Automated Financial Data Import System for Accounting Accuracy

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Solution Overview

Problem

Existing financial software packages require significant time and expertise to set up and maintain, are prone to errors, and often produce outdated accounting records, especially for individuals and small businesses without access to skilled workforces.

Innovation Solution

A method and system for organizing financial data that automatically imports electronic data from financial institutions, reducing the need for manual entry and minimizing errors, allowing for up-to-date management information with minimal operator effort.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Measurement precision

If manual entry of bank statement data is used, then data can be entered into the accounting system, but the process is lengthy, error-prone and requires skilled expertise

Engineering Contradiction:

Improvedata accuracyVSAvoidtime for data entry

Core Design Contradiction:

Measurement precisionVSLoss of time

Solution Approach 1:

The system creates electronic copies of bank statement data that can be automatically imported into the accounting package, eliminating the need for manual re-entry of the same data while ensuring accuracy through automated data transfer

Inventive Principle:

Principle #26Copying

Solution Approach 2:

The manual mechanical process of copying and entering data is replaced by an automated electronic data import system that directly transfers bank statement data into the accounting software, reducing both time and error potential

Inventive Principle:

Principle #28Mechanics substitution (Replace mechanical system)

2Reliability

If existing accounting packages are used, then financial records can be maintained, but significant time and expertise are required to set up and maintain them

Engineering Contradiction:

Improveaccuracy of accounting recordsVSAvoidease of setup and maintenance

Core Design Contradiction:

ReliabilityVSEase of operation

Solution Approach 1:

The system enables automated maintenance of accounting records through self-service mechanisms where data is automatically imported and processed, reducing the need for skilled operators to manually maintain the system while preserving record accuracy

Inventive Principle:

Principle #25Self-service

Solution Approach 2:

The system performs preliminary data preparation and validation automatically during the import process, so that when data enters the accounting package, it is already in the correct format and verified for accuracy, reducing subsequent maintenance requirements

Inventive Principle:

Principle #10Preliminary action

3Productivity

If manual coding of bank statements is performed, then accounting records can be generated, but the process is wholly reliant on the accuracy of data input

Engineering Contradiction:

Improvespeed of generating accounting recordsVSAvoidaccuracy dependency

Core Design Contradiction:

ProductivityVSReliability

Solution Approach 1:

The system copies bank statement data electronically and imports it directly into the accounting package, eliminating manual coding while maintaining data accuracy through automated transfer processes that preserve the original data integrity

Inventive Principle:

Principle #26Copying

Data Source

PatentUS11087408B2Method and apparatus for organising financial data

Publication Date: 2021.08.10 BANKCLARITY

AI summary

A method of organising financial data is described in which financial data is obtained from one or more data source and imported into a computer program. The data may, for example, be bank account data obtained from a bank via a wireless connection. The computer program modifies the data so obtained into a format suitable for presentation to a user. At least some of said electronic data is obtained without being manually entered by an operator.