Reducing tax time headaches for small business

Basiq has partnered with Deductly, a startup that helps small businesses categorise their annual expenditure in minutes, enabling them to claim the business deductions they are entitled to.

For the average small business, tax preparation for the financial year can take 40+ hours. This takes a full working week of time that could be spent focusing on customers. Deductly gives time back to small business owners through simplified reports, generated in minutes.

Small businesses make up 35% of Australia’s GDP but over half earn less than $200,000. For micro-businesses, freelancers, or someone running a side hustle, access to a simple and affordable way of managing finances and tax obligations has been hard to come by – until now.

Deductly’s advantage is that reports are specific to business and industry. From one document, generated within minutes, Deductly users can access all the information they need to pull together their expenditure for tax time.

Deductly utilises Basiq to streamline access to customer’s accounts

By using Basiq, not only is Deductly able to connect to financial data from their customers with bank-grade security, they can access quality information that is categorised according to industry standards. This means that Deductly’s customers get easily understandable expense information that aligns with ATO guidelines, rather than having to sift through receipts or decipher banking data.

Deductly is simple to use and customers only need to take three quick steps before they can access a summarised breakdown of their business expenditure. Pricing is on a per-report basis and once purchased, the report can be presented to an accountant or used to understand what tax deductions the business is eligible for.

For Deductly co-founder, Tim Millbank, access to clean and categorised financial data is key to ensuring Deductly customers can make expense tracking a breeze.

“Basiq allows us to examine a customer’s business expenses in a detailed manner. We can gain additional insights such as the merchant, location and spending category of transactions. This allows us to help customers better understand where they’re spending to truly simplify tax time.”

For more on how access to enriched bank transaction data can enable financial innovation, get in touch with the Basiq team.