Streamline Workpapers: AI-Powered Data Extraction and Integration from Uploaded Documents
Introduction
With tax Sorted, now 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.
Below are the documents that are supported by Tax Sorted for data extraction through AI.
- Bank Statement
- Business Activity Statement - Xero
- Business Activity Statement - ATO
- Income Tax Account - ATO
- Integrate Client Account - ATO
- PAYG Installment Summary
- R&D Schedule - ATO
- Tax Return
- Aged Payable Summary - Xero(Coming Soon)
- Aged Receivable Summary - Xero(Coming Soon)
- Bank Statement (Coming Soon)
- Depreciation Schedule - Xero(Coming Soon)
- Pool Summary - Xero(Coming Soon)
- Pre-fill Report- ATO(Coming Soon)
- R&D Schedule Summary - ATO(Coming Soon)
- Tax Depreciation - Xero(Coming Soon)
Follow the steps below to create automated workpapers using AI from uploaded documents.
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.
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