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60%

Reduction in time spent tax planning.

Transforming tax planning for mid-size firms with an AI-driven platform that automates strategies, optimizes savings, and achieves $475,000 ARR in the first year.

Company

Company logo

FortunAI is dedicated to empowering mid-size accounting firms with advanced AI-driven solutions. By leveraging industry and tax specific data, combined with and artificial intelligence, FortunAI helps improve operational efficiency, along with optimizing their clients tax strategies.

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Client

FortunAI

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Location

Livonia, MI, US.

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Industry

Fintech, Operations

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Technologies

Nest.js, Node.js, AWS

Services

Web application

GenerativeAI

KPI Metric Results

  • Revenue Growth: $475,000 ARR achieved within 12 months.
  • Efficiency: 60% reduction in manual tax planning time through automation.
  • Adoption: Pipeline established with consistent onboarding of new users.
  • Engagement: 70% increase in user engagement through streamlined UI and chatbot functionalities.
  • Integration Success: Xero and QuickBooks integrations handling 95% of client data imports seamlessly.
  • Demand: Significant uptick in demo requests, driving user acquisition pipeline growth.

Overview

FortunAI is dedicated to empowering mid-size accounting firms with cutting-edge AI solutions. By leveraging tax-specific datasets, automation, and machine learning, the platform enhances operational efficiency and optimizes tax strategies for businesses.

At a glance

Valere partnered with a prominent accounting firm to develop an advanced tax optimization platform. This platform integrates and then intelligently analyzes a company's financial data and tax information, aligning it with existing tax-saving strategies, incentives, and programs, to craft a customized tax efficiency plan aimed at financial savings and optimal tax structuring.

Challenge

The challenge was to Develop an indispensable AI assistant tailored for tax professionals, seamlessly integrating into their workflows. The key challenge lay in designing an intuitive UX/UI capable of effectively presenting vast amounts of complex data and strategies to users. The solution also required implementing intricate tax calculations for both federal and state levels in the United States, accounting for diverse factors such as varying tax rates, income brackets, filing statuses, deductions, etc. Additionally, the system needed to cross-reference all relevant data against specific federal and state regulations to ensure compliance and accuracy.

Actions

We delivered a robust application designed to calculate tax obligations or refunds based on client income data and facilitate the creation of tax plans to minimize obligations or maximize refunds, with or without AI assistance. The application consists of two main components:

  • User Interface: A streamlined interface for end-users to interact with the application.
  • Admin Application: A backend tool for managing data and configurations.

Technical Highlights:

  • Deployment: The application is hosted on AWS for scalability and reliability.

Technologies Used:

  • Frontend: Developed with the React framework for a dynamic and responsive user experience.
  • Backend: Built as an API using the Nest.js framework, paired with a PostgreSQL relational database for secure and efficient data handling.
  • Integration: Seamlessly connects with Xero and QuickBooks, enabling automatic entry of clients' business income data into the system.

As of today, we have an established pipeline onboarding new users and a significant demand for demos.

Patrick Besedić profile image

Patrick Besedić

Project Manager

Case study characteristics visualization

Solution

The application is designed for tax professionals, who are the primary users. Through the application, users can calculate tax obligations or refunds for their clients, and create tax plans that reduce tax obligations or increase refunds for their clients. AI has been implemented to assist in creating tax plans within the system, along with additional features such as:

  • Recommending tax strategies applicable to clients based on their data in the system.
  • A chatbot capable of searching the Web to answer general questions.
  • Providing general information on tax strategies, including descriptions of the strategies, the benefits of implementing them, and the potential risks involved.
  • Building PDF reports for clients using Generative AI.
  • Communicating with a Tax Planning AI agent that understands your business and data.

Results

  • Inbound Planning: Reduced manual planning time by 50% (8 hours → 4 hours) with streamlined workflows and interactive views.
  • Outbound Planning: Improved shipment accuracy and reduced delays with real-time syncing to Truckmate.
  • Dispatch Operations: Centralized dispatch tools simplified route management, with real-time tracking for drivers and clear dashboards for dispatchers.
  • Dock Automation: Digital tools improved accuracy, visibility, and communication, enabling supervisors to oversee operations through tablet interfaces.
  • Scalability: Delivered a white-labeled solution for licensing to other logistics companies, creating additional revenue streams.

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