Independent Financial Advisors (IFAs)

The Challenge

Quick access to clean data is crucial for IFAs to make informed decisions aligned with their client’s financial goals. IFAs use financial statements (as well as quarterly and annual reports) as a comprehensive overview of their client's assets, liabilities, income and expenses. The problem? Financial statements are long, data-dense documents.

Yet, poring over financial statements is a poor use of highly qualified specialists. Taking on more clients can also be difficult when too much time is spent manually keying in data.

Finally, prolonged manual data capture can also spawn mistakes borne of distraction and tedium. For sensitive tasks - such as investment strategising and tax planning - compromised data quality can have severe consequences. Hence, IFAs are increasingly turning from manual data entry to more powerful solutions.

The Solution

Evolution AI has worked closely with financial specialists to deliver a solution that assists advisors in obtaining critical data, fast. Our AI algorithms parse PDFs or scans of financial statements, capturing and validating the required data points before outputting them in a structured file. Not only does Financial Statements AI extract the data present in the financial statement; it leverages it to compute key metrics like EBITDA, EBIT and Gross Profit. In subsequent versions of Financial Statements AI, IFAs will have access to different ratios from balance sheets and income statements. 

Financial Statements AI is also designed to preserve data accuracy. AI algorithms complete simple summations to ensure that the data is extracted correctly (even from poor-quality documents or documents in different languages). Regardless of the state of your client's documents, you can be assured that Financial Statements AI will aggregate the required data quickly and accurately.

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