Key takeaways:
- Human error causes 52% of operational incidents in financial organizations.
- The integration of AI in the financial industry has reduced processing time and increased productivity.
- Parseur is the best AI tool to extract financial data.
Welcome to the future of finance, where paper statements and manual data entry belong to the cavemen era. Remember the old days? Stressing over financial reports and manually extracting numbers with the risk of human error? Well, no more!
Let's dive into how AI and Parseur are revolutionizing the way we handle financial statements.
Types of financial statements
Before we compare life before AI and after AI, let's first understand the different forms of financial statements.Financial statements vary from companies and countries, but here are the common ones:
- Income Statement: Summarizes revenues, expenses, and profits/losses over a period.
- Balance Sheet: Shows a company's financial position at a specific point in time, detailing assets, liabilities, and shareholders' equity.
- Cash Flow Statement (CFS): Tracks the flow of cash in and out of a business over a period, highlighting operating, investing, and financing activities.
- Statement of Retained Earnings: Shows changes in a company's retained earnings over a period, including net income and dividends paid.
- 10-K: Annual report filed by publicly-traded companies in the United States with the Securities and Exchange Commission (SEC).
The pre-AI era of financial data extraction
Before AI and ChatGPT ruled our lives, financial professionals led a boring and stressful life, especially around peak seasons. We all know that errors aren't allowed in the financial industry.
Statistic to sob over: Human error causes 52% of operational incidents in financial organizations.
Spending countless hours in financial data extraction is not only time-consuming but also prone to errors, leading to significant inefficiencies and inaccuracies.
How AI is transforming the financial industry?
As AI stepped onto the scene, it brought a revolution to the banking and financial sector.
AI technologies, through machine learning and natural language processing, can rapidly analyze and extract data from financial documents with high accuracy levels that were previously unattainable.
Cheers for AI: AI has not only improved customer experience but also sped up and redefined traditional processes - Deloitte
The integration of AI has drastically reduced processing times, from days to minutes and slashed error rates by significant margins. One report by McKinsey highlighted that AI could automate 50% to 70% of manual data processing tasks, boosting efficiency and accuracy across the board.
Parseur: The ultimate AI sidekick for financial statements
And then there's Parseur, stepping into the limelight not just as a tool, but as your trusty ally in the quest for efficiency and accuracy. Parseur stands out for its ability to seamlessly integrate AI into the data extraction process, making it accessible even to those without a technical background.
Setting up Parseur is simple and easy
No credit card is needed and no long registration form to fill in to create an account on Parseur.
Step 1: Create a financial parsing mailbox
Kick things off by creating a free account on Parseur and a mailbox to receive your financial statements.
Step 2: Upload your financial statements
It is like inviting friends over but for your documents. Parseur accepts any type of document, making it incredibly versatile.
Step 3: Teach our AI Parseur what you want
Don't roll your eyes here - it's not like the other AI parsers where you need to train the AI model for hours.
This one goes way quicker than you thought. Parseur is a user-friendly platform that is easily customizable.
Do I need to teach Parseur the same thing every time?
No, our AI engine is a fast learner. The next time you send a financial statement, it will remember what financial data to extract.
Step 4: Send financial data to QuickBooks, MS Excel or your custom database
Export this data directly into your preferred format or integrate it with other software using Parseur's API and Webhook
Financial data extraction just got fun (yes, really)
The future of finance is not just about embracing new technologies but making them work for you in the most effective way possible. So, why stick to the old ways when you can leap into the future of finance today?
Ready to revolutionize your financial data extraction process? With AI and Parseur, the future of finance is brighter (and more efficient) than ever.
For the curious cats:
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