Review of Heron Data's Financial Statement Parsing Service
An Analysis of Heron Data's Capabilities in Streamlining Financial Underwriting
Key Aspects
- file format compatibility
- processing speed
- data accuracy
- workflow automation
- financial ratio calculation
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Heron Data Features
Versatility in File Handling
Heron Data stands out with its ability to handle all types of Financial Statements, including Income Statements, Balance Sheets, and Tax Returns, regardless of their format. Whether it's a PDF, XLXS, or CSV, Heron Data can process these files efficiently, making it a versatile tool for lenders.
Accelerated Workflow
With Heron Data's fast processing speed, Financial Statements can be converted into reviewable underwriting files in under 2 minutes. This significantly accelerates the workflow, allowing lenders to make quicker decisions without compromising on the quality of analysis.
Heron Data Usage Instructions
Ingesting Files
Heron Data supports ingesting files from various sources such as email, portal, API, SFTP, and the dashboard. It can handle all file formats including PDF, Excel, CSV, JPG, Word, and ZIP, ensuring a seamless integration into existing workflows.
Data Extraction and Verification
Utilizing in-house GenAI models, Heron Data extracts structured data from Income Statements, Balance Sheets, and Tax Returns. The extracted data is meticulously verified against the original documents to guarantee accuracy and authenticity.
Heron Data Specifications
Categorization of Financial Data
Heron Data categorizes each line item from a Financial Statement according to a customer's scorecard. This automated process ensures that the returned file is clean and ready for underwriting, streamlining the assessment process.
Calculation of Financial Ratios
Following the processing and categorization of documents, Heron Data calculates various Financial Ratios such as Liquidity Ratios, Leverage Ratios, Cash Flow Analysis, and Profitability Metrics. This provides a comprehensive view of the financial health of the company.
Heron Data Comparison with Competitors
Cross-Referencing with Bank Data
One of the unique features of Heron Data is its ability to extract data from both Financial Statements and Bank Statements. It cross-references values from both sources to ensure the integrity of the documentation provided, a feature that sets it apart from many competitors in the market.