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10q forms are submitted to the Securities and Exchange Commission (SEC) by organizations for the purpose of comprehensive reporting of financial performance. Firms are required to submit their financial information and details regarding business operations. 10q forms are unaudited and filed for the first three quarters of the year. For the final quarter, organizations have to submit another form known as the 10-K which is heavily audited.
What is form 10q?
10q forms are unaudited reports which compare the financial statements of the previous years with the organization’s current ones. Unlike the 10-K, a form 10-q contains fewer details and stays unaudited. The filing deadline for 10q forms depends on the fiscal year but it is mandatory for organizations to file them every year.
How to read/fill 10q forms
If you want to decipher a company’s earnings report, you must be able to understand and read 10q forms correctly.
Here are the most crucial details to watch out for when filling up 10q forms online.
Other sections of the form under assets would include details such as Accounts Payable, Trade Receivables, and Tax Payments. The amounts of liabilities and assets when subtracted from each other give you the Shareholder’s Equity which basically shows the company’s total worth. Loss from operations and deferred assets are key values which tell how a company is performing financially every quarter.
How to automate data extraction from 10q form with Docsumo
U.S. investors require all public companies to furnish proof of financial statements every year to ensure their credibility and activities in the industry. 10q forms give an overview of their financial performance year-by-year and make it easier to assess their financial capital and risk profiles in the market. There’s a lot of information presented on these forms and when dealing with a voluminous number of files, it becomes important for organizations to have automation workflows in place.
Here is how you automate data extraction from 10q forms using Docsumo:-
1. Create a new document type named 10q on the platform for reading your forms automatically. The way you do this is by logging into app.docsumo.com and going to 'Document Types'. Select 'Create New Document Type' and get your 10q form ready. The user interface will let you upload your first 10q form and start reading it.
2. Annotate the document by adding key value pair fields and drawing bounding boxes on the form. Set the appropriate data types for each key value pair and continue. You can create new sections on the form and segregate key value pairs based on these different sections. This makes organizing the information a lot more easier.
3. After you are satisfied with reading the necessary details, click on 'Save & Close'. Docsumo will confirm if you want to apply these changes to all new documents or both new and existing ones.
4. At this point, your form is annotated. After that, go back to 'Document Types' and 'Upload' at least 20 10q forms. Once uploaded, you can 'Review' the uploaded files. All the uploaded files have keys listed and you can find values extracted for some of them. If you don't see the value extracted for a data variable, help the software to capture the value for it.
5. Once all the fields are extracted accurately, 'Approve' it. Repeat the process for few documents. After doing it for a few documents, the software starts to capture data for all the fields accurately. Go ahead and 'Review' and 'Approve' at least 20 10q forms.
6 You can now view your 10q document processing API in the 'Document Type' tab. Click on 'Upload Documents' to bulk upload multiple 10q forms.
7. To view details about your 10q form API and make sure it’s enabled, you can access the module under Docsumo 'APIs & Services' section next time you log in
Benefits of automated data extraction from 10q form with Docsumo
Automated data extraction of 10q forms helps organizations save time, money, and acquire the right funding for their business goals. Here are the benefits you get when you choose to extract data using Docsumo’s intelligent OCR technology.
1. Faster approvals
Investors are more likely to approve business capital for organizations and chip in money when their 10q forms are processed correctly. These forms give an overview of their financials and demonstrate their creditworthiness
2. No downtimes or delays
Automated data extraction of 10q forms removes the need for manual data entry. Forms can be processed round the clock and in large batches, thus speeding up document processing times
3. Easy filings and storage
You literally save on physical storage space when you choose to digitize your 10q forms with Docsumo! All 10q form data is encrypted and stored securely on Docsumo’s servers which are available for access by Docsumo users solely
4. Multiple file formats
You can choose to save your processed 10q forms as PDFs, JSON, XML, etc. Docsumo supports a variety of file formats and makes it easy to digitize 10q documents
Are you ready to automate your form 10q processing today and get investors on your side? Sign up for a free demo with Docsumo and experience the edge.