E59: Why AI Tax Tools Fail the QSBS Test, with Nick Abouzeid of Rivet

In this episode, Sasha Orloff talks with Nick Abouzeid, Co-founder and CEO of Rivet, about raising venture capital from XYZ, Haystack, and other angels to build a modern tax and accounting firm that serves 600+ category-defining companies like Cursor by combining world-class tax practitioners with custom-built software infrastructure, delivering premium responsive service while challenging the traditional accounting firm model of unresponsive service and outdated technology. -- SPONSORS: Notion Boost your startup with Notion—the ultimate connected workspace trusted by thousands worldwide! From engineering specs to onboarding and fundraising, Notion keeps your team organized and efficient. For a limited time, get 6 months of Notion AI FREE to supercharge your workflow. Claim your offer now at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://notion.com/startups/puzzle⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Puzzle 📈  No more waiting for month's end. No more manual reconciliations, just financials that keep up with you. Puzzle is leading a new movement with an AI first ledger, built for speed, automation, and real time decision making. Join today at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://puzzle.io/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ -- RECOMMENDED IN THIS EPISODE: https://www.rivet.tax https://www.linkedin.com/in/nickabouzeid/ -- X/SOCIAL: @nickabouzeid (Nick) @sashaorloff (Sasha) -- TIMESTAMPS: (00:00) Preview (00:36) Intro (01:21) Meet Nick Abouzeid, CEO of Rivet (01:57) Rivet unique approach to tax services (02:52) Challenges in the tax preparation market (06:59) Human element in AI-powered tax services (09:33) Journey to venture capital (14:29) Sponsors: Notion | Puzzle (15:54) Scaling and surprises in building Rivet (18:23) Open roles and team dynamics (19:00) Feedback and roadmap development (19:24) International hiring and cost efficiency (20:40) Data integration challenges (21:23) Future of AI in accounting (22:58) Complexity in tax code and software (23:30) Human expertise vs. AI (32:23) Pricing models in tax preparation (34:26) Client success stories (36:29) Looking forward: New hires and future plans (37:16) Wrap