The Situation
Our client, an enterprise risk management firm, had to manually populate financial models from 5 different document types sent by >500 applicants every month. Their in-house automation efforts hadn't yielded positive results.
IRS Form 1040 Processing Automation
Automate data extraction from IRS Tax Returns with 99%+ accuracy
Save hundreds of hours with intelligent IRS Tax Returns data capture
Verify borrower incomes, taxes, etc. easily with minimal human effort
Increase loan originations with speedier underwriting
No credit card required
Readymade APIs for auto-classification of IRS Tax Return
Auto-classify IRS Tax Returns in bulk instantly with readymade APIs
Get our readymade IRS Form APIs to analyze, auto-classify, and parse tax forms submitted by your applicants, including PDFs and scans. Ingest forms instantly from emails and pre-process them for field extraction.
Smarter lending decisions with 99%+ accurate data
Make smarter lending decisions with accurate borrower data
Docusmo's robust document AI lets you extract incomes from IRS Tax returns and verify it against bank statements, pay stubs or even against a database. Use our intuitive review screen to help you see low confidence output and manually correct it. Or, use Excel-like formulae to calculate standard deductions, adjustments and taxable incomes.
5 Reasons to get the Docsumo Advantage Now!
<60sec
Reduce turnaround time for document processing from days and months to seconds
10x
Increase efficiency by 10X even as you process 10k+ documents a month
99% plus
Reduce manual and repetitive errors with intelligent automation and get accurate data from documents
Smart AI
Algorithms that self-learn based on new document formats and on the go or from manual corrections
Analytics
Make rapid decisions with easy validation and granular analytics
Automation with human-in-the-loop
Power up your lending/
underwriting decisions workflows
Loan officers spend hours manually verifying borrower incomes and often end up with errors. Instead, Docsumo's intelligent document processing alerts them of errors and exceptions so they may intervene only when needed. Moreover, our intelligent API learns with every correction you make on your forms and tax return so you don't have to re-check it in the future.
Seamless integration
Convert IRS Tax Returns into Excel easily
Extract field-level data into your favorite document formats like CSV, MS Excel or JSON with our machine learning models. You're now ready to process tax forms into your database, CRMs or loan origination software.
Say goodbye to manual tax data processing
Get 95%+ touchless processing for IRS Tax Returns. Extract all data fields you need for your underwriting decisions in minutes.
General information
Filing status
Social security number
Standard deduction
Healthcare coverage
Address
Income Details
Dependent information
Wages, salaries, tips
Pensions and annuities
Capital gain or loss
Adjustments to income
Standard deduction
Tax Details
Self-employed Tax
Child Tax Credit
Earned Income Credit (EIC)
Routing Number
Learn how an enterprise risk management firm achieved 99%+ field-level accuracy with automated financial statement processing
Solution
Our intelligent algorithms helped them adapt to all the variations in these documents with minimal training. We helped them integrate with their existing software and pushed data with their matching schema similar to their financial models. Moreover, Docsumo's SOC 2 - TYPE II certification exceeded their security expectations.
99%+
Field-level accuracy
90%
Touchless processing using smart validation rules
70%
Processing cost reduced byautomating workflow end to end
Ready to automate your data extraction?
Let's talk.
Docsumo's intelligent document processing enables you to extract data easily, efficiently, and accurately.
Fill up the form to speak with an automation expert.
Fill up the form to speak with an automation expert.
