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Monaeo co-founders Anupam Singhal and Nishant Mittal on how their company’s app helps users minimize their tax liabilities.
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Don't have to tell you tax reporting has become so complex and a lot of folks who work in different states or travel outside the country are both.
Get caught in tax traps that end up costing thousands of dollars and hundreds of hours and nightmarish audits.
It's that anxiety that has led the development of a new product and company called -- -- This is an -- it is created to track your business movements to keep you on the -- -- -- of the tax laws.
Co-founder -- upon sing -- and he shot -- -- join us now good to see you guys thanks very much for being here congratulations and invention of the company's always a good thing.
Let me go to you first is is this product.
Meant to prevent -- answered -- help you out if -- in the middle of one.
Thanks for having us they've -- so it's actually do we rethink about it is it's to do both.
Individuals.
From our -- from our experience we.
Basically came at this problem from because this had June that this graduated scratch -- tax laws because you travel outside of the country.
And you were close to getting audited exactly exactly and so I was living and working in the UK coming back to the US lot.
And if I'd known how many days -- -- back in the US vs the UK I'd been able -- I would've been much.
Better be able to handle and manage my tax liabilities.
So that's the part that we -- data that we collect we held.
Prevent -- -- -- -- just -- there is this like calendar that has pop ups every time you're you're in danger of stepping over tax law.
That's correct so you -- what you do is be count the number of days that -- spent in different taxes actions.
And then based on what your -- that limits may be so for instance in New York.
You can't be had more than an 83 days so we were attending them are saying hey Dave you've only got thirty days left in the -- that amount of the best because I'm back.
Now how to like pay for this if if I'm interest in the service so at this point it's very simple you you've -- to our website you sign up for the service and it's a flat 79 dollars a month subscription -- 79 bucks but once I have this in my computer to China and ebitda do -- needed continuation.
Every month of new -- Because we are tracking and location every day because if you think about the tax laws they prosecute the pool -- you are every single day in a certain audit DR.
And so you need to sell -- to -- -- Henderson day for that whole year to be able to -- how many days.
You are for example in New York City and how -- -- or not Carolina and I imagine tax laws are always changing those have to be kept in its current into the system right right absolutely so how did you develop this act did you did you guys program it yourself for did you hire people because a lot of folks are thinking of starting -- -- themselves lot of folks out there.
Have the idea of -- -- doing they wonder how to go about it because they're not programmers right so actually.
It's a lot more than half thank you for calling it -- -- but it's actually you know who show you an example as a report right there that -- out at the end of the here.
It's a 600 -- plus page report of your whereabouts that you can basically turn over any attacks.
Lawyers and accountants.
V that the development of this application and this service and we essentially as a -- away I've -- -- looking at a right now this is.
But sort of like that American Express -- you gotta be an exact year that tells you exactly what you spend money on this and this is designed to be very similar to the kinds of records that authorities are looking at today so we actually when we started out developing it.
Before we wrote a single line -- code we gave very heavily -- leading practitioners in the country.
We worked with tax lawyers tax accountants and tax authorities people that have been in the authority before.
To make sure that we were coming over the product that could have helped say boss we from got to run but is are you hoping to do an IPO on this eventually your -- are you still in the process of getting venture capital or what.
Yes so there and eggs and -- talk conversations we had seven investors at the moment.
OK well best of luck to -- it's called Monday OMO and eight EO and I guess people -- now on Google right that's less and the -- dot com.
Great for you guys thank you for coming in appreciate -- best of luck -- --
