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November 11, 2024
November 8, 2024
The administrative burden of HR compliance combined with disjointed management makes it highly challenging for businesses to run smoothly. Further, shifting the focus on these areas leads to a lack of attention in other areas of the company. Overall, this increases the work pressure on management along with reducing profits.
As an expert with vast experience in the field of incentives and tax credits, Shannon Scoot recognized the requirement for a comprehensive compliance solution that addresses the challenges faced by HR departments in maximizing tax credits, avoiding government penalties, and meeting regulatory standards. He explains, “My years of helping American employers increase their profitability by identifying and capturing tax incentives gave me a unique perspective on the importance of streamlining the process of capturing hiring incentives and incorporating them into a larger compliance platform.”
By working closely with HR departments instead of entirely relying on finance teams, Scott was able to recognize the need for a broader solution that aids businesses comply with regulatory standards, mitigating risk, and ultimately, boosting their bottom line. As a result, he established Trak Capital, a company that delivers significant value to its clients besides aiding them to achieve their long-term goals of growth and success.
Trak Capital was founded in 2022 with the aim to fund innovative companies in the HR, fintech, and compliance sectors to maximize potential and drive growth. Leveraging its operational expertise and industry knowledge, Trak Capital identifies and invests in promising businesses and works closely with them in order to implement the most suitable practices, invest in technology and talent, as well as scale their service offerings. Consequently, its portfolio companies attain accelerated earnings besides realizing their full potential.
Shannon states, “We recently launched HR Logics, which connects our portfolio of best-in-class HR compliance technologies through a unified platform and centralized service team. HR Logics empowers organizations to navigate complex legal requirements with ease and peace of mind.” From Unemployment Cost Management to Form I-9s, HR Logics is a robust compliance solution that provides a simplified experience, centralized support, combined expertise, and unified technology.
Trak Capital provides top-notch solutions when it comes to guiding a business toward total compliance and ultimate profitability. Its various services include Revolutionizing Employment & Income Verifications, Unemployment Claims Management & Cost Control, Simplified 1-9 Compliance, ACA Compliance & Reporting, and Tax Credits & Hiring Incentives. Not only do these overall aid businesses in increasing profitability and cash flow but also help them save time, effort, and money.
The company lives by the values of impact, integrity, and innovation. It delivers real impact along with trackable Return on Investment to its clients. Its products and services accelerate profitability as well. Furthermore, Trak Capital is committed to building customer relationships, products, and services centered on transparency, trust, honesty, and reliability. And finally, the company continues to be a change-maker in the industry. Its products, service lines, and internal culture are focused on iterating, adapting, and forming new ideas.
“Every business venture carries inherent risks, particularly when expanding into new areas that require a higher level of expertise,” Shannon states. Through its transition from incentives and tax credits to HR compliance space, the company realized the significance of seeking out advice from legal and industry experts to make sure that its solutions are in alignment with the rapidly changing government regulations as well as effectively communicate the best practices for utilizing its tools for remaining compliant.
In order to manage such risks, Scott tells, “We took a proactive approach by forming a Compliance Counsel composed of top-tier industry and legal experts who provide ongoing guidance and education to our clients. Their input has been invaluable in ensuring that our solutions are robust and adaptable to changing regulations, while also providing our customers with the peace of mind that they are operating within the bounds of the law.”
Trak Capital thoroughly understands that compliance is crucial for the success of any organization and it is committed to aiding its clients to mitigate their risk of regulatory penalties and fines by offering them world-class solutions that are formed to bear the challenges of a constantly changing regulatory landscape.
Trak Capital acquired a business in early 2022 – one that had not been profitable in the past seven years. Although the company had a solid client base and product, it lacked growth leadership. Through its expertise and operations, Trak turned that company into a profitable one within the span of a few months. As a result, their annual revenue doubled.
Another successful client acquisition was at the end of last year. The company was an industry-leading software platform wherein no sales or marketing efforts were put in. It took Trak just a month to transition the company from losing money for the past two years to breaking even.
First and foremost, Trak Capital is deeply committed to developing as well as investing in innovative technologies that allow businesses in America to effectively navigate the complex landscape of government compliance. Moreover, Scott states, “Trak’s portfolio of companies differentiates itself from competitors by providing unparalleled customer service, a single source of compliance truth and prioritizing the needs and concerns of our clients, and delivering customized solutions to meet their unique compliance challenges.”
Trak Capital invests in businesses that complement its core products and services. It brings in the best experts in the industry to aid in running, managing, and developing businesses. In fact, unlike other businesses in the field, Trak believes in investing in products and industries that have grown earlier.
The vision of Trak Capital is to revolutionize the ways in which HR teams manage compliance. The sole aim of the company is to build the most advanced, easiest, and customer-centric compliance platform on the market that empowers HR teams with the resources and tools they require for minimizing risks by ensuring compliance.
In the future, the business aims to continue to enhance and innovate its platform, offering HR teams innovative and novel solutions to aid them to be in the know.
Pull Quote: “We recently launched HR Logics, which connects our portfolio of best-in-class HR compliance technologies through a unified platform and centralized service team.”
Description of the Company: Trak Capital funds innovative companies in the HR, fintech, and compliance sectors to maximize potential and drive growth.
Company Name: Trak Capital
Founding Year: 2022
Office Locations: Birmingham, New Orleans, Nashville
Official Website of the Company: www.trakcap.com
Name of the Featured Leader: Shannon Scott
Designation of the Leader: CEO
