TradeTapp can use optical character recognition (OCR) to scan financial statements uploaded by your vendors and suggest values to make financial input easier.
To turn on Financial Statement Automation
Click on your company name in the top right corner.
Click “Financial Model.”
Navigate to the "Financial Input" menu item.
Click the toggle to turn on Financial Statement Automation and click "Apply".
Once turned on, the system will start scanning financial documents submitted by vendors. The system will not retroactively process documents that were previously submitted. It may take several days until a vendor submits and you will then see suggested financial values.
To use Financial Statement Automation
Navigate to the Financial Input within a vendor's profile.
When Financial Statement Automation is turned on, you will see the "Scan Status" of each financial document a vendor submits. The possible statuses are:
- Processed: The file was successfully processed through the background job and should have some results
- Failed: The file likely had no results or was not a correct format therefore the system couldn't read it
- Processing: The file is still processing and has not yet completed the scan. Please wait
Click into a processed financial document to see suggested values to the right of each field. There are a few ways the automation can appear:
Suggested Value of: The scan found a potential match. Click "Confirm" to accept or type a different figure in the field to override the suggestion
- Yellow Highlight in the PDF: This is corresponding to the suggested field you are clicked into
No Value Found: The scan did not find a suggested value. This does not mean that one does not exist. You should search the PDF to see if the value exists and manually add a value
- Manual Value Used: The user overrode the suggested value
Clear: Click this to reset the suggested value used
Financial Statement Automation Limitations
- If the vendor submitted multiple PDFs for the same year, the automation cannot aggregate suggested values from multiple files. Only one file at a time is processed.
- The system will scan for all fields that can be in the financial document (20 in total). It is not perfect and may miss fields that are named or formatted differently. We are continuing to improve on the scanning.
- The system is trained to look at specific financial statement types and files. Therefore, files like word documents with text do not satisfy the requirement cannot be processed.
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