Automatic Data Extraction from documents with AI for Accounting, Bookkeeping firms

BrightAssistant, your AI assistant, is equipped with the capability to automatically identify uploaded documents and extract data from them.

Here's how it works:

1. Go to the Client Home.
2. Click on the Document Tab.
3. Upload the document.
4. Auto Tagging: AI will recognize the document type and assign appropriate tags.
5. Click on "View" in the same row to see the extracted data in a popup.
6. You can download the extracted data in an Excel format.

BrightAssistant, your AI assistant, is equipped with the capability to extract data from the following documents:

1. Receipts

Receipts are provided as a proof of financial transactions. While many receipts are not relevant as a business expense, some are. We extract following information from receipts (when available):

Receipt

1. Vendor Information:
   • Vendor Name
   • Vendor Address (if available)
2. Transaction Details:
   • Date of the Transaction
   • Description of the Expense
3. Payment Information:
   • Total Amount Paid
4. Tax Information:
   • Sales Tax Paid (if applicable)
5. Business Purpose:
   • Purpose or Reason for the Expense
6. Payment Method:
   • Mode of Payment (Cash, Credit Card, etc.)
7. Receipt Number:
   • Unique Receipt Identifier (if available)

2. Invoices

Invoices contain lot of useful and relevant business information for tax, accounting and bookkeeping purposes. Here are some fo the fields we extract from invoice documents.

1. Vendor Information:
   • Name and contact details of the vendor
2. Invoice Details:
   • Invoice number,
   • Invoice date,
   • and payment due date.
3. Description of Goods or Services:
   • Invoice Amount

3. 1099 INT

1. Payer Information: Name and contact details of the financial institution or entity that issued the 1099-INT.
2. Finacial Year Period
3. State Name
4. Client Information:
   • Name and
   • taxpayer identification number
5. Total Interest Income

4. 1120

1. Finacial Year
2. Company Information:
   • Company's legal name,
   • address, and
   • Employer Identification Number (EIN).
3. Income Summary:
4. company's total income
5. Tax Liability
6. Refund

5. 1120 S

Company Information: From 1120-S documents, We expect to capture the
- Company's legal name
- Address
- Employer identification number (EIN)

6. 1098

1098 usually referred to as a mortgage document for tax purposes in a single page pdf document.

1. Tax Year
2. Borrower Information:
   • Name
   • address,
   • and social security number
3. Lender Information:
   • Name,
   • address,
   • and identification number of the lending institution.
4. Mortgage Interest Information:
   • Total amount of mortgage interest paid by the borrower during the current tax year.
5. Property Address:
   • The address of the property for which the mortgage interest is being reported.
6. Loan Information: Details about the loan,
   • Outstanding mortgage Principle Amount
   • Origin Date
7. Terms Morgage acquisition date
8. Refund of overpaid
9. Mortgage Insurance Premium

7. 1099 DIV

1. Taxpayer Information:
   • Name,
   • address,
   • Social Security number (or taxpayer identification number) of the recipient.
2. Payer Information:
   • Name, address,
   • taxpayer identification number of the entity issuing the 1099 Div form.
3. Dividend Income:
   • Total amount of dividends received by the taxpayer during the tax year.
4. Capital Gain Distributions:
   • Total amount of capital gain distributions received by the taxpayer.
5. Foreign Tax Paid: Any foreign taxes paid on the dividends or capital gain distributions.
6. Section 1202 gain

8. 1095

1. Taxpayer Information:
   • Name,
   • address, and
   • Social Security Number (SSN) of the taxpayer.
2. Employer Information:
   • Name,
   • address, and
   • Employer Identification Number (EIN) of the employer.
3. Coverage Information:
   • Startdate
   • Termination date
4. Covered Individuals:
   • Names and,
   • SSNs of the individuals covered by the insurance.
5. Premium Information:
   • Total Months
   • Total Premium Amount

9. 1040

Form 1040 is individual (or joint) tax return filing document with IRS.

1. Personal Information:
   • Client's name,
   • social security number
   • address, and filing status.
2. Income:
   • Total income from various sources such as wages,
   • self-employment,
   • investments, and rental properties.
3. Deductions:
   • Itemized deductions or standard deduction amount.
4. Credits:
   • Any applicable tax credits, such as child tax credit or education credits.
5. Taxable Income:
   • Calculated taxable income after deductions and adjustments.
6. Taxes Paid:
   Details of tax withholdings,
   estimated tax payments,
   any tax credits.

10. 1065

1. Partnership Information:
   • Partnership Name, Address, TIN
   • Business Type and Industry
2. Partner Details:
   • Names, Addresses, SSNs
   • Percentage Ownership
3. Financial Summary:
   • Total Income
   • Total Deductions
   • Net Profit or Loss
4. Distributions and Allocations:
   • Profit/Loss Allocations
   • Distributions to Partners
5. Tax Credits and Payments:
   • Tax Credits
   • Estimated Tax Payments
6. Schedules and Attachments:
   • Schedules K-1 (per partner)
   • Schedule B (capital accounts)
7. Business Changes and Notes:
   • Significant Changes During Year
   • Explanatory Notes
8. Compliance and Accuracy: (not available)
   • Verify Data Consistency
   • Check for Required Attachments (not available)
9. Tax Elections and Reporting: (not available)
   • Review Tax Elections
   • Ensure Correct Forms Attached

11. Bank Statements

Bank statements are commonly exchanged for the purpose of bookkeeping and accounting. Typically these are multi page pdf documents in different formats. We support most bank formats and extract relevant information such as

- Statement Period /duration
- Bank Name 
- Account Holder Name 
- Account Number 
- Closing Balance 
- Total Debit/ Total Credit 
- Currency  (usually in USD)

Entire transaction table in CSV format

12. Credit Card Statements

Similar to bank statements, credit card statements are multi page pdf documents provided as statement by credit card companies. Following relevant information is extracted from credit card statements.

- Account Holder: Name of the credit card account holder or business entity
- Statement Period or duration  
- Total Charges
- Late Fees Charges 
- Interest Charged 
- Taxes Paid 
- Total Payments 
- Outstanding Balance:  
- Credit
- Due Date 
- Credit Limit  
- Minimum Payment

Entire transaction table in CSV format

13. Schedule K1

Schedule K formas are issued by certain companies to their share holders. Extracting relevant information from Schedule K documentss is work in progress. Schedule K1 document holds imoprtant information such as

1. Partner/Shareholder Information:
   • Name,
   • address,
   • Taxpayer identification number (TIN) of the partner or shareholder associated with the Schedule K1
2. Partnership/Entity Information:
   • Name,
   • Address,
   • And employer identification number (EIN).
3. Income Allocations: Should identify and categorize the different types of income allocated to the partner or shareholder, such as
   • Ordinary business income
   • Rental income
   • Interest income
   • Capital gains, etc.
4. Deductions and Losses:
   • Total Deductions,
   • Total Loss
   • Ownership percentage and
   • their Involvement in any passive or active activities.
5. Tax Basis Information:
   • Partner or Shareholder's beginning and ending tax basis
6. Foreign Tax Information: If applicable,
   • Any foreign tax details reported on the Schedule K1, including foreign taxes paid
   • Foreign tax credits

14. W2

Income wage document provided by every employer to their employees.

1. Employee Information:
   • Extracting the employee's name,
   • address,
   • Social Security number
2. Employer Information:
   • Employer's name, address,
   • and Employer Identification Number (EIN)
3. Wage and Salary Details:
   • Total wages
   • Total salaries
4. Withholding Details: Identifying the amounts withheld for
   • Federal income tax,
   • State income tax,
   • Social Security tax,
   • Medicare tax
5. Filing Status: Identifying the employee's filing status (e.g., single, married filing jointly etc.)