It’s no secret that the independent workforce is booming; in fact, it’s hard to ignore just how formidable this new economy has become. Over 40 million freelancers, contractors and gig workers contributed $1.3 trillion to our GDP in 2019 alone. Whether they’re looking for more flexibility or a way to turn their side hustle into a career (or both!), employees are now increasingly leaning into the blossoming world of independent work.
However, this added freedom isn’t entirely without some drawbacks. This fast-paced, highly-competitive economy often leaves independent workers without the safety net of benefits and withholdings that employers normally provide to their employees. With less security, it can be difficult for independent workers to sustain their career: leading to burnout, high turnover and ultimately less revenue for employers.
That’s why Abound is on a mission to enable greater wealth and wellness for independent workers, because they know that providing workers with access to, and the ability to contribute to, benefits isn’t just the right thing to do, it’s a brand-new business opportunity for increasing retention, revenue and compliance.
Abound helps employers build the future that independent workers want to work in with a truly developer-friendly list of APIs that are easy to understand, implement and iterate, rather than building from scratch. With Abound, you can easily embed benefits into products, setting aside enough to cover taxes, healthcare, retirement, insurance and more.
Here’s what Abound offers for you, your business and your independent workers:
API for all of your worker’s tax-related needs:
- Retrieve real-time tax calculations on an independent worker’s 1099 income with just one line of code.
- Submit quarterly estimated tax payments to the IRS and state tax authorities on behalf of independent workers.
- Generate, store and access tax forms on-demand with our secure, real-time tax ledger.
Make it easy and automatic for your users to contribute to benefits:
- Add a healthcare plan or connect an existing one.
- Manage sub-accounts for tax withholdings.
- Access a range of retirement plans and reach contribution goals.
- Add a new life, home, renters, auto and business liability insurance plans through our partners, or connect an existing plan.
Abound is built for:
Banking: Make your bank account offering more valuable to freelancers with “self-driving” features that handle the busy work for them, including: auto bookkeeping, tax accounts and tax forms.
Bookkeeping: Calculate users’ self-employment taxes, automatically detect income and deductions and make quarterly tax payments to avoid penalties.
Invoicing: Streamline your invoicing experience by letting professionals know what they owe in self-employment taxes and pay with one click.
Take full control of your company’s offerings with Abound’s comprehensive guides, references and API dashboard to help your developers easily and efficiently build, monitor and manage all of your services and ensure compliance, all while seeing that your independent workers can thrive in their role.
Interested? Abound is helping the best businesses in the independent economy win with new financial features that increase retention, revenue and compliance. Check them out at https://www.withabound.com/ to learn more and get started today.