Ireland, Europe, and indeed most of the developed world is seeing a surge in start-ups as a result of the world economic collapse and the birth of a new digital, disruptive and global entrepreneurial spirit.
Start-ups, just like all other companies, have to file their tax returns. Currently, small SMEs are faced with high annual accounting fees, averaging €2,500 in Ireland. Then of course there’s the risk of audit should tax deadlines be missed.
Tax returns are also complicated, deliberately complicated – it seems they are designed to keep an industry of tax lawyers and accountants in gravy, rather than designed with the person paying the tax in mind.
Help, for start-ups and SMEs, however, could be at hand. Bullet, a design-focused automated accounting and payroll service, promises to disrup the traditional accounting and payroll market by providing an easy-to-use, smart and cost-efficient accounting solution.
“When we were building Bullet, we didn’t look at a single competitor,” says Peter Connor, co-founder of Bullet. “We had a mantra that we had to build a powerful, full accounting and payroll web application that automated all tax returns but required no training to use. When we looked at our competitors we knew we’d succeeded and the speed of customer’s signups is confirming that. Why pay €2,000 euro for someone to simply fill out your tax forms?”
By raising invoices, paying people and using Bullet’s smartphone app to track expenses and mileage, Bullet can then simply generate a start-up’s returns when they’re due and explain how the return was calculated so the company can upload it to ROS and focus on the important stuff, like product development and sales.
Bullet has completed stringent testing and is rolling out to Irish market in 2012. The company also aims to enter the UK market in Q1 of 2013. Bullet will be launched at Ireland’s underground demo event, Dublin Beta on the 30th of April.
1) Bullet says it disrupts the accounts software market, with an new business model and approach to product development. The products user interface was designed separately from the accounting backend to ensure a simple, engaging, and fresh user experience.
2) Pre-launch, Bullet has signed up over 250 users in one month, and growing.
3) Bullet was built and launched for a total cost of €1,400, the average limit on a credit card – meaning building a competitor to the largest incumbent Sage is accessible to everyone. (Included in €1,400 accounting & payroll product, company formations product & an iPhone app).
4) Bullet’s focus is to remove the accounting fee for businesses and reduce their tax bill by providing a solution that any young company can use. The product is highly automated and once invoices, expenses are inputted and salaries paid the product will automatically generate all the relevant tax filing with no accounting knowledge needed.
5) Bullet is the first company to utilise the iPhone’s location services to track and calculate mileage while on the go.