Optimizing Costs and Time Experience with Automated Accounting & Tax

Project Overview

This project is about introducing an automated tax form management system by using intelligent technologies, including Optical Character Recognition (OCR), Robotic Process Automation (RPA), and cognitive capabilities. This system aimed at automating data extraction, validation, and integration processes in the client’s web application.The goal was to reduce manual effort, increase processing speed, and ensure data accuracy at scale.

• Industry: E-Commerce/Retail
• Solution: RPA (Robotic Process Automation)
• Technology Used: Automation Anywhere A360, AWS Tesseract OCR

About Client

The client is an accounting and taxation service provider catering to the requirements of the US-based CPAs. The client assists CPAs in managing high-volume income tax form submissions, including Federal and State return filings, using a dedicated web application. The client wanted a robust solution that automates and streamlines the extraction and submission of data from various tax forms.

Key Challenges the Client Faced

• Manual Data Entry

The client’s manual data entry process involved copying data from various PDF forms (W2, 1099-G, 1099-R, etc.) and pasting it into a web application. This task was time-consuming. The repetitive nature of this process increased the chances of human errors, impacting the overall efficiency and accuracy.

• Data Accuracy and Proofing

Ensuring the accuracy of the data entered was a significant challenge. Each record required thorough proofing to verify the legitimacy of the information. This additional step increased the workload and delayed the process. It made it difficult to meet deadlines while maintaining high standards of data integrity.

• Scalability Issues

As the volume of tax forms increased, the manual data entry process became unfeasible and complicated. The client struggled to scale their operations to handle the growing workload efficiently. Hiring additional data entry operators was not a viable, long-term solution due to the associated costs and increasing potential for errors.

• Competitive Market Pressures

The client had to streamline their operations and improve efficiency to remain competitive in the market. . The manual data entry process was a bottleneck, preventing them from achieving the desired level of productivity. The need to keep pace with competitors and provide timely services to their customers added pressure to find a more efficient solution.

Our Solution

Silver Touch implemented an RPA solution using Automation Anywhere A360 to automate the data extraction and entry processes. Here are the technical details of the solution:

• Utilizes PDF commands or AWS Tesseract OCR to extract structured data from various tax forms.
• Extracts key details such as employer/employee information, ZIP codes, etc., with federal and state taxes.
• The RPA bot leverages cognitive capabilities to accurately interpret and extract data from different formats and layouts of tax forms.

Data Entry

• Automatically adds the extracted data into the web application under a unique customer ID.
• Ensures data accuracy by following pre-established rules and procedures.
• The RPA bot verifies the accuracy and entirety of the data entered, reducing the risk of errors.

User Notifications

• Sends email notifications to users upon the successful processing of each tax form.
• Notifications include details of the processed forms to keep users informed about the status of their tasks.

Integration and Deployment

• Developed a cloud-native, web-based intelligent automation platform using Automation Anywhere A360.
• The RPA bot is integrated with the client’s existing web application, ensuring seamless data flow and processing.
• The scalable solution enables the client to handle increasing volumes of tax forms without hiring additional human resources.

Security and Compliance

• The solution adheres to data security and standard compliance standards, ensuring the confidentiality and integrity of sensitive tax information.
• Utilizes secure communication protocols and encryption to protect data during extraction, processing, and storage.
• This RPA-based automation solution enables the seamless handling of large volumes of data without human intervention, ensuring consistency, speed, and accuracy.

Key Functionality and Benefits

• Automated Data Extraction

Utilizes software bots to extract data from various PDF forms (W2, 1099-G, 1099-R, 1099-SSA, 1099-DIV, 1099-INT, W2-G), including details such as employee and employer names, addresses, zip codes, state tax, federal tax, and IDs.

• Error Reduction

Cognitive capabilities, combined with pre-defined rules and decisions, ensure tasks are completed accurately while minimizing the risk of errors.

• Time Efficiency

Saved approximately 1000 hours annually in data entry, with each form processed significantly faster compared to manual entry.

• Scalability

Easily handles an increasing volume of tax forms while supporting the client’s ability to scale operations efficiently.

• User Notifications

Users receive email notifications upon the completion of the process, keeping them informed about the status of their tasks.

• Integration with Existing Systems

Seamlessly integrates with the client’s existing system and web application, offering robust integration capabilities.

Outcome

Implementing an automated tax form management system using Automation Anywhere A360 and AWS Tesseract OCR has significantly transformed the client’s operations. By automating the data extraction and entry process, the RPA-based solution has enhanced efficiency, reduced errors, and ensured scalability. The integration of cognitive capabilities and user notifications has further streamlined the workflow, enabling the client to handle large volumes of data with consistency, speed, and accuracy.

This successful deployment marks a crucial step towards leveraging intelligent automation to meet the demands of a competitive market, positioning the client for future growth and expansion.