Automate and analyze large quantities of financial data with the KPMG Tax Data Reader tool.
Enterprises are increasingly grappling with large volumes of data and expanded tax compliance and reporting obligations. Further, managers are expected to deliver better investor services along with greater operational efficiencies and controls. Meeting these challenges will require new approaches and technology.
The Tax Data Reader tool rapidly extracts relevant information from lengthy tax reporting forms and seamlessly plugs it directly into tax returns, saving time and money while reducing human error; a timely innovation as tax filing deadlines approach.
Patented KPMG technology
Our patented technology uses optical character recognition (OCR) and natural language processing (NLP) to read and summarize Schedule K-1 and footnote details.
Our patented technology uses optical character recognition (OCR) and natural language processing (NLP) to read and summarize Schedule K-1 and footnote details.
The current state
While information on the face of K-1s can be scanned and structured by existing OCR technology, footnotes which contain crucial information are captured manually, which is time consuming, costly, and prone to inconsistency and error.
The preferred state
Tax Data Reader, powered by third generation machine learning technology, will automatically read and summarize footnote information.
Why use Cognitive Automation Technology?
Increases speed and accuracy
- Faster and more scalable processing of K-1’s during peak volume periods.
- Reduces the errors created by repetitive manual data extraction.
Focuses on providing value
- KPMG’s knowledge is iteratively encapsulated within Machine Learning models based on feedback, augmenting team leverage.
Integrates with processes and systems
- Supports review, update, and approval processes.
- Output data may be exported as Excel spreadsheet, or linked to a digital data store.
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