Automated Transaction Data Aggregation System for Financial Record Accuracy

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Solution Overview

Problem

Accountants and tax professionals face challenges in accurately preparing reports and tax returns due to incomplete or inaccurately transcribed records from boxes of receipts and bank statements, leading to errors.

Innovation Solution

A system comprising hardware computer servers and user devices configured to create metadata records for financial transactions, determine accounting categories, and select financial product offers based on aggregated data, enabling automated enterprise transaction data aggregation and accounting.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Measurement precision

If manual transcription of receipts and bank statements is used, then accountants can prepare reports and tax returns, but errors occur due to incomplete or inaccurately transcribed records

Engineering Contradiction:

Improveaccuracy of financial recordsVSAvoidtime spent on manual transcription

Core Design Contradiction:

Measurement precisionVSLoss of time

Solution Approach 1:

The patent replaces the manual mechanical transcription process with an automated electronic system that captures financial data directly from sources like bank statements and receipts through optical scanning and image recognition technology, eliminating human error in data entry while reducing preparation time

Inventive Principle:

Principle #28Mechanics substitution (Replace mechanical system)

Solution Approach 2:

The system creates digital copies of financial records by scanning physical receipts and bank statements, then uses image recognition to automatically extract and transcribe data from these copies into structured financial records, preserving accuracy while eliminating manual copying efforts

Inventive Principle:

Principle #26Copying

2Productivity

If automated systems are implemented for transaction data aggregation, then accuracy and efficiency are enhanced, but system complexity increases

Engineering Contradiction:

Improveefficiency of financial reportingVSAvoidcomplexity of automated system

Core Design Contradiction:

ProductivityVSDevice complexity

Solution Approach 1:

The patent implements a multi-functional automated system that can handle multiple types of financial data sources (bank statements, receipts, invoices), perform various processing functions (optical scanning, image recognition, data extraction, categorization), and generate different financial reports, thereby achieving high productivity through a single integrated platform rather than multiple separate tools

Inventive Principle:

Principle #6Universality (Multi-functionality)

Data Source

PatentUS20200074565A1Automated enterprise transaction data aggregation and accounting

Publication Date: 2020.03.05 MX TECHNOLOGIES INC

AI summary

Apparatuses, systems, methods, and computer program products are presented for automated enterprise transaction data aggregation and accounting. A hardware computer server is configured to create metadata records for a plurality of transactions for one or more accounts. A hardware computer server is configured to determine a category for each of the transactions based on the metadata records. A hardware computer server is configured to select an offer for a product based on determined categories and created metadata records. Computer executable program code installed on a non-transitory computer readable storage medium of a hardware device comprises operations configured to receive, from a network interface of a hardware computer server over a network interface of the hardware device, an offer for a product and to display the offer for a product to a user on an electronic display of the hardware device.