current position:Home>Tax friend shares lost Dongfeng, and there was no leader in fiscal and tax SaaS

Tax friend shares lost Dongfeng, and there was no leader in fiscal and tax SaaS

2022-05-07 17:07:3336kr

“ Every month's declaration is like a big test ”, Li Meiying, who has been an accountant for more than 20 years, now recalls the tax declaration process when she first started working , Still lament that the workload is too heavy .

Each declaration form and data need to be filled in and submitted manually by the accountant , Then we need to wait for the tax personnel to check the authenticity of the information 、 rationality , And verify the logic of the report . The procedure is complicated , And it takes a lot of manpower and material resources .

And Li Meiying is only an epitome of the development of Taxation , At that time, many financial personnel were overwhelmed by the complicated process , But when the technical infrastructure is not built , Only traditional “ stupid ” Way .

With the implementation of the Golden Tax Project , The state's requirements for tax compliance are constantly improving , When the financial digitalization reform of major enterprises is imminent ,SaaS The industry is integrated into the field of Finance and Taxation , It not only improves the efficiency of financial work 、 Cost savings , It also solves the disadvantages of installing and purchasing servers for traditional financial software .

According to the consulting and research of burning knowledge ,2021 Domestic finance and taxation in SaaS The market size has reached 97.5 One hundred million yuan ,2026 The year will come to 308.5 One hundred million yuan . finance and tax SaaS The platforms smell “ gold ” And rise , Run in . Among them, the finance and taxation with the most stories SaaS The platform may be the tax friend shares backed by ants and Ali .

Talking about tax friends , If you are not a finance and taxation professional or are not familiar with , But mention its involvement in development and maintenance “ Individual income tax ”App, Is better known .

Make a fortune in G Tax friends in the end market contain “ Golden spoon ” Caught up with the east wind of industry reform , Take advantage of the situation , Despite suffering from shareholder cash out 、 The chairman's bribery scandal and other disturbances , Still successfully listed .

At present , The market value of tax friends has exceeded 100 One hundred million yuan , Plus the halo of capital behind it , China Version Intuit We can't help but place our expectations on it . But seemingly complacent , How to sit firmly in the present position , It's not easy for tax friends . dream Want beauty good , We still have to be down-to-earth first .

The east wind is easy to ride , How long ?

1999 year , The predecessor of Shuiyou, Zhejiang Xi'an Jiaotong University Longshan Software Co., Ltd., was established , Born in the incubation of scientific research achievements in Colleges and universities , Make its fortune from G End , Ahead of the starting line of the market .

After going through 22 After the capital operation such as capital increase, share expansion and share transfer , Shuiyou software group was established , Although the three original shareholders including Xi'an Jiaotong University withdrew one after another , However, it still provides endorsement for tax friends to provide tax system development and operation and maintenance to the tax authorities later , Laid the foundation .

As the country has been continuously strengthening the construction of tax informatization , With the previous To G Experience , Tax friends undertake individual income tax App Development and subsequent maintenance of personal tax management system and decision analysis management system .

Comparison B End , Even though G The gross profit margin of end projects should be 20% lower , And the construction cycle is long , Considering different organizational structures and strong regionality , More need to carry out highly customized development , But none of this can prevent it from becoming a sweet pastry in the eyes of the wolves .

generally ,G The source of funds for the end project is sufficient and stable , Vigorously implement in the country “ Internet + E-government services ” Under the top-level strategy , As an important source , Connecting the government and the people's livelihood , Take down G The end project is to keep up with the tuyere .

G Carry such a fragrance , But even if we win at the starting line , It doesn't mean you can enjoy it .

be responsible for “ Golden Tax Project ” Value added tax anti-counterfeiting tax control system and upgraded version construction of China Aerospace Science and industry group , And China software, which is also the bid winner of Golden Tax phase III project , It's the same force G A strong competitor at the end .

In addition to B End , Promotion can invade users' minds by marketing , but G The end is not that easy . A product manager in the industry pointed out that ,G Whether end products can be promoted , It still depends on the report of middle-level stakeholders and the final decision of direct leaders .

therefore , Tax friends can only walk a tightrope on the cusp of the storm .2015 year , Li Yongheng, former director of the State Administration of Taxation of Guangdong Province, was suspected of taking bribes of tens of millions of yuan , Among them, Zhang Zhenchao, chairman of Longshan software, has offered bribes for many times 44 Ten thousand yuan , In order to ask Li Yongheng to help promote his products in Guangdong .

Maybe it's a loss in this respect ,2016 In, Shuiyou began to implement the dual brand strategy , found “ Yiqi wins ” by B End customers provide Internet Finance and tax products and services ,“ Tax friend ” Keep focusing G End business , In order to balance risks and share pressure .

2017-2019 year , The proportion of the revenue of comprehensive financial and tax services of the enterprise of Shuiyou shares is respectively 81.04%、71.56% and 65.22%, Has become a major source of income . but G The proportion of the end is high ,2021 year , Tax friend To G The revenue of digital development services accounts for 46%, Almost half . thus it can be seen ,G The end dependence is still not completely free .

On the other side , Compared with the revenue and profit growth of previous years, both slowed down ,2021 year , Tax friend shares increase income but not profit . Achieve revenue 16.05 One hundred million yuan , Year-on-year growth 4.14%, However, the net profit attributable to the shareholders of the listed company 2.31 One hundred million yuan , Year-on-year decline in 23.64%.

The reason is , One side , Tax friends in order to increase To B Subscription service and customer satisfaction , Strengthen sales promotion , Sales expenses increased by 60% . On the other hand , Tax friends increase investment in financial products , As a result, the net cash flow from operating activities decreased year-on-year 54.42%.

And in the revenue of tax friends whose growth has slowed down , A considerable part of it comes from government subsidies and tax incentives for non main business revenue .

2017-2019 year , The government subsidies received by Shuiyou software are 0.23 One hundred million yuan 、0.14 One hundred million yuan 、0.24 One hundred million yuan , Of the total profits in the same period 15.90%、5.05%、8.00%. In terms of tax incentives , Enjoyed separately during the period 0.14 One hundred million yuan 、0.30 Million dollars 0.28 One hundred million yuan , Of the total profits in the same period 9.89%、10.86%、9.95%. The two aspects add up , Every year, it occupies the tax friend 2-3 The source of revenue contribution .

2021 year , Tax friends received 0.34 Billion yuan of government subsidies and 0.32 Billion yuan of tax preference , Of the total profits in the same period 28.6%.

Tax friends keep up with the reform of national finance and taxation digitization , But luck is not always there , Previously, tax friends also wanted to keep up with the tuyere and enter the Internet financial industry , But the registered insurance brokerage company also ended up with nothing .

On the market , Tax friend expense 10 Billion yuan financing , But raise money 9 Billion yuan invested in project construction , Caused the market to its IPO Questioning the necessity . and 2021 year , The trading financial assets of tax friends are more 2020 It has increased by more than 10 times , Perhaps also realized that the east wind is easy to ride, but difficult to last , Compared with their own business , In the view of tax friends, perhaps financial management and fixed assets are more reliable .

Internal and external worries  

SaaS The customer's life cycle can be divided into customer acquisition - Sales conversion - Newbie on the road - Growing up - Customer renewal , There are five stages .

On customer acquisition , Tax friends expand by increasing sales expenses B Customer access channel . Although tax friends are one of the few domestic fiscal and taxation enterprises that make profits SaaS manufacturer , But it still can't stop the trend of increasing income without increasing profit , Cash flow has to flow to financial products .G End instability , By burning money to get B End customers , After all, it's not a long-term plan .

Tax friend B The customers of end-to-end business are mainly small and medium-sized enterprises , Although the number is large, it is more dispersed , This increases the management service threshold of tax friends .

One side , Small and medium-sized enterprises put forward higher requirements for the ways and types of tax friends getting customers , On the other hand , Insight consultation 《2022 China's finance and Taxation SaaS Industry white paper 》 Show , Small and micro enterprises are different from other types of customers , It has unique attributes in financial management , It makes it more difficult to cultivate the customer base of such enterprises . In medium-sized enterprises, it needs the integration of industry, finance and Taxation .

Relevant data display , The average life expectancy of domestic small and medium-sized enterprises is less than 3 year , This is in the customer renewal stage , It further limits the sustainability of renewal of tax friend customers .

in addition , The risk of business area concentration of tax friends has not been improved . Previously disclosed in the prospectus , The company benefited from its early years in Beijing 、 hebei 、 guangdong 、 xinjiang 、 Shenzhen 、 Market development and customer training in key regions such as Shanghai , As a result, the company's operating revenue in the above regions increased continuously during the reporting period .

The prospectus shows , The main business income of Shuiyou software is mainly distributed in North China 、 South China and Northwest China , During the reporting period, the above three regions accounted for about 80% of the total revenue of the company's main business .

Maybe it's to hide the risk that the business area is still concentrated , On business area data , Tax friends subsequently adjusted the regional division . stay 2021 In the annual report , Northeast China and central China did not appear , At the same time, the northwest and southwest regions are merged into the western region .

But North China 、 The three regions of South China and Northwest China still account for... Of the total main business income 83.44%, The operating cost of South China, which accounts for the second largest contribution, has increased 26.75%, But revenue fell 0.65%, The third largest region after the merger of northwest and southwest is the western region , Both operating costs and revenue fell . In addition to the surface, the area is re integrated , Tax friends still have to face the risk of business area concentration .

In addition to solving your own “ Housework ”, Tax friends are also facing a hot battlefield outside .

Different from the focus of tax friends on small and medium-sized enterprises , The business covers more comprehensive UFIDA network and Kingdee International, and the customers are mainly medium and large enterprises , Customers are relatively more stable , Transformed from traditional financial software , Carrying their own customer resources , On the way of cloud transformation , He quickly took down a large piece of cake .

And in the more subdivided finance and Taxation SaaS Manufacturer's track , At present, there is a high technology that focuses on the digitization of invoices , Cloud accounting rooms characterized by fiscal and tax agents, etc , Service aside G End halo , The characteristics of tax friends are not barriers .

Tax friends lean on G Start from scratch , And because the chairman is suspected of corruption , And Ali's sudden purchase of shares on the eve of listing, and other disturbances fell into the vortex of public opinion , If you want to stay in your current position right now , There are undoubtedly more challenges to face .

It's hard to find the Chinese version Intuit

At present, China's finance and Taxation SaaS market Especially lively , But anyone with “ China Version Intuit” The name of , It's like a symbol of honor .

However , The friend 、 Kingdee 、 Tax friends and others fight their own battles , A seemingly noisy scene , It's hard to hide that there hasn't been a real Chinese version yet Intuit Fact . This is inseparable from innate genes , It is also inseparable from the day after tomorrow's development .

In terms of innate genes , Due to different national conditions , In itself, there are huge differences in the tax environment between China and the United States . Domestic companies are mostly responsible for tax declaration , In the United States, tax returns are made by individuals , This makes Intuit stay 1983 After its establishment in, it launched accounting software for family and personal use Quicken, Pass quickly first C The end has occupied the market . And the country is still C The development period of the end .

At present, the digitization degree of domestic enterprises is low ,SaaS Market education needs to be popularized , The fiscal and tax data are incomplete .《2022 China's finance and Taxation SaaS Industry white paper 》 Show , At present, domestic finance and Taxation SaaS Permeability only 4%, And the United States taxes SaaS The market is China's finance and taxation SaaS The near future of the market 20 times .

source :《2022 China's finance and Taxation SaaS Industry white paper 》

In terms of self-development ,Intuit Already leaning against B End sum C The end has built a complete fiscal and tax Ecology . Domestic finance and taxation SaaS Want to rely on the air outlet 、 Concept sprint market value , It is difficult to equate with the former . In addition to the main products Quicken, Intuit It also acquired the largest tax filing software product in the United States Tuibotax Parent company ChipSoft, And online payment service platform PayCycle Inc., And through personal credit Software Turbo Tax、 Personal finance website And other products serve different types of customers .

From bookkeeping to taxation , From financial management to payment and credit products ,Intuit It's not just the diversity of services , It also obtains a relatively complete user financial view , Subsequently, it also cooperates with financial institutions to provide credit services for users , The height of the ecological barrier built can be imagined .

Regardless of domestic and foreign finance and Taxation SaaS The market value gap of giants , Just in terms of layout ,Intuit The ecology that has been built up at present , It has been able to meet the functional requirements of various long tails . Despite the current UFIDA 、 Kingdee is a big and complete SaaS platform , Built a relatively comprehensive business chain , But distance “ ecology ” The word" , It's still a little far away .

For tax friends whose layout is not wide enough , Even more so . In itself SaaS There are two dimensions of a company's value competitive advantage : The spatial dimension of income and the time dimension of income duration . On the spatial dimension , Tax friends are perpendicular to their own homogenization services, higher finance and Taxation SaaS Track , In the dimension of income duration , Tax friendly G End sum B Both ends are not stable enough , stay SaaS The company has not obtained obvious long-term advantages in price competition , It's even harder to say that it has become a Chinese version of Intuit.

With the advancement of digital tax reform ,SaaS On the eve of large-scale industrialization in the field of Finance and Taxation . At that time , Major finance and Taxation SaaS Platforms are pouring in . But when will there be a real Chinese version of Intuit, No one has yet been able to set an accurate timetable . But despite some difficulties in reality , No one can look down on tomorrow .

For tax friends , Instead of aspiring to become a Chinese version of Intuit, It's better to cultivate an acre of land around yourself first .

( Li Meiying is a pseudonym in the text )

Reference material :

Insight consultation 《2022 China's finance and Taxation SaaS Industry white paper 》

Tencent Consulting 《SaaS depth | Only by innovating the mode can spring flowers bloom 》

This article is from WeChat official account. “ Knowledge of science and technology ”(ID:kejixinzhi), author : Jiarong , edit : Yiye ,36 Krypton authorized release .

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