Abound is building the future independent workers want to work in. Their APIs increase retention and revenue by making it easy to embed benefits in a compliant way. Technical briefing by Alex Cram and Julie Hubschman.
V-Sum_Thirteen was made possible by Modern Treasury, IowaEDA, and Brale
Overview of Briefing
Alex Cram will be presenting this technical briefing. He starts by introducing why Abound was founded.
Alex starts by showing the developer dashboard and what is included for developers of Abound.
We start the demo with a look at the API and the four main components: tax calculation API, tax payment product, transaction predictions, and form generation.
Alex moves into the journey of Abound. We see where Abound’s work comes in when creating an account.
We see where the KYC information is imputed. Abound registered the user and created the payment method ID.
After a use is created, Abound moves into automating the tax calculations. Abound is on-the-fly calculating the taxes.
Alex shows us how the API calculates taxes based on the income imputed. We also get to see how transactions can be labeled as deductible and as personal purchases.
Abound is in real time automatically calculating taxes on every transaction.
Next Alex shows us how automatic tax withholding is done using Abound.
They utilize the tax rate that Abound determines to calculate how much to withhold.
The final part is how the tax withholdings are used to make tax payments.
Alex shows us the tax payment API and how it is utilized in software such as Unit and Lance.
Alex closes out the technical demonstration and how it is integrated within Unit and Lance.