Cloud-based Solution for Accounting and Tax Management

Customer

The customer is a Swedish fintech startup that is developing a cloud-based solution for accounting, tax management, annual reporting, and more. 

The solution integrates with popular accounting services to provide users with the most efficient tools for:

• accounting, 
• reporting, 
• reconciliation, 
• transaction analysis,
• tax calculation.

The application covers all steps, from obtaining transaction data to analysis, tax calculations, and filing statements to taxation authorities. It helps agencies and financial departments perform all accounting activities in one place and be sure that all reports are built to meet local tax legislation.

Need

The customer turned to us to get help with solution development. Developers from HQSoftware were integrated into the customer’s team to:

• Develop new features
• Migrate parts of the software to a new technological stack
• Build comprehensive UX/UI design
• Integrate software with third-party services
• Ensure that the project meets strict deadlines
• Establish an efficient 3rd level support pipeline and ensure swift troubleshooting to improve the customer experience

Challenges

In building the solution, the developers encountered a set of challenges:

Deliver the solution to meet a strict deadline. The investor required that the application be delivered on time without even minor delays, and the HQSoftware team was able not only to accomplish this but even exceed expectations — the solution was delivered early and boasted smooth performance from the very beginning.

Build a whole new separate module and integrate it with the system. At the beginning, the system lacked a reporting module — one of the most important features in the new solution. Now, the user can build annual or other reports and preview changes in real time, see reports from previous periods, and build professional reports for board members, management, or investors who need regular and detailed insights into the company’s finances. The developers delivered it, ensured it works bug-free and performed seamless integration with the rest of the features.

Integrate the solution with third-party services. The target audience of the app uses other accounting, financial, and payment services on an ongoing basis, and integration with them is a must for this application. The developers ensured, however, that the system can integrate with any financial software by importing SIE files.

Make sure the solution meets the requirements of Swedish tax legislation. Since the solution is built to support all accounting activities and provides reporting and data management features, it is built to automatically meet all requirements of the current tax legislation. This also helps the solution integrate with similar services with ease, as well as send data to the Swedish Tax Agency.

Meet strict coding standards. The customer had a set of coding standards that were mandatory to follow. So, every completed task and every developed feature were thoroughly reviewed to ensure code quality and to meet the customer’s requirements for building software of high quality and with perfectly refined code.

Migrate the system to a different database and optimize its performance. Developers from HQSoftware needed to migrate the legacy system from GraphQL to AuroraDB (Postgres) with the help of OpenAPI and ensure everything worked as intended.

The team tackled all of these issues and challenges and released the system in time and with flawless performance.

Solution

This is a cloud-based solution for accounting that is able to integrate with any other accounting software to obtain financial data and then process it. It gives businesses full control over their financial statements, taxes, annual and other accounts.

It is suitable for accounting agencies as well as finance departments. For accounting and auditing agencies, there is a special software module — an overview of all of the agency’s clients. There is also no limit as to which companies can use it — this application is suitable for agencies of any size with any number of clients.

Also, the solution can be integrated directly with tax accounts. This means that all financial data about companies that have accounting done in the app can be quickly updated by simply logging into the Swedish Tax Agency with a Bank ID. When the tax accounts are all in order, the user can export an SRU file and upload it to the Tax Agency.

This is the new Excel in the world of accounting — most of the time, the user need only upload financial data about business transactions and the rest is done by the application:

• Tax calculations;
• Multiple types of reports, including those that are ready for official accountability;
• Data visualization via reports;
• Transformation of reports according to the business template provided by the customer;
• Obtaining data from third-party financial services, such as Visma, eEkonomi, etc., by directly importing an SIE file.

Companies benefit from using this application because it allows them to perform all accounting activities in one place, for multiple customers at once.

Outcome

As outlined earlier, with the help of HQSoftware the client was able to deliver a fault-free solution while meeting the deadline. But there were other encouraging results:

• The application was launched without further delay or any downturn in performance.
• The solution was able to cope with a large influx of users from the very beginning — the application handled the workload without additional load testing.

The project is ongoing and developers from HQSoftware are looking forward to implementing new special features that make the solution truly a one-stop accounting system.

For now, the application has tens of thousands of active users, and this number is growing.