November 15, 2013
Anupam Singhal co-founded Monaeo as a cloud-based, mobile-first solution to help companies save money on employee-mobility related compliance, audits, and taxes. His solution automatically tracks the employee location information companies need to manage complex tax and immigration issues like payroll withholding, Nexus, corporate tax apportionment, and deferred compensation taxes.
A lot of companies conduct multi-region business with employees, senior executives or otherwise; these individuals travel across states and countries as part of their job. Monaeo helps determine the number of days spent in a different jurisdiction and applies that data in real-time for use by enterprise or individual customers.
Employee mobility is rising 5 percent a year globally, and the burden of proof in taxes falls on the taxpayer. Most taxpayers have no visibility into the data determining how many days they have been in different locations and are exposed to costly audits.
Singhal takes pride in being the rock people and companies can cling to in order to sort their taxes out. We sat down with him to discuss Monaeo and how it empowers taxpayers.
Tech Cocktail: Where did you get the idea for Monaeo?
Anupam Singhal and Nishant Mittal: It came from personal experiences that both I and my co-founder Nishant had in our prior jobs. Tax compliance was a huge pain point for us, not unlike anyone else who travels. Every year the tax deadline was a nightmare, as we knew we’d have to calculate where we’d been, along with our spouses.
If you get it wrong when filing your tax papers, the taxman comes knocking on your door. It’s gut-wrenching to see that. So we decided we needed to develop a solution that would open up an opportunity to be more aware of where our time was being spent and its impact on our taxes.
Tech Cocktail: What were some of the challenges you faced on your path to success?
Singhal and Mittal Understanding the deeply complex and multi-layered tax issue we were addressing with new technology and data was difficult. But we identified the most respected tax experts in our areas and brought them onto the team as special advisors.
Customer acquisition was another hurdle; it was clear it would be incredibly difficult and expensive. We were able to successfully leverage our advisory team to jumpstart the effort, achieving a very high initial ROI.
Tech Cocktail: And what about other tax related companies, how are you stacking up against them?
Singhal and Mittal: We are far more innovative and offer a better user experience by being nimbler and more flexible than the competition. Our implementation is faster, and our support allows us to listen to and apply feedback from our users.
Additionally, we are purely tech focused versus being driven by hourly billing for professional services. This is all that we do, so we do it the best instead of offering a suite of sub-par products.
B2B enterprise startups are becoming the trend, and that’s because more people are realizing the value of solving a real-world problem. We are building innovative enterprise tech to disrupt highly inefficient and inadequate processes currently in place: solving real-world problems.
Monaeo was featured at Tech Cocktail’s New York City Mixer & Startup Showcase on September 18th.
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