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Why Business Needs Financial Statement Automation Software?

financial statement

Financial statements in business are the most important records to enlist. Extracting the records as a file is necessary. The extracted file will be easily searchable. There are thousands of files enlist into the company’s system. Manually dealing with the essential documents is not easy. AI technology has introduced new advanced software to make the work done easily. The software extracts all the data from the documents into the company’s system. The software does not need any assistance. The work goes automatically. It helps the company to increase productivity with better accuracy. Due to the automated software, the works are done at a random speed. So, the company finds it compatible to use.

The automated software helps the business companies easy to work. Going through the documents manually may also cause errors, which can take a turn of a big issue in return. Manually data extraction may have a 50% chance of causing errors because humans are prone to make mistakes. In return, it will cause delays in work as well. In comparison, automated software will work best. It will extract all the financial statements automatically without manual effort.

 

Must Read – How OCR can transform accounting industry ?

 

What is the financial statement format?

The financial statement is the essential document to understand a company’s record. There are four financial statements required in business such as balance sheet, income statement, cash flow statement, and statement of shareholders’ equity. The ‘balance sheet’ states what the company owns and what it owes at a fixed point in time. ‘Income statement’ keeps the record of how much the company profits or gain and spent over a while. ‘Cash flow statement’ enlists the record of money exchange in between the company and the outer world. Whereas the last financial statement ‘statement of shareholder equity’ states the change in the interest of the company’s shareholders over a while.

These are the essential financial statement a company must-have. Keeping the records manually is difficult. While extracting it down, it needs effort and guidance. In the case of automated software, no effort and guidance are required. Due to its automatic system, it does its work efficiently.

 

Must Read – How OCR can help Banking Industry?

Data extraction software

Without software, automated document extraction of the financial statement is impossible. Companies such as banks and other business funds require such software to extract the data. It does not require manual labor. Software such as Docextractor extracts data automatically. Document extraction of the financial statement using software is easy and affordable. Companies do not need to spend extra costs on manual data entry works. Automated data extraction software also extracts data efficiently with better accuracy. There is no delay in work and  finding errors. Automated software rapidly increases the company’s productivity.

In the case of extracting financial statements, automated software such as Docextractor updated with a security system. The security system develops strongly encrypted coding. It keeps the files of financial statements secure within the system. Automated software is of various uses. Docextractor use tools such as OCR or Optical Document Recognition and IDP or Intelligent Document Processing. It extracts the data appropriately without any errors and increases the quality. Software, using these tools also produces a better result than manual data entry work.

 

Business financial statement automated data extraction requirement

 

  • Resource management

Automated data extraction software runs the system automatically. The software updates with higher technologies. The software controls the system digitally as well as automatically. The maintenance of the resources such as server, backup, restore, and speed is due to the digitalization of data extraction. A single system controls the entire Document digitalization processing. Data extraction of the financial statement is now easier. There are no options or risk of losing any information. The server gives service continuously without any stoppage. As there is no risk of downtime, the work is done efficiently and faster.

 

  • Accuracy

Due to automated software, document extraction has become easier. Manually processing data extraction causes risks, errors, delays, and is hugely time-consuming. These are the reasons resulting in poor accuracy. After introducing automated software such as Docextractor, these factors have been controlled. Automated software works faster and produces no error. It develops strong security codes. If there is a problem and stoppage of work, it has options to backup and restore. Also, it does not cause delays in work, which leads to better accuracy. Software such as Docextractor has been updated with these essential factors. It extracts the documents of financial statements with better accuracy.

 

  • Time

Manually extracting a bundle of documents is difficult as well as time taking. The financial statement consists of much essential information. The information needs to extract quickly and securely to keep it away from unknown sources. The AI has launched an advanced technology to extract documents. The advanced technology runs quickly and automatically which leads to faster onset of work. Collecting the documents manually and then encrypting them into the system consume lots of time. The automated software extracts document faster and put them in a separate file automatically. Extracting financial statements using automated software such as Docextractor follows the same way of data extraction from a pdf. It works automatically and rapidly, which results in a faster onset of work.

 

  • Cyber security

A financial statement is a very essential document for a business company. These are the personal records of a company. These personal record needs to be secured. The automated software updates a highly encrypted security system. It develops cloud-based security coding. The system keeps the hackers and other unknown sources away from the information. Data extraction through the manual process has a poor security system. It has the chance of leaking, misplacing, and stealing information from the business company. These factors may cause a serious issue, which even cannot be managed or handled. After introducing automated software, the security system has reached a peak point. Docextractor is the software that has been updated with a similar security system. It also secures information such as a financial statement from unknown sources.

 

  • Efficiency

Manually processing all the financial statement documents shows errors. The error takes more days to correct. There is also the risk of downtime. It leads halt in the procession of data. Eventually, it seems to delay work. For this reason, manual data extraction produces low efficiency. While using automated software shows no error and no delay. There are no chances of downtime. It seems no stoppage in works. The company results in high efficiency and provides good quality of work. Similarly, Docextractor is an automated software that works, in the same way, produces good efficiency and quality of work.

 

  • Strong server

There are lots of advantages to document extraction through digital technologies. Data extraction of financial statements requires a good server. The server will help the work to be done efficiently without causing any obstruction. The entire system of the company is connected to the software that controls all the computers digitally. The presence of a strong server causes no delay and stoppage of work. Manually extraction of financial statement documents is difficult. In that case, the system fails and stops working for a couple of hours and days. So, it causes repetition of work. The use of automated software such as Docextractor provides a strong server and runs the system continuously automatically.

financial statement

Best way of data extraction from loan document using OCR

 

  • Automatic process

Manually dealing with all the documents in a business company is difficult. Especially the difficulties are faced in extracting the financial statement documents. Manual data entry works cause errors, which leads to rechecking. Rechecking and correction cause delays in work. The AI (Artificial Intelligence) technology has brought such software which makes the system runs automatically. The software has been updated with automatic systems such as auto-corrections, auto-cropping, etc… There are many advantages in extracting a company’s financial statement so easily and automatically. It also helps in keeping the records securely. In the manual process, there are chances of misplacing, leaking, and stealing the company’s essential documents. Software such as Docextractor secures the system by updating it with highly encrypted coding.

 

  • Cost reduction

Automated software also helps the company in cost reduction. After introducing automated software, financial statement document extraction has become easier. The companies do not need to spend extra costs on the employees. The company saves time as well as extra profit and utilizes it to better something. As working manually produces a bad performance of work as there are many mistakes. Whereas automated software provides high quality of work. So, the automated software gains the worth as it helps in cost reduction. Automated Software such as Docextractor also extracts data faster within seconds, helps in increasing the company’s productivity, and saves the extra cost spent by the company.

 

  • Advanced technology

The tools which are used to extract data are OCR and IDP. Without the tools, the software won’t work. Mainly, these are the tools needed for financial statement document extraction. OCR or Optical Character Recognition helps in data extraction as fast as possible. It makes the files easily searchable. It helps in making a pdf searchable.

IDP or Intelligent Document Processing also helps in extracting data in seconds. It provides quality data extraction results. It is a Pdf to word text converter. IDP is also termed an advanced technology. It has the options to auto-correction, auto-codify, and auto-cropping. Docextractor uses these advanced technologies to extract the financial statement document as well. In case, to increase the quality of the extracted data, the files are pre-processed in IDP then in OCR.

 

  • Best working technology

To replace the manual efforts, the AI technologies introduced automated software such as Docextractor. The software updates the best technologies. It consists of tools such as OCR and IDP, which totally run the software. The software has changed the working system infinitely. It is also said as the best working technology because the technology has changed the working progress. Data extraction becomes in a few seconds. It produces a good quality sample. It increases the productivity, accuracy, and efficiency of the work more than anything. Document extraction of financial statements with these working technologies will be the best option to experience.

 

Why choose automated software Docextractor ?

Docextractor is an online application that extracts data from scanned images or pdf to text. It also extracts financial statement documents. Financial statement documents contain sensitive as well as official information of a company. It consists of tools such as OCR and IDP. The tools help Docextractor in extracting financial statement documents with better quality. By using the tools, Docextractor does not cause an error. It works faster and has good efficiency. The software will also help a business company to increase their productivity. Docextractor extracts data efficiently and securely with better accuracy and quality.

financial statement

More Benefits of Docextractor

Docextractor is updated with strong server technology. It has the capabilities of working continuously. It can also restore and backup facilities. The system results in a good quality extraction. It also provides a support team online for the users. If a user faces a problem; a support team will be provided. The user can talk regarding their problem via messages and calls to get the solution. Docextractor left a good option for the user such as it will provide extraction data in a file according to the customer’s requirement such as excel templates.

Docextractor also provides the best security system. The system is developed and updated with highly encrypted or cloud-based coding. The coding keeps the hackers and the unknown sources away from the system. It prevents hackers to hack the system and get into personal information. A financial statement is a sensitive document, it is necessary to secure them. Docextractor provides the best security system to secure all the information.

This is why Docextractor should be chosen for automated document extraction. Docextractor provides many advantages for the data extraction procedure. It also gives the best significance regarding data extraction. This automated software is the perfect choice for the business organization to secure and extract information.

 

Benefits of Intelligent Document Processing  Must Read about this

 

Conclusion

Document extraction of the financial statement is now easier and safer. The automated software takes a separate view in business companies. The security system of the business companies rises. The productivity picks up another level of improvement. Accuracy seems to be better. Using automated software in every company can help them to put the effort into other works as well. Automated software saves a sufficient amount of time to invest in some other works.

 

More about Docextractor

So it’s high time that you need to get yourself and your business introduced to this modern-day ML-based tool, Docextractor. This will help you automate data extraction in every way possible.

Hurry up and for more information must Book a demo.

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Docextractor will help you extract resume data in an organized and most efficient way possible.

 

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