Ember, a new startup purporting to make it easier for users to track their finances, is live after months of developments and a seed round.
In a press release, the company said it did not anticipate launching during the coronavirus pandemic, but hopes that its streamlining and tech-savvy functions will be a boost for stressed-out workers.
The company, powered by open banking and machine learning, aims to take some of the more time-consuming and cumbersome elements out of the financial administration process.
For instance, the program can link all necessary bank accounts for a company so that transactions appear in one localized feed. Ember also automates the classification of expenses to provide users with a transparent picture of how much they owe in taxes without having to do continuous updates. The program will allow for quicker payments and easier invoicing, and will enable tax payments with a simple program using only a few clicks. The Ember program can also be accessed on mobile devices.
The press release states that the program will eliminate the need to hire a tax accountant, while enabling users to avoid time-consuming spreadsheets and missed deadlines.
Ember says it believes in an "economy powered by small business." The company was started out of a desire to ease the stress typically associated with managing finances. CEO and Co-founder Aaron Shaw describes feeling overwhelmed by the process of looking over books and taxes, and then, after consulting a professional, feeling left in the dark. That experience, Shaw writes, made him yearn for a new, automated way of financing.
As technology increases in scope and capability over the coming years, a growing number of younger business owners will likely look for these kinds of solutions to help them avoid tax headaches.