Financial Data Extraction Interface with Verification

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Solution Overview

Problem

Current accounting software requires manual entry of financial transaction data from paper documents, which is time-consuming and prone to errors, even with sophisticated systems, necessitating skilled professionals for accurate bookkeeping.

Innovation Solution

A software application that allows users to scan financial documents, automatically recognize transaction data, and synchronize it with accounting software, using a user-friendly interface for data extraction, verification, and export to external accounting systems.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Measurement precision

If manual data entry is used for financial transactions, then accuracy can be maintained through skilled professionals, but time consumption increases significantly

Engineering Contradiction:

Improvedata entry accuracyVSAvoidtime consumption

Core Design Contradiction:

Measurement precisionVSLoss of time

Solution Approach 1:

The patent replaces the mechanical process of manual data entry with an automated optical character recognition (OCR) system that captures images of financial documents and automatically extracts transaction data, eliminating the need for manual typing while maintaining accuracy through verification algorithms

Inventive Principle:

Principle #28Mechanics substitution (Replace mechanical system)

Solution Approach 2:

The system enables self-service by allowing the financial document imaging system to automatically perform data extraction, validation, and population of accounting software fields without requiring skilled bookkeeping professionals to manually enter each transaction

Inventive Principle:

Principle #25Self-service

2Productivity

If automated data extraction is implemented, then time consumption is reduced, but verification of extracted data becomes more challenging

Engineering Contradiction:

Improveprocessing speedVSAvoidverification complexity

Core Design Contradiction:

ProductivityVSDevice complexity

Solution Approach 1:

The patent implements feedback mechanisms where the system presents extracted data to users for verification, allows correction of errors, and uses this information to improve future extractions. The system provides confidence scores for extracted fields and highlights areas requiring manual review

Inventive Principle:

Principle #23Feedback

Solution Approach 2:

The system performs preliminary verification by pre-populating accounting software fields with extracted data before final submission, allowing users to review and correct only necessary fields rather than verifying entire transactions from scratch

Inventive Principle:

Principle #10Preliminary action

3Reliability

If comprehensive data fields are collected for each transaction, then complete record keeping is achieved, but data entry complexity increases

Engineering Contradiction:

Improverecord keeping completenessVSAvoiddata entry complexity

Core Design Contradiction:

ReliabilityVSDevice complexity

Solution Approach 1:

The patent creates a universal data extraction framework that handles multiple types of financial documents (invoices, receipts, statements) through a single imaging and recognition system, automatically adapting to different document formats and extracting relevant fields for various transaction types

Inventive Principle:

Principle #6Universality (Multi-functionality)

Data Source

PatentUS10726200B2Systems and methods for user interfaces that provide enhanced verification of extracted data

Publication Date: 2020.07.28 CHOU BENJAMIN

AI summary

A computer software that provides the user with the means to import an image of a paper financial document for data extraction. The extracted data automatically populates a financial datasheet and can be synchronized with a company financial record being kept on an external accounting software. The present invention provides the user with the convenience of automatic data input and eliminates the traditional method of individually inputting financial transactions into the accounting software.