Mobile Data Import for Financial Returns

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Solution Overview

Problem

Tax preparation and compliance are time-consuming and prone to errors due to the need for aggregating disparate financial data and performing complex calculations, which current software only partially mitigates by automating calculations and manual data entry.

Innovation Solution

A method and system that uses a data import engine to obtain credentials, determine available financial data, send notifications to mobile devices, request data downloads from providers, and import data into tax preparation applications, facilitating the aggregation of financial data for tax returns.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Reliability

If manual data entry and aggregation of financial data is performed, then tax preparation can be completed, but it is time-consuming and error-prone

Engineering Contradiction:

Improveaccuracy of tax preparationVSAvoidtime required for tax preparation

Core Design Contradiction:

ReliabilityVSLoss of time

Solution Approach 1:

The system enables automatic self-service data aggregation by connecting to financial institutions and data providers through credentials, automatically retrieving and importing financial data without requiring manual user intervention for data collection and entry

Inventive Principle:

Principle #25Self-service

Solution Approach 2:

The system performs preliminary actions by proactively notifying users when financial data is available for import, and automatically retrieving and preparing data before the user needs it for tax preparation, eliminating waiting time and manual data gathering

Inventive Principle:

Principle #10Preliminary action

2Measurement precision

If tax preparation software automates calculations, then calculation accuracy is improved, but manual data entry requirements remain

Engineering Contradiction:

Improvecalculation accuracyVSAvoidease of data entry

Core Design Contradiction:

Measurement precisionVSEase of operation

Solution Approach 1:

The system automatically retrieves financial data from external providers using stored credentials, eliminating the need for users to manually enter financial information while maintaining data accuracy through automated collection

Inventive Principle:

Principle #25Self-service

3Reliability

If financial data is manually aggregated from disparate sources, then complete tax information can be compiled, but the process becomes complex and resource-intensive

Engineering Contradiction:

Improvecompleteness of financial dataVSAvoidcomplexity of data aggregation process

Core Design Contradiction:

ReliabilityVSDevice complexity

Solution Approach 1:

The system provides universal data aggregation capability by supporting multiple data providers and financial institutions through a single interface, automatically handling connections to diverse sources and importing various types of financial data without requiring separate manual processes for each source

Inventive Principle:

Principle #6Universality (Multi-functionality)

Data Source

PatentUS8744948B1Mobile data import for a financial return

Publication Date: 2014.06.03 INTUIT INC

AI summary

A method for obtaining financial data for use in a financial return of a tax paying entity, including: obtaining credentials of the tax paying entity; determining, by a computer processor, that the financial data is available for download from a data provider; sending a first text message to a mobile device of the tax paying entity indicating that the financial data is available for download; receiving, from the mobile device, a second text message requesting to import the financial data into the financial return; sending, to the data provider, a request to download the financial data, where the request includes the credentials; downloading, after sending the request, the financial data into a data repository; and sending, after downloading the financial data, the financial data to a tax preparation application, where the financial data is imported by the tax preparation application into the financial return.