Philadelphia, PA (October 17, 2018) – A leader in expense management and bookkeeping automation solutions for small business, The Neat Company’s patented machine learning technology provides accurate data extraction of critical accounting-related data from small business documents and now supports automated data extraction and classification for receipts, invoices and other financial documents.
Since its launch in 2002, The Neat Company has been continuously working to refine automated data extraction from small business documents. Neat saves small businesses and accountants and bookkeepers time by streamlining the capture receipts, invoices and other important documents for your business. Once all of your information is securely organized in one place, Neat’s patented technology goes to work for you by automatically classifying the document and extracting key information. Neat then puts your information to work for you and saves you time by automating the entry data into your accounting system. Neat also give you and your accountant real-time visibility to your expenses and makes preparing for tax time a breeze. [MC1]
Neat’s massive popularity with small businesses, as well as small business bookkeepers and accountants, has the company processing hundreds of thousands of financial documents each week from tens of thousands of small businesses across hundreds of industries. The sheer volume and variety of the small business documents examined, along with the number of information fields Neat’s system identifies such as taxes, tip amounts and invoice numbers, has uniquely trained the company’s Machine Learning OCR (optical character recognition) engine.
Machine learning has always been in the DNA of the Neat application. Over the past 16 years, as Neat’s collective user community fed information into the system, it has become smarter and better able to recognize data patterns. This learning has automated the process of accurately ingesting, identifying and categorizing data and has, in turn, radically streamlined bookkeeping processes.
We have a unique industry advantage that comes from processing hundreds of millions of receipts, invoices and other documents. Over time, this volume increased the overall accuracy of our automated data extraction,” explains Andrew Schaps, Vice President, Product Development at Neat. “OCR accuracy within the app is so high users can choose whether or not they require human verification which they can limit to specific situations like capturing hand-written tips from receipts.”
Like other vendors in the space that enable receipt scanning for expense management, Neat offers human verification on receipts as they are entered into the system. However, because of Neat’s machine learning capabilities, the application permits the user to turn this feature on or off.
Neat has focused additional efforts on the development and expansion of its accounting and bookkeeping channel this year with the advent of the Neat-Freak partner program. Neat’s machine learning technology gives accountants and bookkeepers more accurate information from their small business customers in a timelier fashion and avoids the need for manual intervention of data ingest functions, such as pen-to-paper document handling. By driving the highest levels of efficiency, Neat gives accountants and bookkeepers more time to focus on strategic client services and helps them realize better business growth and higher profitability.
About The Neat Company
The Neat Company provides small businesses and accountants and bookkeepers a cloud-based expense and document management system, which streamlines the collection of important financial documents, automatically extracts key information, provides real-time insights, and eliminated time-consuming data-entry into accounting systems. Neat’s patented ID2 technology intuitively classifies documents and populates key data fields, helping small businesses organize and categorize financial information that is critical to their business’s needs. In order to manage the high, daily volume of expense transactions and financial documents, Neat gives small business owners the power to capture and access files from any device, taking productivity to the next level. By consolidating reporting and eliminating time-consuming tasks like data entry, Neat streamlines accounting and tax-related workflows, giving time back to small businesses so they can get to what matters most.