I can remember all too vividly working from 8am until 2am seven days a week for months on end trying to push out schedule K-1s, file extensions, review provisions to deliver a quality product to the client, and more. To a large extent, that’s what public accounting is, we take every step necessary to deliver a quality product to our client; not just because it’s in our nature as professionals, but also because we know, in our industry, if we don’t deliver, then someone else will.
To a large extent, I didn’t mind, and even took pride, in working hard to deliver a quality product to my firm’s clients, but I constantly struggled and fought with the tax preparation technology we had to use. Whether it was transferring data from the workbook to the tax preparation software, getting the partner allocations in the software to reflect what we had correctly calculated in the workbook, or finding and correcting that one elusive diagnostic, it was all a huge headache to work with technology that looked like it was designed for Windows Vista! Not to mention, when either the audit team or the client had to update the financials, we could forget about spending any time with friends and family over the weekend because updating the workbook and tax prep software for changes was an absolute time-consuming nightmare.
I think we all knew it didn’t have to be this way. I felt, and still very much feel, that the solution was better income tax software and technology. With that idea churning in my brain, I left public accounting and formed LittleNewt to develop technology to do just that.
My Co-founder, Yumin, joined LittleNewt from day one, and we quickly got to work. She had owned a business in the past where tax compliance was an extremely painful but important process. And as a no-nonsense business leader who has excelled at strategic enterprise sales, marketing and business development from commercial real estate to the Sass world, Yumin understood how badly the industry needed to be disrupted with a software solution.
That’s who we are and why we’re doing what we’re doing. As far as what we’re building, we decided to reimagine the tax preparation process and how income tax software should function. LittleNewt’s software combines the workbook, tax return preparation, and client management software into a single, integrated platform. All you have to do is review, edit and approve.
By Chris Mundon, CEO