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#1
Mazuma: $2.5M+ in Funding
Online accountants for UK businesses
Mazuma was founded in 2006 by Lucy Cohen and Sophie Hughes as a UK accountancy firm.
The platform provides accounting, bookkeeping, payroll and tax returns services to small businesses, who can submit their documentation online or by free post.
Each month Mazuma sends customers their accounts along with advice, then each year submits annual returns for a monthly fee of £34 (~$44) plus VAT.
The business - which was started with just £100 - has now amassed more than 10,000 subscribers.
In January 2024 Mazuma received between £2 million and £5 million (~$2.5-$6M) in funding, giving the business a valuation of £10 million (~$12.7M). This investment has been used to grow the number of employees from 40 to over 70 as they aim to support more customers going forward.
#2
Bank Statement Converter: $26K in Monthly Recurring Revenue
Software which converts PDF bank statements to CSV format
Bank Statement Converter is owned by Angus Cheng and was founded in 2021 as a way to convert bank statements to CSV files.
The platform can transform bank statements from PDF formats so that they can be easily viewed and sorted in the likes of Excel or Google Sheets. The business has expanded its services over the years and is now able to convert statements from thousands of banks worldwide.
It's free to use the service to convert five pages per day or users can subscribe to pay for additional credits which allows more PDF pages to be converted to CSV.
As the business offering has grown, so have the revenue figures. In mid-2023 Bank Statement Converter reached $9,700 in monthly recurring revenue. By the end that year this had increased to over $18,000.
By August 2024 the platform has grown to $26,000 MRR and we fully expect this upward trend to continue.
#3
Air Accounting: $1.8M in Annual Revenue
Provides accounting and financial support for Australian businesses
Air Accounting was founded in 2015 by Cam Lee and Shaun Stubley as an Australian-based accounting support business.
The company works with a range of Australian brands in all aspects of financial services which include:
- Advice on acquisitions, mergers, structuring and valuations
- Accounting completion which includes payroll, invoicing, inventory and reports
- Ensuring compliance on aspects such as tax returns and financial statements
- Finance team leadership and development alongside reporting, strategy and forecasting services
The business has formed partnerships with several brands to support growth, which has been reflected in their annual income. The latest report shows revenue has increased to $1.86 million from $540,000 just three years prior.
#4
Dexterous: $2.4M in Annual Revenue
Business offering an outsourced finance department solution
Dexterous Group was founded in 2015 by James Iliffe and Nick Urry as an Australian-based accountancy firm.
The business - with a team of 40+ staff - essentially acts as a fully outsourced finance department managing aspects like accounting and financial training, which allows companies to focus on other areas.
Due to providing customers the benefits of having no in-house finance costs or management, Dexterous has continued to grow its customer base which has significantly helped the business' increase revenue.
Whilst no public pricing is visible without a free consultation, reports show annual revenue has grown to $2.4 million, from $1.12 million just three years prior.
#5
E-file.com: $10.9M in Annual Revenue
Online tax filing software as a service
E-file.com was founded in 2011 by Robert Reynard and Aaron Rosenthal as an online tax preparation platform.
The business software allows customers to file federal and state taxes by creating an account with their business details including income and deductions - the E-file.com service will then calculate a tax return which can be filed electronically or printed - often within 15 minutes.
Customers can use the service to complete federal filings for free. There are then two paid options for state filings support starting from $27.99.
In 2019 E-file.com generated $5.4 million in revenue, which rose to $11.2 million before falling slightly to $10.9 million for the last two years respectively.
#6
Taxually: $11.8M in Annual Revenue
Full service tax compliance platform for businesses and accountants
Taxually was founded by Fergal Garvey, Mike Glover and Stefan Mladenovic as a tax compliance support service.
The business works with companies in over 45 countries to stay up to date with regulations and fulfill obligations such as eco taxes, global VAT and US sales tax.
Taxually has split their offering into four segments, each specialising in a specific area of tax compliance. They are CrossTax, EcoTax, LumaTax and OneTax. Between them they cover all areas of taxation, as well as software to support business transactions.
Working with businesses such as eCommerce retailers and accounting providers, Taxually’s full service offering has a growing customer base which has been reflected by their increasing income.
Annual revenue for 2022 grew to €10.6 million (~$11.8M), a huge increase on the €175,000 (~$207K) reported in 2019.
#7
Info-Tech: $19.2M in Annual Revenue
HR and Accounting Software provider
Info-Tech was founded back in 1996 as an HR and accounting platform with headquarters in Singapore
The business aims to support companies with an all-in-one resource operations package that includes accounting and HR software, payroll services, and reports.
Working with varying-sized businesses in a range of industries, Info-Tech has gone on to provide human resource management and accounting to more than 30,000 customers thanks to a team of 500+ employees.
The cost of the service is a little vague - as customers are encouraged to request a demo to trial the platform - but we can see that access to some elements of the accounting software start from $25 per month.
The reported annual revenue for the business has been fairly consistent over the last two years, falling slightly to $19.2 million from $20.5 million the previous year. However, this is a significant increase on the $6.2 million annual revenue reached in 2019.
Changelog
Revenue updated for Taxually
Revenue updated for Bank Statement Converter
Revenue updated for Mazuma
Revenue updated for E-file.com Revenue updated for Taxually
Info-Tech was removed from Accounting Mazuma was added to Accounting Revenue updated for Bank Statement Converter Taxually was added to Accounting Bank Statement Converter was added to Accounting
Air Accounting was added to Accounting
Dexterous was added to Accounting E-file.com was added to Accounting Info-Tech was added to Accounting