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The intelligent extraction of financial and tax documents

Solutions to automating the process of processing the financial statements and tax returns of companies and sole traders.

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Digitalization and automation using DocumentAnts

Manual processing of financial and tax documents, manual rewriting of data and subsequent analysis is a time-consuming and financially expensive routine work associated with a high error rate.

The suitable solution to this area is a comprehensive digitization of the process of incoming document processing in DocumentAnts, which brings with it a higher degree of processing efficiency, higher quality output data and cost savings.

When is the solution appropriate?

Digitization of processes using DocumentAnts is an appropriate solution if:

You process manually a large number of financial statements

The size of the department and the cost of the staff that processes documents and performs checks are growing significantly

You perceive an increased error rate during manual rewriting and subsequent data processing for business needs

The current OCR solution has a low yield of information compared to the invested funds

Success story

Reference case of the process automation of the financial statement extraction from the banking sector:

1 400 statements

1 400 financial statements a day, which were previously processed manually, now are handled automatically thanks to DocumentAnts

70 % of documents

Of the total volume was flawlessly processed and automatically verified without the need for manual action

3.8 million CZK

Realized annual savings on the document extraction process, reduction from 8 FTE to 3 FTE

Benefits of financial statements digitalization

Cost savings

Digitalization of the process of financial document processing saves FTE and reduces the error rate.

Time savings

The procedure of processing is up to 10 times faster than during manual rewriting and data analysis.

Error rate reduction

Automated processing eliminates manual error rate of rewriting and data analysis.

Solution flexibility

The solution allows you to process documents from multiple sources, regardless of the document format.

How does it work?

DocumentAnts automates the entire procedure of financial statement processing

Receiving documents from digital channels

Recognition and validation

Data extraction from the document

Document check

Data enrichment and evaluation

Integration into the client´s processes

It automatically records all incoming financial statements from all sources, recognizes their format and prepares documents for further processing.

It extracts contextually information from financial statements and validates automatically and checks the extracted information without manual action.

It applies predefined checks, such as tax payment ones. In defined cases, the statements are passed for manual processing or check.

The extracted information and data are enriched with the data from external systems relevant to the processed case.

DocumentsAnts validates automatically document in the input and determines whether the document is machine readable or not. If it needs to be converted to machine readable one, it will use OCR. Thanks to the fact that we do not have to send all documents to OCR, we save on average 50% of processing costs.