Marvel.ai: Revolutionizing document form processing with enhanced accuracy and efficiency

What our customer encountered?

The auditing firm encountered difficulties while processing document forms and finding K-1 and K-3 forms within Form 1065:

Matching K-1 and K-3 forms was challenging due to differences in identification numbers.
Accurate data extraction was essential, especially when dealing with multiple sets of forms.
Verifying data consistency between K-1 and K-3 forms was complex due to the varying number of fields (50 for K-1 and 273 for K-3).
Differences between K-1 and K-3 data required careful handling to prevent reporting errors.

Time-consuming manual corrections.
Errors in tax calculations and reporting, potentially resulting in penalties or regulatory issues.
Data inconsistencies leading to inaccuracies in financial reporting and tax filings.
Operational inefficiencies demanding additional time and effort for accurate data handling and reporting.

The client sought a streamlined solution for the extraction of K-1 and K-3 forms from Form 1065.

Marvel.ai was introduced to automate the extraction of K-1 and K-3 forms across multiple sets simultaneously with unparalleled accuracy.

Using cutting-edge AI algorithms, the system performs cross-form validation, intelligently splits K-1 forms, and auto-matches with corresponding K-3 forms based on identification numbers.
The ML and NLP capabilities effectively manage the intricacies of K-1’s 50 fields and K-3’s 273 fields, resulting in highly accurate data extraction.
A structured excel output is generated for each K-1-K-3 pair, featuring a Case ID, ensuring user-friendly access to precisely reconciled data.
Marvel.ai’s intelligent exception handling, driven by robust machine learning algorithms, efficiently directs problematic files to the “Exception folder” and seamlessly routes error-free files to the “AI output folder.”
To ensure data accuracy, Marvel.ai assesses each field and assigns a confidence score, allowing users to evaluate the reliability of the extracted information.
Additionally, the system bolsters transparency and control by providing comprehensive file path information, including directory specifics, precise file locations, and hover tooltips.