Frequently Asked Questions
What is an automated accounting platform?
Accounting platforms are like black boxes something goes in and taxes come out. We hope to create the’ Last Black Box’ for accounting. The platform is an expert system that uses machine learning, natural language processing (NLP), artificial intelligence to automate small incremental tasks in accounting. This expert system helps our human accountants to support your business needs.
EHLAI's Core & Mission
A simple method of collecting and documenting information to build the economic and financial situation of a company.
How long have you been in business?
Since 1985, the firm grew from 100 clients to over 350 clients when I took over complete control in 2012. We have over 600 business clients today.
What is your 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.
Why do all this?
Thinking five to ten years ahead, the firm that can provide valuable insights, trends for clients is the new accounting service providers. It is the technology, which allows the manipulation of unstructured and structured data, data mining, analytics, which will be critical for creating a point of difference.
Our ideal cleints?
Our ideal business clients make under $1M. They are small minority businesses that are overwhelmed, underfunded, and lack the skills to help themselves. Restaurants, nail salons, spas, barbershops, sole practitioner doctors/dentists, and our e-commerce clients are growing.
How is EHLAI different?
EHLAI is not like other firms, but the core is still an accounting firm. The differences between us and others are our infrastructure and how we get, access, and display data. The front office is 100% paper-based and technologically backward, and the back end is 100% cloud-based and machine learning capable and AI-ready.
Why Data Management Is So Necessary?
Tax and accounting data are very similar to biological data. These data cannot stand alone, they linked and contextual. Since the data are connected, there are more efficient methods to automate the entire data collection process, protect personal private information while maintaining data integrity for retrieval.
Do clients find this useful?
I have to put in place an actionable plan that they can execute. The steps are incremental, deliberate, and within your digital ability. Clients understand their situation, so you will not hear a lecture from me – only solutions.
There are four factors that I understand post-COVID: (1) all of their savings are in the business; (2) they are not digital savvy; (3) cash flow is zero; (4) they are in startup mode so they will only spend on essential items.
Is this expensive?
The last black box will be a combination of a live person and software-as-a-services. The pricing will start at $275 for revenue/sales below $200,000 and increasing to $1,100 for revenue above $1.1M. For businesses above $1.1M will be determined on a case-by-case basis. I want to focus on the most vulnerable – local ethnic businesses.
Are you taking on clients?
Email us to find out if we can help.