Tallyfor is using online automation to ease the process of completing business taxes.
The idea for the startup originated while Peter Wen was working as a Certified Public Accountant (CPA) at Xero, an online accounting company. Wen realized much of the work a CPA completed manually could be automated — so he set out to build a product to do just that.
Now, Wen is the co-founder of Tallyfor, a startup he described as “the tax calculation layer for the internet.”
Tallyfor improves online accounting software so that it is able to complete business taxes by moving data from source transactions to Internal Revenue Service (IRS) filing.
“Everyone has to do tax returns, right? And it’s actually quite an arduous job,” Wen said. “So what Tallyfor does is help automate (the process).”
Wen began developing Tallyfor in 2018. Three years later, he brought the startup to AngelCon, an annual competition hosted by the Cal Poly Center for Innovation and Entrepreneurship (CIE) Small Business Development Center (SBDC) in which tech-driven startups on California’s Central Coast compete to win funding for their businesses.
Tallyfor won the competition and was awarded the top prize of $145,000 in equity-backed funding.
“AngelCon was a lot of fun,” Wen said. “It was really a great way for us to kick off our business.”
Following AngelCon, Tallyfor joined the CIE Incubator, a two-year program designed to help early-stage startups develop into financially stable and scalable businesses. The program provides participating startups with resources that can help facilitate growth, such as mentorship, networking events and funding opportunities.
For Wen, the most valuable part of the Incubator is the community. Through the program, Wen has had the opportunity to connect with his fellow entrepreneurs.
“Being a startup founder, I always say, is a bit lonely,” he said. “It’s always challenging finding like-minded founders and people who support you. Joining the Incubator program was very helpful in finding people to support you in those early stages.”