For accounting firms and tax consultants, each sales tax audit engagement can involve the analysis of thousands to millions of invoices. For larger clients, only larger value invoices are analyzed in an attempt to minimize labor cost and reduce cycle time per engagement. While this approach is practical in a manual data processing workflow, it leaves money on the table for both accounting firms and their clients.
The Sales Tax OCR Module from SoftWorks AI enables accounting firms to quickly and automatically extract sales tax information from invoices in both single and multi-tenant environments. This solution is highly accurate and built for scalability, giving accounting firms the ability to process all of their clients’ documents without increasing costs or slowing down their engagement cycles.
This module augments our full automated invoice processing solution to extract granular sales tax values from invoices, replacing time and labor spent on manual data entry to allow for more rapid tax analysis. Sales tax fields are broken out into State, District, County and City Tax levels for clear, specific analysis and auditing. With the Sales Tax Extraction module in place, firms can more rapidly and reliably perform a look-back on client invoices to see if a company is owed money in state and local jurisdictions. With granular data extraction, the Sales Tax OCR Module enables Trapeze for Invoice Processing users to achieve high automation rates while improving both speed and accuracy of their auditing workflows
This module is precise enough to recognize and extract line item descriptions from invoices. For accounting firms and consultants, this feature makes it easy to understand the context around a client’s transaction history. For example, line item description extraction allows accounting teams to search for keywords related to industries or regions that frequently lead to favorable contract auditing results for clients. This knowledge can help to identify potentially valuable client engagement opportunities and provide a clear vision of which invoices to prioritize for investigation.
Trapeze goes beyond powerful data extraction to offer multi-tenancy. Multi-tenancy allows Trapeze users to handle multiple engagements concurrently for a more streamlined workflow. Client data is kept secure and absolutely separated into different tenant folder locations, preserving data privacy obligations and adhering to compliance with PII, client NDAs, etc. While data security is established, Trapeze’s machine learning capabilities learn across tenants, enabling greatly accelerated improvements to the automated workflow over time.
Through multi-tenancy, Trapeze is able to provide specific configurations for different departments. For the enterprise where one division requires line-item description extraction and highly customized business rules, and another division simply needs documents split into separate PDF files for easier storage, Trapeze can be tailored to address an array of varying needs in a single deployment. This degree of flexibility enables clients to achieve their specific business goals without compromise.
Extract tax data at the state, district, county and city levels and pull detailed line item descriptions automatically.
With automation, minimize labor costs related to data entry and drive a clear path toward ROI.
Process invoices much faster by replacing manual labor with rapid, automated data extraction.
Through automation, enable the processing of all client documents, not just the higher value items.
The Sales Tax OCR Module is an add-on to SoftWorks AI’s Trapeze for Invoice Processing designed to deliver granular, rapid tax analysis.