This new startup helps gig workers focus on making money, not taxes and accounting.
The “gig economy” is one of the biggest macro trends today, driven by companies such as Taskrabbit, Uber, Lyft, DoorDash, Rappi, and hundreds of others. A study by the McKinsey Global Institute indicates that nearly a third of US workers participate in the gig economy, via a primary or secondary job. That’s a lot of people.
An extra burden that gig workers face is tax and accounting compliance. If you work a normal full-time job your employer takes care of your tax withholdings and provides you with a W2. Gig workers are required to do their own accounting, make estimated quarterly filings, track their own expenses, etc. Life is complicated enough, without layering this stuff on top!
A new startup, AveriQ, is solving this problem. Gig workers will be able to connect the AveriQ app to the various gig platforms they work with, and the app will pull in all the data, aggregate it, and take care of all your accounting needs. You’ll be reminded of those quarterly filings, be able to produce financial statements, and get tips on tracking expenses and optimizing your taxes.
While some startups are founded by youngsters who know how to write code but don’t have any domain expertise, this company is founded by a CPA who is an expert in the field. So gig workers are getting the benefit of an expensive CPA, in the form of an inexpensive digital application.
The gig economy is here to stay. Companies like Uber and Lyft have refined the business model, California’s Prop 22 formally established the statutory employment classification, and millions of workers enjoy the flexibility it offers. AveriQ is working hard to develop a new digital platform that allows gig workers to focus on making money, while their digital assistant takes care of the tax and accounting issues.
AveriQ will be participating in Demo Day at the 4thly Startup Accelerator on May 21.