Q&A Platform Connects Business Owners with Tax Pros & More

Q&A Platform Connects Business Owners with Tax Pros & MoreA brief synopsis of the website / application:

BIDaWIZ (http://www.bidawiz.com/) is an online marketplace where small businesses, entrepreneurs and solo practitioners can obtain trusted, professional tax and financial advice via a question and answer platform. The service is provided nation-wide by a network of pre-screened CPAs, EAs, CFPs, CFAs & Tax Attorneys. We also provide our users with a vast Knowledge Base of thousands of finance, accounting and tax questions and answers.

Q&A Platform Connects Business Owners with Tax Pros & More

Ryan Himmel CPA

Why did you start this company?

As tax, accounting and finance professionals we often encountered clients whose needs were not being adequately met. There was the bookkeeper who lacked the time to research complex accounting issues or needed confirmation of an answer they had arrived at. There was the small business owner who needed an on-call accounting resource, but could not regularly bear the expense of a full time accountant. There was the personal investor who wanted to confirm his or her accountant’s advice and discuss regulatory changes that could impact his financial or tax planning. At the time, our clients’ only options when seeking answers to tax and finance questions were costly and time consuming. Lengthy phone calls, high hourly rates and an inability to let the market determine the most qualified and cost-efficient professionals for the job were the norm.

We founded BIDaWIZ in a desire to address the needs of those who, like our own clients, sought a better solution for their tax and finance needs. Our guiding principle is that individuals and businesses should have access to high quality, comprehensive professional tax and financial advice, delivered in an affordable, accessible and easy-to-understand manner.

Why would a small business, entrepreneur, freelancer, etc use your product?

BIDaWIZ provides a more convenient, cost-effective and customized product than traditional finance, accounting and tax advisory services. On average, BIDaWIZ users receive their advice at a 70% discount, compared to the typical billable rates of a CPA or CFP. Users no longer need to schedule appointments or retain advisors hourly for their discrete tax and financial questions.

In addition, because BIDaWIZ operates as a competitive, bid-based market, users have the ability to select a practitioner based upon the variables most important to them, be they cost, experience, or delivery time.

How do you see the space changing and are you launching any new products?

We recently acted on a trend we noticed in our space. Third party financial and tax application providers as well as financial publishers have expressed a strong interest in connecting their users with financial professionals within the context of their platform. As such, we’ve been working with current and prospective partners to provide their users with the ability to directly communicate with a BIDaWIZ tax, accounting or financial expert in the context of their application or blog. As one of our partnership tools, we’re getting ready to launch a turnkey ask the expert widget to place on current and potential partner sites. This will allow customers of a payroll application or a reader of a financial publication to get an answer to their question right then and there. We expect this to be the start of a growing trend in the space.

Do you offer free online or offline tools?

In addition to our premium service, we offer a free Knowledge Base which contains thousands of finance, accounting and tax questions and answers. BIDaWIZ and its professionals have generated the content which provides new and existing customers with immediate answers to their questions. It is also fully customizable and can be integrated directly into a third party financial or tax application.

In addition, we have a business blog that we update on a daily basis which focuses on the financial and tax issues impacting small businesses and retail investors. Topics can range from, “What’s the best bank for my Business,” to “What Small Business Tax Breaks Should I know for 2011.”

Shortly, we will be launching a premium version of both our blog and Knowledge Base tailored to the business community but we will also continue to offer a free version.

What advice would you give other entrepreneurs and business owners?

It sounds like a no-brainer, but make sure you’re offering your product or service to the right person. In the beginning, you may not know who your customer is, which is okay, but make sure you analyze your sales data to identify who they are for the future. When you figure that out, then you should focus all your resources towards attracting and helping that customer.

When we first launched BIDaWIZ, we thought individual consumers experiencing life-changing events would be our best customers. But two years of data, told a different story in that our best customers are small businesses, sole practitioners and retail investors. As such, a few months ago, we re-launched our website and tailored it to the small business community. Since then, we haven’t looked back by focusing all of our efforts and resources in creating, marketing and managing a service for that community.

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