Heron Data
We automate document-heavy workflows using AI
Start new thread
Jamie Parker

Heron Data: AutoSpread - Standardise any chart of accounts in minutes

by
Heron Data
•
Say 'goodbye' to 'stare and compare' manual spreading of management accounts, tax returns, balance sheets, or P&Ls. Upload them to Heron via our portal, email, API and receive normalised, clean, and structured output piped directly to where you need it.

Add a comment

Replies

Best
Jamie Parker
Maker
📌
👋 Hi Hunters, Jamie here from Heron Data. We partner with 100+ Banks, Fintechs, and other Business Lenders to automate mindless repetitive processes like parsing bank statements & application forms into your CRM. Financial statements are essential to most banks underwriting process but a massive pain to parse or 'spread'. Tax returns, balance sheets, and P&Ls provide unique insight into a company's financial health - they are the source for calculating datapoints like inventory turnover, quick ratio, and debt:assets, components of most credit models. Our customers can often reach a speedy lending decision once they have the datapoints they need from financials. However, unless they can hook into a customer's accounting platform directly with a tool like Codat or Rutter the only way to calculate (or 'spread') these ratios reliably from financials in PDF or Excel is by hand. Spreading financials for each company takes them 20-90 minutes... and it's really boring. Until now that is - say hello to AutoSpread! 🤖 Use ML, not human endurance to spread financials. Send what you have to Heron in the format you have it and get it back ready for your credit models or human judgement to analyse 🔌 Heron can ingest docs via email, API, or portal. We'll classify docs, parse or spread them, and push the results into wherever you want them e.g. CRMs like SalesForce, your own propriety software, or an email inbox as an Excel attachment 🗣️ Our software works with financials in most languages - never google translate Dutch line items again 💯 Output quality is our problem, not yours. We stand by our results and will review the docs we can't validate to be correct so you can spend your time on better things OK, but why does all this matter? A high degree of manual intervention makes underwriting a small commercial loan expensive and reduces access to credit, especially for smaller (<$250,000) loans according to research from FinRegLab. This means less access to affordable credit for small businesses, less growth, and more SMBs going under. What's more, humans are amazing at complex processes that require thought and judgement - like making an underwriting decision after reviewing all the data. We are terrible at copy and pasting numbers from a PDF into an Excel all day. Focus on the former, let us automate the latter and make financial services better for businesses :).
Max Savonin
@jamie_parker Heron Data's solution for automating financial statement parsing is a valuable tool for businesses that rely on accurate financial data. By reducing manual effort and improving efficiency, Heron can help streamline underwriting processes and increase access to credit for small businesses. Here are some questions for further exploration: - How accurate is Heron's AI-powered parsing technology in extracting data from various financial document formats? - Does Heron integrate with popular accounting software or CRM platforms to facilitate data transfer and analysis? - Can Heron handle large volumes of financial documents and maintain accuracy and efficiency at scale? As a developer with experience in data analysis and automation, I'm interested in how Heron works. Here are some potential areas for collaboration: - Contributing to the development and refinement of the AI models used for document parsing and data extraction. - Exploring integrations with additional accounting software or financial platforms. - Ensuring robust data security measures to protect sensitive financial information. I'd love to learn more about Heron's technical architecture and explore opportunities to contribute to its development. Additionally, I'm interested in trying out Heron to see how it can improve our financial data analysis and streamline our underwriting processes.
Nitesh Jamod
Great solution, @jamie_parker ! Happy to see AutoSpread reduce cash flow analysis manual work. Looking forward to upvoting!
Jamie Parker
Maker
Kyrylo Silin
Hey Jamie, How does AutoSpread handle variations in formatting or non-standard line items in financial statements? What languages does it currently support? Congrats on the launch!
Jamie Parker
Maker
@kyrylosilin thanks! We can handle PDF, .xls, and other formats. Non-standard formats are fine. We have done the most training on English docs but other languages actually work quite well too.
Eric
Kudos to the Heron Data team for AutoSpread! This tool is going to make a significant difference in underwriting processes, especially for small business loans. @jamie_parker
Richard Song
Hats off, @jamie_parker! AutoSpread is such a lifesaver for anyone buried in financial statements. The ML-powered approach to spreading is brilliant—goodbye to manual data entry! I'm curious, how does AutoSpread handle extremely large datasets? Does it maintain the same level of speed and accuracy?
Jamie Parker
Maker
@renchu_song Yep! Doesn't really matter how big the file is.
Mitia
A really impressive solution! Upoted!
Jamie Parker
Maker
@mitia Appreciate it!
Didier Platel
Not sure if we really need another tool that promises to simplify everything, I mean, how many of these actually live up to their hype, right, the idea is intriguing but let's see if it can really make a differencs or just another flashy app we'll forget about in a month
Jamie Parker
Maker
@clprojectguru Let's see! Our customers find it useful :)
Noah Christopher Bennett
Sounds like a really useful tool, Jamie! Just checked it out and it seems super helpful for automating those tedious tasks. Congrats on the launch! Looking forward to seeing how it helps streamline the lending process.
Jamie Parker
Maker
@noahchristopherbennett Thanks so much for the support!
Eva Paz
I see the potential for this tool but why not add a feature to automate more complex financial analyses, also sometimes it's scary to think about relying so much on AI to handle such sensitive data, maybe more customization options would help users feel more in control?
Jamie Parker
Maker
@eva_paz Users can recategorise line-items and manually review spreads in the tool!
Cox Dusatko
Hi Jamie, AutoSpread sounds like a much-needed solution for financial document handling. Congratulations on the launch! Regarding handling variations in financial statement formatting, how does AutoSpread ensure accuracy? Additionally, which languages are currently supported?
Jamie Parker
Maker
@cox_dusatko Primary support is for English-language. We do reconciliation checks on the documents to ensure we have extracted and categorise line items accurately.
12
Next
Last