The finance sector is one of those where the dependence and importance of documents and data is immense. Therefore, it is very commonly suggested by experts to implement strategies to automate finance documents as soon as possible.
The strategy to automate finance documents not only comes with generic benefits like cost optimization and higher productivity. It certainly has a role to play in making all financial documents error-proof and compliant with the guidelines laid down by concerned authorities.
KlearStack offers financial document automation services that help finance agencies in remaining competitive in a digital landscape. Our AI-based OCR solution not only helps in digitizing financial data, but it also provides a mechanism for robust reporting and supports analysis that drives cost optimization for higher profitability. Our financial document automation services will also help agencies in creating templates for customized financial documents.
1. Manage Compliance Issues
Financial document generation and data reporting is all about utilizing the available, unstructured, raw financial data and formalizing it to present a detailed report. While it may sound like a routine task that commonly occurs in every kind of business, the fact that financial document creation is governed by several compliances and standards makes it completely different.
Handling of financial data and creating new finance documents has to be done while protecting customer investment details, mitigating the risks of fraud, and limiting all kinds of risks. Onboarding new clients in a finance setup involves conducting thorough background checks and collecting all relevant information about the client. While this preparation is crucial to establish cash flow from any new customer, the phase is governed by several standards and compliances.
When verifying the details of any new prospective client, strictly sticking to regulatory guidelines is an important thing to consider. Errors while doing so are fairly common, which have resulted in losses worth millions across the globe already.
Automate Finance documents with KlearStack to solve this problem completely. By designing custom models for creating templates for the generation of specific financial documents, KlearStack can ensure that every step is followed as prescribed by the regulatory guidelines.
The use of machine learning in our AI-based OCR tool also helps us recognize any missing components or mismatched data elements in the financial documents. This is an important aspect for tapping any possible financial fraud in its early stages itself.
2. Different Documents For Different Departments
Finance agencies have to deal with several different government authorities. All of these involve paperwork with very specific and separate regulatory guidelines as well. If you do not plan to invest enough to automate finance documents as per the requirements laid down by every such department, then think twice.
Manually creating documents for submission in different offices takes ages to complete. Further, missing out on some components or including unnecessary elements in the documentation is a common occurrence. What you need is a smart automation solution that not only creates finance documents on its own but also recognizes the structure of documents needed for a particular government agency.
KlearStack, with its all-encompassing machine learning models , enables exactly that. Once the model is trained to automate the generation of a document with a fixed template, it will remember it forever. Whenever the need arises subsequently, generating a fully compliant document will only take a few seconds to complete.
3. Insightful Reporting
Regulatory bodies, the board of directors, and the customer base. All three main stakeholders in the operations involved in the finance sector require different types of data reporting. Further, for the report to be more meaningful, all stakeholders expect that the visualization of important metrics is up to the mark.
Further, it is also expected that the interpretation and insights extracted from every piece of data reported is also put across clearly. KlearStack, with it’s AI-based OCR solution, extracts and digitizes text from raw data sets obtained during fieldwork. More importantly, it also uses artificial intelligence to derive actionable insights automatically. The generated digitized data is easy to visualize with business intelligence tools, that finally makes the reporting job much easier than before.
High-Value Financial Data Automation: The KlearStack Effect
Finding a single software solution that touches upon the three major problem areas in financial reporting is very difficult. KlearStack offers comprehensive services to automate finance documents to meet regulatory and analytical demands. If you have just discovered our services and have come across our AI-based OCR tool, feel free to contact us today to get a free demo of how our tool works in real time.