10060440Taxo’d: Providing micro-enterprises with strategic business analysis, insights and financial/cashflow reporting capabilities in real-timeClosedCollaborative R&DInnovate UKTaxo'd is a UK-SME focussed on putting more power into the hands of businesses by providing accessible, critical support without the cost and time of a professional. Taxo'd has grown to support a large number of freelancers and is now seeking to develop a new product offering, specifically designed for micro-businesses. Taxo'd currently supports freelancers with navigating and completing tax returns and provides invoicing, bookkeeping, OCR-receipt scanning, open-banking, mileage-tracking, e-mail filtering, HMRC direct-filing and inbox management. The new offering will provide micro-businesses with a unique capability delivered through AI. Micro-businesses will benefit from enhanced business insights and risk management capabilities normally only available from large, advanced digital accounting practices or highly paid financial directors using multiple systems. The new offering will be based on a low-cost SaaS service making it affordable to everyone. AI will help identify and learn from those relationships within the data that may not seem to be linked, and only deducible by trained professionals (finance directors and business growth experts) to give insights towards helping businesses run better. Taxo'd's innovative new product will be delivered using a natural language intuitive, user-friendly interface to collect the data and analytical techniques to deliver actionable insights, suggested action plans and consensus opinions. The benchmark for the output will be the business itself thus making this approach very relevant to the business rather than a generalised advice service. Responses and models will be held in a knowledge base that over time will be refined and improved. Developed alongside CFOs and accountants during this project. This project will allow micro-businesses to benefit from deep analytical perspectives in real-time. Taxo'd will improve operational efficiencies/productivity, decision-making, cash-flow management, access-to-finance, business support, analytical capabilities and financial/tax literacy within financial services for micro-businesses, increasing efficiencies for all stakeholders. Imagine 1,000 financial directors examining 100,000s of data points relevant to your business, and in the time it takes a business owner to open an excel spreadsheet, you have business-specific insights and consensus suggestions collated and presented to you. This is the potential power of this new offering.