TORONTO--(BUSINESS WIRE)--Paperstack, a Toronto-based FinTech company, today announced that it secured funding to develop technology-assisted bookkeeping and tax filing solution, meant specifically for Canadian freelancers. The product will allow self-employed professionals to track business expenses, find valuable tax deductions, remit GST/HST, and prepare annual tax returns - completely on autopilot.
“The accounting industry hasn’t quite caught up to millions of freelancers going DIY, as tools like Quickbooks and Xero are built specifically for accountants, not end-users. We wanted to create a solution that millions of self-employed like ourselves can use, without cringing at ledgers or losing sleep over debits and credits.” - said Vadim Lidich, co-founder and CTO, Paperstack.
Earlier this month, Paperstack became one of 12 companies that got accepted to Google Accelerator for Startups - a 10-week digital accelerator program for Seed to Series A technology startups based in the U.S. and Canada. While taking part in the Google Accelerator, Paperstack intends to leverage Google’s world-class engineering team to develop a bookkeeping and tax filing platform on autopilot - the kind of AI-driven solution that would allow freelancers to keep track of their expenses, maximize tax deductions, and even prepare tax returns, without manual input.
“We want to help millions of freelancers pay less taxes. What if every entrepreneur could access the benefits of a CPA, but without paying high fees? This is the question we asked ourselves when we started Paperstack. And it’s exactly the challenge we are bringing to Google, when we join their accelerator program on September 27th.” - says Assel Beglinova, co-founder and CEO, Paperstack.
The company also closed a pre-seed round of financing, with the participation of prominent Canadian angel investors, repeat entrepreneurs, executives and employees from Canada’s technology unicorns, as well as CPA accountants and corporate lawyers. The amount raised will be used to develop and take the product to the market. Paperstack anticipates releasing the product in Ontario later in 2021, followed by a gradual pan-Canadian rollout in 2022.