October 1, 2020 | technology | No Comments
Pandemic or not, the time has come for freelancers and the self-employed to be prioritized by the fintech industry. In Germany, freelancers spend an average of 25 days and €3000 ($3,510) a year attempting to organize their finances through disparate banking, accounting and tax advisory services.
Due to a lack of education, complex processes and subsequent delays, the self-employed are deprived of a clear, holistic view of their finances and are therefore, exposed to liquidity bottlenecks and the risk of being cash-strapped, especially problematic amid uncertainty as a result of Covid-19.
A one-stop shop solution is required. To resolve this issue, Berlin-based mobile business bank Kontist has recently launched a service that makes accounting an integral part of bank transactions so that corporate and income tax calculations can be made in real-time.
While accountants and tax agents are ready to help, it is