app.
- Import your documents from over four different channels: email, scans, gallery & all connected cloud storage systems (e.g. DropBox, Google Drive, etc.)
- Forecast how much you will pay for your next VAT or social contribution instalments
- Export your data at any time and share it with whoever you like, including your accountant.
Hassan Ayed said, “With Accountable, accountants can focus on what creates value for them. On the other hand, self-employed people also have the power to have a 24/7 overview of all their essential financials, like paid invoices, tax deadlines and more.”
Olivia Noel, one of our test users, said, “Best app ever for any freelancer who doesn’t ever want to deal with evening-longs admin sessions anymore. I can now add my expenses on the go, from my phone, send my invoices and be all set for tax deadlines – even faster than my tram ride takes me to get home. You would be crazy not to use it.”
Stay tuned to Silicon Canals for more updates in the tech startup world.
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