Local startup Quax uses mobile tech to make tax easy, aiming to lodge 150,000 tax returns in Australia by the end of 2023 financial year through mobile accountants…
Perth brothers Braden and Ryan Smith have been running tech-based accounting startup Quax in Western Australia for the past year.
The Quax solution provides an app-based booking platform that allows clients to book individual tax returns via one of the 20+ mobile accountants.
Servicing territory from Bunbury to Perth, the app also allows clients to dictate the terms of their appointment including the time, date, location and choice of professional accountant.
An Opportunity Emerges
Through their previous business WA Mobile Accounting, Braden and Ryan established that there was genuine demand for personalised mobile income tax services and seemingly a lack of good supply.
They also realised that a gap in the market existed, represented by the suite of high-end, premium cost services provided by big four firms contrasted with low-end, low cost services provided by tax franchise businesses.
This is where the opportunity emerged for the enterprising brothers to develop a tech-based, edgy accounting services startup in response.
Co-Founder and Director of Quax, Braden Smith told Startup News that by having a unique business model, Quax will make submitting tax returns a user friendly experience, removing all of the headaches associated with completing your tax.
“Quax provides quality, on-demand and convenient financial services that meets the needs of the consumer,” Braden said. “It goes beyond just booking and completing your tax return. Having one app at your fingertips that can automatically update your tax situation, store receipts, tax related documents, ATO correspondence and monthly spending updates…
We are the first to market this kind of tech and we are genuinely the only professional service provider using this type of business model whereby we engage our professionals on a subcontracting ABN basis and deploy them to our database of clients, totally at the clients discretion.”
From Growing Pains to Growth
Quax is already on the road to reaching 10,000 clients by July 2020. But like many startups, there have been problems along the way.
Braden said they faced issues with tech development which significantly delayed their timeline.
“Two months overdue from the original delivery date we received notification that our developers were going into administration and a liquidator had been appointed,’ said Braden. “Our tech was delayed by 4 months and we finally received it in October 2017. By that point, the damage had been done because tax accounting is a very seasonal business and 75% of income is generated within the first 4 months of the financial year.
“The silver lining was our project was bought by the incoming developer Butterfly and they finished it ASAP.”
Despite the delays, Quax is going full steam ahead, aiming to lodge 150,000 tax returns in Australia by the end of 2023 financial year.
The Next Step
While their primary service is providing individual tax returns, the brothers do not want to stop there. With the goal of Quax becoming the ‘HealthEngine of the financial services industry’, Braden said they are eager to expand their services.
“Over the next few years we want to be able to offer quality professional financial services including accounting, real-estate, financial planning and mortgage broking. Ideally, we want anyone in the world to be able to access on-demand financial services through our app or website.
“Professionals would pay subscription fees to be listed on the app. Many people find professionals through family or friend recommendations, but this would allow people to have more choice.”
Quax is also set to release their next major tech development, a receipt and document scanning function, before July 2019.
Dream Big, Execute Small
Braden told Startup News that he would advise other startups to develop a clear strategy in the early days.
“As hard as it may be to rein in your excitement, particularly in the early days, it is crucial to develop a clear strategy for the roll out of your startup. There is plenty of time to scale rapidly later.
“My personal catchphrase is ‘dream big, execute small’ which basically means have blue sky optimism and make sure you look after the small things and execute those first. If we had our time again I would have been much more patient.”
“Also, don’t be afraid to make mistakes. We’ve made heaps, probably more than most and continue to make mistakes. It is how you learn from them that counts.”
Read more about Quax by visiting their website –> https://quax.com.au/
FEATURE IMAGE: Braden (left) and Ryan Smith, Quax