In today's world, businesses live and die by their ability to collect, synthesize and protect user data. The ability to effectively manage and leverage user data can make you a trusted partner, but just one data breach can render your business irrelevant.
While entrusting your user data to third parties is often a necessity to successful tax compliance, consider that not all vendors are created equal in how they treat your data, and to what degree you maintain control.
With Abound, your data lives in your system under your watchful eye. This means (thanks to an easily-implemented API) that you not only have complete control over your end user's experience, but over the security of their data as well.
Let's explore the advantages of maintaining control over your data.
One of the most obvious advantages of keeping your user data under your control is the avoidance of data migrations. If you rely on external systems or third-party providers to handle your data in any form, you’re probably familiar with the seemingly endless cycle of data transfers and conversions… and the preventable errors that can ensue.
Partnering with Abound for tax compliance allows you to ensure your tax reporting partner is always in sync with your product data, eliminating the need to move data from one system to another. This not only saves time, resources (and perhaps your sanity), but also reduces the risk of data loss, corruption, errors and mishandling during the migration process.
Since the Abound API also comes with a dashboard that easily visualizes the tax compliance process and allows you to initiate, monitor or reference performed services (i.e. W-9 form capture, TIN verifications, and 1099 filings, etc), you also get the benefit of a single source of truth of a complete compliance workflow.
Beyond the general hassle of data migration, it's important to also acknowledge the risk associated with any form of data processing. At Abound, we understand that one of your most important responsibilities is to protect your end users’ data. The best way for you to meet that responsibility is through controlling data access and only transmitting data through secure channels.
Gone are the days of emailing a spreadsheet to your accountant or tax service provider. With the Abound API, your data is accepted electronically, processed automatically, and passed directly to the appropriate tax body without human intermediaries or complicated back and forth, ensuring that you:
Initiate collections, verifications and filings on your timeline
Transfer information only to secure and required sources
Allow the tax team to submit forms or verifications without interacting with the forms themselves, supporting the principle of least privilege (which your security team will love).
And if that doesn’t impress you, perhaps Abound’s relentless commitment to security will. SOC 2 auditors and security testers do a deep dive on our system every year, and we follow the world’s most intensive privacy regulations, including California’s CCPA and the EU’s GDPR. Trusting us with your data is a big commitment, and we’re clear and direct about all the steps we’ve taken to protect it over at our security hub.
If you’re interested in trying out Abound’s product or talking to one of our experts, reach out to partner@withabound.com or schedule a demo.
