What if we helped the 100 million retail investors save on average $5,000 every year? That means in ten years, we can have potentially saved investors $5 trillion and enabled them to earn an additional $5 trillion in wealth by keeping more of their money invested in markets.
This is the big mission we’re after - helping more investors achieve their vision of financial freedom through smart tax planning. We’re one of the few financial technology companies in the world that aims to save individuals thousands of dollars every year - money that can be better spent towards a dream home or placed into retirement accounts or invested in high-yield assets to build long-term wealth.
If you think of the richest human beings on the planet, 100% of them work with expert accountants, advisors and lawyers skilled in tax optimization. Yet, within the middle and lower class, that number falls under 30%.
Our vision is to pair every investor with an expert tax and financial professional, and then to provide those professionals with smart software that optimizes taxes for their investor clients. We know that most investors lack the fundamental expertise in finance and tax, which is why we’re building software for the professionals who can better utilize the tool on behalf of their clients.
We’ve been backed by some amazing investors in the space - Browder Capital, The Fintech Fund, DXB Fund, Workweek and Gaingels - to make our vision a reality!
We’re looking for entrepreneurial visionaries who believe in our mission and want to build towards that future for the long-haul. If this sounds like you - keep scrolling down to see how you can help!
Platform integrations
One of the toughest challenges we’ll face is integrating a variety of data sources into our platform. In order for a professional to provide the best tax advice to their clients, they need to have a complete and holistic view of the client’s portfolio. This means we’ll need to integrate into as many investment platforms (e.g. Coinbase, Robinhood, Fidelity, Ethereum, Rally, Carta, etc.) as we can. Additionally, once we have the data, we need to ensure this data can also be sent to other tax software (e.g. Intuit Proseries, eMoney, etc.) for tax preparation or financial planning purposes.
Data portability and standardization
Once data enters our system, it’s our job to standardize it to ensure our tax algorithms can properly digest the information and provide relevant recommendations. Since we get data from across platforms, we have a strict data engineering process in place to ensure only quality information enters our database. Just as importantly, if we’re to export into other tax software, we’ll need our data to be cleansed and standardized to meet those formatting requirements.
Intelligent tax engine
The most critical algorithm to achieving our mission is our tax engine - which will be the key decision maker for all analytics and intelligent recommendations. In order for it to work well, we need a robust set of integrations and standardized data to ensure all outputs are accurate and reliable. Our engine is responsible for matching transactions (using FIFO, HIFO, or another accounting method), calculating tax analytics (YTD tax liability, gain and loss per transaction, etc.), and then providing tax optimization recommendations. As we expand our platform integrations into new asset classes and as the IRS provides new guidance, we’ll update our engine accordingly to ensure it’s outputting only highly-accurate information.
Real-time and proactive tax optimizations
If we’re able to solve the first three big challenges, then we’ll get to the highest value-add problem - figuring out what tax optimization strategy to follow and when. There’s no set defined playbook that tax advisors follow when it comes to optimizing taxes. So it’s our job to help every professional see potential optimizations available to their clients in real-time. This way, they’re ready to deploy a strategy at any given time throughout the year instead of waiting for a reactive moment - like when a big tax bill comes in the mail.
Remote-first team
Talent is evenly distributed, but opportunity often isn’t. Reconcile is remote and distributed from day one. We will hire team members from anywhere, as either full-time employees or contractors, at their choice (within the constraint of US law). However, we prefer talent local to NYC as that’s where our product team is located.
Equal and transparent pay
All members of the early team, regardless of location (including the CEO) are paid the same wage: $120,000 USD. Additionally, we commit to a year-over-year 3% cost-of-living raise.
Everyone has a stake
A sense of ownership is important. That is why all members of the starting team will receive 1% equity option, with an industry-standard 1-year cliff and a 4-year vesting period.