Accounting and Tax Firm Uses Astera to Achieve An 80% Reduction in Data Extraction Time.
Minimized errors by 10% in data extraction
Increased their turnaround time for tax return filing and financial statement preparation by 3x
The Accounting and Tax firm is renowned for its expertise in tax services, including return filing, planning, and bookkeeping. A significant portion of the firm's work involves processing income tax return forms, a task that demands precision and efficiency due to the complex nature of the data involved.
The firm needed to extract data from diverse income tax return forms, including individual and corporate filings. These forms, which come in various formats such as PDFs, scanned documents, and text files, contained intricate details vital for accurate tax preparation and financial statement compilation. The traditional method of manual data extraction was not only time-consuming but also error-prone, leading to inefficiencies in processing and potential inaccuracies in tax filings.
Astera, an AI-powered data extraction tool, was chosen to address these challenges. With Astera, the firm was able to develop custom extraction templates specifically designed for their income tax return forms and automated the extraction of data, regardless of their source or format.
Utilizing Astera's intelligent form recognition and parsing capabilities, the firm successfully adapted to the layout variability of income tax return forms. The tool also provided functionalities for data transformation and cleansing, ensuring that the extracted data was accurate, consistent, and ready for analysis.
Implementing Astera led to 80% reduction in data extraction time, 10% fewer errors, and 3x faster turnaround times for tax return filing and financial statement preparation.