In the complex world of finance, where regulations evolve and financial data amasses, tax management stands as a critical yet intricate pillar. Every small business, financial organization and individual grapples with the complexities of taxes, seeking solutions that make the process smoother, more intuitive and integrated with their daily operations. Enter April, the pioneering force redefining the tax landscape with its innovative technology.
Harnessing the power of artificial intelligence, April empowers its users with tools that are meant to integrate with their existing cloud-based general ledger and payroll products. By embedding cutting-edge tax software into these platforms, April offers an all-encompassing approach to tax estimation, optimization and filing using AI-driven features like real-time tax estimation and auto-populated forms.
Ben Borodach, co-founder and CEO, explained his company's products, accomplishments and goals.
How would you best describe what your company does?
Borodach: At April, we're experts in empowering small businesses and financial organizations with cutting-edge tax software that is effortlessly embedded into their standard, cloud based GLs and payroll products. Our suite of tools, which assist with tax estimation, optimization and filing assistance, enable business owners to proactively manage their taxes year-round. This integrated approach not only streamlines accounting processes, but also ensures compliance and maximizes financial efficiency. Through AI-driven features, such as pre-populating tax forms and automatically adapting to changing tax laws, we simplify tax obligations, saving time and effort for businesses while enhancing their overall financial strategies.
What is in your product line, and what is your flagship product?
Borodach: We currently offer two tax products to our users: Tax Filing and Tax Estimator. April's Tax Filing service embeds a simple, user-friendly process into existing financial, payroll or accounting platforms that asks users quick and relevant questions to identify their tax considerations seamlessly. It highlights previous returns, auto-populates schedule Cs, and asks the most relevant questions based on the user's particular scenario — something other incumbent tax solutions often don't do. Through AI-driven personalization and APIs, April's Tax Filer reduces time and confusion, maximizing users' tax savings by combining their profit and loss data and responses with a deep understanding of the tax code. The second product, The Estimator, allows users to estimate total tax returns, withholdings and quarterly payments in real-time. With accurate insights throughout the year, april empowers users to stay on top of their tax situation and make informed financial decisions year-round.
What was the last big initiative or project your company completed?
Borodach: Ahead of tax season, we successfully rolled out April's fully automated e-filing capability with 12 partners, including Acorns, Mercury Financial, B9 and Moves. This launch yielded great results, with one of our largest neobank partners seeing 97% of users depositing their tax refunds directly into the bank's accounts. Additionally, we found that we were able to save filers a significant amount of time, with 91% of users completing their returns in one single session.
What is the most exciting new thing you're working on?
Borodach: Look out later this summer for a big announcement that will shift the tax preparation paradigm from a complex retroactive task to a simple, proactive year-round process.
What differentiates your company from others similar to it? What makes you different? Unique, even?
Borodach: April's tax engine stands out as a unique and adaptive solution designed to tackle the ever-changing complexities of the US tax system. Powered by AI and Natural Language Processing (NLP), it automatically converts tax forms into code, streamlining the input of tax information from one form to another. Thanks to its proprietary "Tax Definition Language," overlapping details are efficiently transported to additional forms, simplifying the entire process. With the expertise of CPA tax strategists, tax engineers and continuous updates, April's dynamic tax engine evolves alongside IRS forms and changing tax codes, ensuring accuracy and effectiveness.
What is the biggest tech challenge facing accountants today?
Borodach: The biggest tech challenge facing accountants today, as highlighted by The Radical CPA, Jody Padar, VP of tax strategy and evangelism at April, varies depending on the firm size. For larger firms, the struggle often revolves around obtaining buy-in for technology adoption, while smaller firms grapple with the overwhelming array of available choices. However, a more practical concern is the scarcity of time. Accountants, engrossed in client work, sometimes overlook the potential to automate numerous aspects of their current tasks. As the accounting landscape undergoes transformation, marked by the influx of technology players and private equity firms, it becomes imperative for firms to reassess and refine their procedures, incorporating novel technologies. The embrace of automation not only streamlines operations but also offers a solution to the critical talent shortage hampering firms' growth. Tax and accounting professionals must actively seek new tools to revolutionize their business practices and facilitate growth.
If your company has been experimenting with generative AI, how have you incorporated it into your business?
Borodach: Generative AI is not just an experiment for us at April; it's an integral part of our business. By harnessing advanced AI algorithms and Natural Language Processing (NLP), we automatically transform tax forms into code, providing real-time and personalized tax estimations for our users. Our proprietary "Tax Definition Language" streamlines the input process and identifies relevant details across forms, empowering individuals with intelligent tax planning to optimize their savings and make informed financial decisions. Generative AI ensures accurate and up-to-date tax insights, making tax management a seamless and efficient experience for our users.
April at a glance:
Location: 488 Madison Ave., 11th floor, Ste. 1103, New York, New York 10022
Employees: 55
Partners: 14
Website:
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