Streamline Workpapers: AI-Powered Data Extraction and Integration from Uploaded Documents

Introduction

With Tax Sorted, you can create automated workpapers using supporting documents. With just a few clicks, you can upload and process documents, extract data, and generate accurate workpapers with the help of Workpaper Templates and Placeholders. This eliminates the need for manual entry and ensures a seamless workflow.

The documents that are supported by Tax Sorted for data extraction through Cloudoffis-AI are listed below.

1. Bank Statement
2. Business Activity Statement - Xero
   
3. Business Activity Statement - ATO
   
4. Income Tax Account - ATO
   
5. Integrated Client Account - ATO
   
6. PAYG Instalment Summary
   
7. R&D Schedule - ATO
   
8. Tax Return (for the Franking Account Balance)
   
9. Aged Payable Summary - Xero
   
10. Aged Receivable Summary - Xero
    
11. Depreciation Schedule - Xero 
    
12. Pool Summary - Xero
    
13. Pre-fill Report- ATO(Coming Soon)
14. Tax Depreciation - Xero

Follow the steps below to create automated workpapers using AI from uploaded documents.

Note: Make sure, you select the Save as PDF option instead of Print to PDF. This will ensure AI is processing on the data and the file is not encrypted.

How to Create Automated Workpapers using Uploaded Documents

Step 1 - Log in to Tax Sorted and go to the Workpaper File of the preferred client.

Step 2 - Click on the Document(s) tab and Upload Documents from your local drive or simply drag and drop them.

Step 3 - While the documents are uploading, the status will be displayed at the top as either Success or Failed.

Step 4 -  Once uploaded, select the Document Type from the dropdown menu. The selected document will appear on the right for you to review.

Step 5 - The document will then be processed through AI. A Loading icon will appear denoting the ongoing process, followed by a Green Tick once processing is complete.

Step 6 - Select the Workpapers you want to attach to the account.

Step 7 - As the workpapers are attached to your financials, Tax Sorted will automatically extract the necessary information from the uploaded documents and financials. You’ll receive a confirmation message once the workpapers are attached.

Step 8 - Once the workpapers are attached, click on the workpaper to open it.

Step 9 - Click on the Expand icon to view the workpaper in detail.

Step 10 - The workpaper will automatically populate the relevant cells with data identified by AI.

Note - The information in the workpapers will come wherever the appropriate placeholder has been added.

By following these steps, Tax Sorted simplifies and automates your workpaper creation, saving you valuable time and effort.

To learn more about the process, explore best practices, and make the most of our features, please visit our Knowledge Base. Contact our Support team if you need any assistance.

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