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Tallyfor: Automating Business Tax Returns

Peter Wen, CEO, and Co-founder, Tallyfor Peter Wen, CEO, and Co-founder
Each year, tax accountants brace themselves for the stress and long hours of tax season. The deluge of work that hits all at once, all with the same IRS-imposed deadline means tax teams must work heroic hours to get it all done. Manual data entry and time-consuming processes are the realities of the job and are generally accepted, not questioned. Meanwhile, in just about every other area of business, automation is the name of the game. Innovative software and technology solutions are transforming the way people and organizations manage data and get work done. Yet, even while book keeping and tax preparation software advances at a rapid pace, there has been a clear lack of automation solutions in the tax professional’s world.

The Tallyfor solution is a life-saver for CPA and tax firms, empowering tax professionals to automate the tax trial balance. California-based Tallyfor provides browser-based technology that enables collaboration across accounting and tax teams. The Tax Flow tool’s agnostic and neutral stance enables connections to all the major accounting and tax products. Users can save hours by flowing data straight from book to trial balance to tax forms in three easy steps - import, adjust, and file.

“Tallyfor makes it possible to file a business return in under 10 minutes. What took hours to do manually, now literally takes minutes,” states Peter Wen, CEO, and co-founder of Tallyfor. Ben Wen, CTO, and co-founder of the company is an MIT computer science alumnus while Peter himself is a former CPA product expert. During his tenure at Xero, Peter realized a huge gap between book accounting and IRS. He along with his brother embarked on a journey of building from scratch a cloud-connected browser-based product for the tax side of a business, and thus, Tallyfor was born.

“Tallyfor is automating business tax returns and our early adopters love us,” asserts Wen. The firm’s fast and responsive application goes beyond traditional cloud-based architecture and enables instant and wicked-fast views of tax data. The firm has taken principles from 3-D graphics and applied them to accounting and tax reporting, offering powerful data management and visualizations. Tallyfor is easy-to-use, and the learning curve becomes short for its users. Moreover, the company offers exceptional customer service and customized education at no additional cost.

For instance, Acuity’s tax department lacked optimization when it came to producing returns. Trial balances provided by the client and adjustments for netbook and taxable incomes were all being done in Excel, which was not efficient. The client began searching for working trial balance software solutions that were both efficient and affordable. Acuity collaborated with Tallyfor and learned that Tallyfor’s cloud-based tool could automate the tax trial balance and save hours per return by flowing data straight from book to tax trial balance to tax forms. With the Tallyfor cloud-based tax flow tool, Acuity realized it was much easier than using Excel, the UX/UI was simple and clean, and the time saved was astounding. Almost immediately, the entire Acuity tax team began using Tallyfor. The solution was so efficient that it allowed new team members to work with current clients and bring on additional ones as well.

  • Tallyfor makes it possible to file a business return in under 10 minutes

Tax professionals have long been looking for a cloud-connected trial balance with built-in automation. During the ongoing pandemic, Tallyfor customers were highly grateful for its automation tool as they left their corporate offices and figured out a way to work from home. “Tallyfor was there for them and they can just sign up, log in, and get work done,” adds Wen. TaxTech has been neglected and considered a laggard relative to its FinTech and Accounting Tech peers. Consequently, Tallyfor aims to bring Tax Flow innovations to important fields such as Tax Projections and Planning
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San Francisco, CA

Peter Wen, CEO, and Co-founder

Tallyfor automates the tax filing process, reducing the time to file a tax return from 3 hours to 10 minutes. Tallyfor integrates with all accounting software used to create the trial balance and efficiently produce the data for accurate tax form.