TaxScouts Sets Aim to Build Europe’s Largest Network of Accountants to Address Industry Challenges
London, United Kingdom, 25th October, 2023
TaxScouts, the leading tax and accounting platform, is taking strides to establish the largest network of certified accountants in Europe. In a strategic shift, the company has appointed Mal Cowley as its new Chief Executive Officer to lead the expansion of their network of accredited accountants across the continent. The decision follows TaxScouts’ impressive growth, including a 3.5-fold increase in business and a tripling of its customer base over the past two years.
This expansion initiative seeks to address the growing demands of the evolving job market, characterised by an increase in the self-employed workforce, while also confronting the challenge of retaining skilled accountants. TaxScouts now reports a network of 150 accredited accountants operating in the United Kingdom and Spain, following a successful 2021 launch in Spain.
Mal Cowley, TaxScouts’ new CEO, brings over 20 years of experience from both Silicon Valley and London, with a noteworthy track record of leading venture capital and private equity-backed startups. He played a pivotal role in the successful exits of three companies, including Bottlepay and buy.at, with a combined value exceeding $500 million.
TaxScouts, co-founded in 2018 by alumni from Wise, Skype, and MarketInvoice, has rapidly established itself as a leading tax and accounting platform. The company leverages artificial intelligence and automation to streamline the tax preparation process, reducing manual administrative tasks by 80%.
Mal Cowley shared his vision for the future of TaxScouts, stating, “In the new realities of work, the self-employed are playing an increasingly pivotal role in providing stability and flexibility to all industries. As a result, there’s a growing demand for trusted tax advice and support that’s easy to access. TaxScouts’ ease of onboarding new clients and managing workflows has already contributed to the retention of high-quality accountants in the workforce – yet another industry that has been hit by the global talent shortages. It’s a strong foundation to build the largest European network of accredited accountants, and I’m happy to have joined the team at this pivotal time in the company’s trajectory.”
The TaxScouts platform has revolutionised the way individuals and businesses manage their taxes, making the process more efficient and accessible. The new direction signals a commitment to expand beyond quarterly and annual tax returns, aiming to create the largest network of accredited accountants in Europe.
Notably, the UK is currently facing a significant talent shortage in the accounting industry. Data reveals that between 2021 and 2022, student numbers in the UK and ROI decreased by 3.5%, a trend seen worldwide, with a 2.0% decline. This poses a challenge as the accounting workforce is also ageing, with 52% of ACCA members aged 45 or over, potentially leading to a wave of retirements in the coming decades.
Despite these challenges, the demand for accounting and finance professionals is expected to grow, with 7% and 6% employment growth predicted for accountants and financial analysts, respectively, over the next decade. TaxScouts’ strategic move to build a vast network of accredited accountants aligns well with these projections.
Mart Abramov, co-founder and former CEO of TaxScouts, will remain on the company’s board as Mal Cowley takes on the role of CEO. With a strong foundation and visionary leadership, TaxScouts is poised to make a substantial impact on the European accounting landscape.