Marvel.ai: Revolutionizing document form processing with enhanced accuracy and efficiency

What our customer encountered?

The auditing firm encountered difficulties while processing document forms and finding K-1 and K-3 forms within Form 1065:
  • Matching K-1 and K-3 forms was challenging due to differences in identification numbers. 
  • Accurate data extraction was essential, especially when dealing with multiple sets of forms. 
  • Verifying data consistency between K-1 and K-3 forms was complex due to the varying number of fields (50 for K-1 and 273 for K-3). 
  • Differences between K-1 and K-3 data required careful handling to prevent reporting errors. 

The challenges resulted in:

  • Time-consuming manual corrections. 
  • Errors in tax calculations and reporting, potentially resulting in penalties or regulatory issues. 
  • Data inconsistencies leading to inaccuracies in financial reporting and tax filings. 
  • Operational inefficiencies demanding additional time and effort for accurate data handling and reporting.  

What our customer needed?

The client sought a streamlined solution for the extraction of K-1 and K-3 forms from Form 1065.

The Solution

Marvel.ai was introduced

to automate the extraction of K-1 and K-3 forms across multiple sets simultaneously with unparalleled accuracy.

  • Using cutting-edge AI algorithms, the system performs cross-form validation, intelligently splits K-1 forms, and auto-matches with corresponding K-3 forms based on identification numbers.  
  • The ML and NLP capabilities effectively manage the intricacies of K-1’s 50 fields and K-3’s 273 fields, resulting in highly accurate data extraction.  
  • A structured excel output is generated for each K-1-K-3 pair, featuring a Case ID, ensuring user-friendly access to precisely reconciled data. 
  • Marvel.ai’s intelligent exception handling, driven by robust machine learning algorithms, efficiently directs problematic files to the “Exception folder” and seamlessly routes error-free files to the “AI output folder.” 
  • To ensure data accuracy, Marvel.ai assesses each field and assigns a confidence score, allowing users to evaluate the reliability of the extracted information. 
  • Additionally, the system bolsters transparency and control by providing comprehensive file path information, including directory specifics, precise file locations, and hover tooltips. 

What we delivered?

  • Automated extraction of K-1 and K-3 forms with exceptional accuracy
  • Cross-form validation and intelligent matching of forms
  • Effective handling of complex data fields in both forms
  • Structured excel outputs for each K-1-K-3 pair with Case ID and their corresponding partnership IDs for easy identification
  • Intelligent exception handling to minimize errors
  • Field accuracy assessment with confidence scores
  • Improved transparency with detailed file path information.

Benefits to the customers

Significantly reduced extraction time

from 30 minutes to just 6 seconds.

Reduced manual effort.
Remarkable efficiency

and accuracy in data extraction.

Improved compliance

and risk mitigation

Empowering informed decisions

with accurate financial data

Ready to Start Your Transformation Journey?

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