# Magnetic

**Source:** https://www.startuphub.ai/startups/magnetic
**Profile type:** Startup

> Magnetic is an AI-powered tax preparation platform that automates document scanning, data extraction, and direct entry into existing tax software for CPAs, significantly reducing manual work and saving hours on every return.

## About

Magnetic addresses the massive talent shortage in the accounting profession by providing an AI-powered tax preparation platform for CPAs. It automates the tedious data entry process by scanning client documents, extracting data with cutting-edge OCR (99.8% accuracy across 94+ document types, including handwritten notes), and seamlessly entering it into major tax software like Thompson Reuters, Intuit, Wolters Kluwer, and Drake. The platform also offers built-in document organization, creating bookmarked, organized workpapers. Founded in 2024 by former Keeper and Zynga leads, Thomas Shelley and Patrick Fay, Magnetic has quickly processed hundreds of returns, demonstrating significant efficiency gains and accuracy improvements over incumbent solutions, aiming to capture a large share of the $2B US personal tax returns outsourcing market.

## Key facts

- **Slug:** magnetic
- **Website:** https://www.magnetictax.com
- **Founded:** 2024-01-01
- **Employees:** 2
- **Operating status:** Active

## Frequently asked

### What does Magnetic do?

Magnetic addresses the massive talent shortage in the accounting profession by providing an AI-powered tax preparation platform for CPAs. It automates the tedious data entry process by scanning client documents, extracting data with cutting-edge OCR (99.8% accuracy across 94+ document types, including handwritten notes), and seamlessly entering it into major tax software like Thompson Reuters, Intuit, Wolters Kluwer, and Drake. The platform also offers built-in document organization, creating bo…

### When was Magnetic founded?

Magnetic was founded in 2024.

### How many employees does Magnetic have?

Magnetic has approximately 2 people on record.

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