document automation
7 Finance Documents that can be Extracted with AI
Using AI to extract data from 7 types of documents to enhance efficiency in finance and accounting
By Abizer Jafferjee
May 7th, 2024

DocumentPro

Physical documents in finance and accounting, such as invoices, receipts, and contracts, can create significant inefficiencies errors, and administrative burdens. A report by PwC highlights that manual data entry and document handling can consume up to 30% of an employee's time in finance departments, leading to decreased productivity and increased operational costs. These inefficiencies hinder the ability of finance professionals to focus on strategic tasks. However, advances in artificial intelligence, particularly large language models, are transforming the digitization of these documents. AI-driven solutions can digitize and automate data extraction, improving accuracy, efficiency, and overall quality in finance and accounting services.

Types of Documents for Automatic Processing

  1. Invoices

Invoices are essential documents in financial transactions, detailing the goods or services provided and the amount due. They come in various formats and layouts, often containing structured and unstructured data. Automating the extraction of invoice data can significantly speed up accounts payable processes and reduce errors.

  1. Receipts

Receipts are proof of transactions, typically provided by sellers to buyers. They include details such as the date of purchase, items bought, and the total amount paid. Given their varying formats and frequent handwritten elements, receipts benefit greatly from automated processing to ensure accurate record-keeping and expense tracking.

  1. Purchase Orders

Purchase orders (POs) are documents sent from a buyer to a seller, indicating the items they wish to purchase, quantities, and agreed prices. POs are crucial for tracking inventory and managing supplier relationships. Automating PO processing helps maintain accurate records and streamlines procurement workflows.

  1. Bank Statements

Bank statements provide a summary of all transactions within a specific period for a bank account. They include numerous entries, each detailing deposits, withdrawals, and balances. Automated data extraction from bank statements facilitates accurate financial reconciliation and cash flow management.

  1. Tax Forms

Tax forms are critical for compliance and financial reporting. They include structured information required for tax calculations and submissions. Automating the extraction of data from tax forms ensures timely and accurate tax filings, reducing the risk of penalties and improving regulatory compliance.

  1. Financial Statements

Financial statements, such as balance sheets and income statements, provide a snapshot of a company's financial health. These documents are detailed and often complex, requiring precise data extraction for accurate financial analysis and reporting. Automation enhances the reliability and speed of financial statement processing.

  1. Expense Reports

Expense reports document employee expenditures for reimbursement purposes. They typically include receipts and a breakdown of expenses incurred. Automating the extraction and processing of expense reports reduces administrative workload and ensures timely reimbursements.

DocumentPro: Streamlining Financial Workflows with Automation

The automatic extraction of financial documents offers numerous benefits, including enhanced efficiency, improved accuracy, and streamlined workflows. Digitizing documents increases interoperability, making data easily accessible and shareable across platforms. DocumentPro excels in this arena by leveraging advanced OCR and GPT technologies to handle long PDFs, unstructured text, forms, changing layouts, and handwritten documents. By integrating DocumentPro into your finance and accounting processes, you can achieve seamless, efficient, and secure data extraction, transforming document management and boosting productivity.