Accounting is expensive, time consuming, confusing and people don’t have enough knowledge to help themselves.
Americans spend 8.1 billion hours for record keeping, learning about the law and filling out forms. The billions of hours spent equate to an opportunity cost of $304 billion dollars for compliance in 2018. This is the equivalent of 15 cents on every tax dollar collected or 1.5% of US GDP. U.S. business income tax returns take an average of 276 hours, with an average cost of $4,700.
There are 354 forms associated business tax and this does not include state and local forms. The Tax Code has expanded on average 37,000 words per year, and the Internal Revenue Code (IRC) stands at 3.9 million words. That is all legalese and very confusing, convoluted for the average small business owners.
My Background
I received my Masters in Biotechnology from Johns Hopkins University and started my career studying biological and genetic data relating to cancer and AIDS. I had a brief three years at the United States Patent and Trademark Office in the Biotech Group. After ten years of analyzing biological and genetic data, I transitioned to tax and accounting.
Tax and accounting data are very similar to biological data, the data cannot stand alone. They are linked and contextual. I have learned that accounting like biology are complex systems and most components of complex systems can be automated using algorithms.
My Staff
- Ten data collection agents (payroll, accounting, bookkeeping)
- One CPA with 34 years of experience
- One full stack software developer
- One business intelligence software advisor