YANTRIK CASE STUDY
Automating Multilingual Financial Document Processing for Kreston
Kreston, a global network of independent accounting firms, faced significant challenges in outsourcing European financial tasks to its Indian subsidiary.
With an expanding presence in Europe, Kreston needed to streamline the processing of multilingual financial documents while ensuring accuracy and compliance with regulatory standards.
Problem Statement
The key issues Kreston faced were:
Language Barriers: Indian accountants struggled with processing financial documents in multiple European languages, including invoices, receipts, and statements.
Unstructured Data: Each document came in varying formats, complicating data extraction.
Manual Workflow: Existing workflows relied on error-prone and time-consuming manual processes.
Scalability: Kreston needed a solution capable of handling an increasing volume of documents without sacrificing speed or accuracy.
These challenges led to inefficiencies, errors, and delays in financial workflows, ultimately threatening compliance and operational scalability.
Problem Statement
The primary goals of Yantrik were to:
- Eliminate the language barrier for financial document processing.
- Automate the extraction and categorization of financial data from diverse document types.
- Enhance operational efficiency by reducing manual intervention.
- Create a scalable solution to handle large volumes of multilingual financial documents.
Challenges Encountered
Document Diversity: European documents came in varied formats and layouts, requiring customized extraction models.
Language Complexity: Translating documents accurately without losing financial context was critical, particularly for invoices in complex European languages.
Performance at Scale: Maintaining efficiency while processing large volumes of documents simultaneously was a challenge.
Data Accuracy: Ensuring high precision in extracting and classifying financial data across multiple languages and formats.
Solution Design and Approach
Yantrik addressed these challenges through an intelligent, cloud-based solution:
Automated Document Classification: Leveraging Azure Document Intelligence, Yantrik classified each document based on its structure and content type.
Custom Models for Design-Heavy Documents: For complex receipts and invoices with intricate layouts, we developed custom models to improve data extraction accuracy.
Language Detection and Translation: Azure Cognitive Services provided real-time language detection, automatically translating non-English documents into English without losing key financial details.
Real-Time Data Streaming: Using React.js for the frontend and streaming APIs, Yantrik displayed processed documents as soon as they were ready, improving the user experience.
Results And Success Metrics
The deployment of Yantrik delivered immediate benefits to Kreston:
Efficiency Gains: Document processing times were reduced by 85%, allowing Kreston to process 50+ documents within minutes.
Accuracy Improvement: Yantrik achieved 98% accuracy in document classification and data extraction.
Scalability: The system processed thousands of documents per day without performance degradation, enabling Kreston to scale its operations.
Elimination of Language Barriers: Kreston’s Indian team could now process European-language documents seamlessly, significantly reducing the need for manual translation.
Building on Yantrik’s success, future developments will include:
Full Automation of Accounting Workflows: Expanding the system to cover end-to-end accounting tasks, from document processing to final reporting.
Trial Balance Automation: Introducing features for automatically sorting and balancing year-end financial data.
Language Expansion: Supporting additional languages and document types to expand into new markets.
AI-Powered Insights: Integrating advanced AI models to provide predictive analytics and financial forecasting.
Yantrik transformed Kreston’s financial document processing, eliminating bottlenecks and enabling their Indian subsidiary to handle European financial tasks efficiently. By leveraging cutting-edge AI and cloud technologies, Yantrik ensured compliance, scalability, and real-time data processing, positioning Kreston for continued growth and innovation.