How to Extract Financial Documents using Python

Welcome to our guide on parsing financial documents with AI and Python! Whether you're automating financial data extraction, analyzing reports, or building document processing tools, this tutorial will arm you with the essential skills and techniques. You’ll learn how to effectively extract valuable insights from complex financial documents, streamlining your workflow and boosting efficiency.

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What is Financial Document Parsing ?

Financial document parsing refers to the process of extracting and organizing key information from various financial documents, such as invoices, receipts, bank statements, and tax forms, using automated tools and techniques.

This involves leveraging AI and machine learning algorithms to identify, extract, and categorize relevant data, such as amounts, dates, vendor names, and item descriptions, from unstructured or semi-structured document formats. The goal is to streamline data processing, reduce manual effort, and enable more efficient analysis and decision-making.

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Applications of Financial Document Parsing:

1. Invoice Processing: Automates data extraction from invoices, speeding up accounts payable and reducing manual entry.
2. Expense Management: Streamlines the categorization and tracking of receipts and expenses for better oversight.
3. Tax Filing: Automates extraction of key information from tax forms, improving speed and accuracy in tax preparation.
4. Financial Reporting: Extracts transaction details from bank statements and reports, enabling quicker, more accurate reporting.

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How to Extract Financial Documents?

Set Up Your Eden AI Account

1. Sign Up: If you don't have an Eden AI account, create a free one using the following link. Once you do that you can obtain your API key, which you can use to access various AI services, including financial document parsing.

2. Access OCR Tools: Once logged in, go to the document parsing section of the platform.
3. Choose Financial Documents Feature: Select the financial document parsing tool. You can also explore advanced parsing options based on your specific requirements.

Implementing Financial Document Parsing in Python

Install Python's Requests Module: Before interacting with the Eden AI API, you need to install the requests module if you don't already have it. This can be done using pip:

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Code Example

Once you've set up your Python environment, you can use the following Python code to interact with the Eden AI API and parse financial documents.

import json
import requests

# Set up your API key and endpoint
headers = {
    "Authorization": "Bearer YOUR_API_KEY"
}

url = "https://api.edenai.run/v2/ocr/financial_parser"

# Prepare the payload with the document details
json_payload = {
    "providers": "amazon,base64,microsoft,mindee",
    "file_url": "🔗 URL of your image",
    "document_type": "invoice",  # Change to 'check' for parsing checks
}

# Send the request to Eden AI API
response = requests.post(url, json=json_payload, headers=headers)

# Parse the response from Eden AI API
result = json.loads(response.text)

# Output results (e.g., Amazon parser results)
print(result["amazon"])

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• ‍Authorization Header: The header contains the authorization key with the API key provided by Eden AI to authenticate the request.
• Request URL: The URL is the Eden AI endpoint that allows parsing financial documents. You can use different providers for OCR (e.g., Amazon, Microsoft, etc.).
• Payload: The payload includes the file_url (link to your image file), the document type (e.g., "invoice" or "check"), and the selected providers for parsing.
• Sending the Request: We send a POST request to the Eden AI API with the provided payload and headers.
• Result: The result contains parsed information returned by Eden AI, such as text extracted from the document. You can access it by parsing the response.

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Interpreting the Results

After sending the request, the result will contain parsed text from the financial document. Here's an example of what the response might look like:

{
  "amazon": {
    "invoice_number": "12345",
    "amount_due": "500.00",
    "date": "2025-02-24",
    "due_date": "2025-03-24",
    "vendor": "Company XYZ"
  }
}

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Why Eden AI is the Best Tool for Parsing Financial Documents

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Eden AI stands out as an efficient and flexible solution for financial document parsing.

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Multiple Provider Support

‍Eden AI allows you to choose from various providers, such as Amazon, Microsoft, and Mindee, to ensure that you get the best parsing results.

Accuracy and Speed

‍The API provides high accuracy and fast processing of financial documents, saving businesses time and reducing human error.

Ease of Use‍

Integrating Eden AI’s API while using Python is straightforward with easy-to-understand code samples and detailed documentation.

Security and Privacy

‍Eden AI follows best practices for security, ensuring that your financial data remains confidential and secure.

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Next step in your project

The Eden AI team can help you with your Financial Document Parsing project. This can be done by :

• Organizing a product demo and a discussion to understand your needs better.
• By benefiting from the support and advice of a team of experts to find the optimal combination of providers according to the specifics of your needs
• Having the possibility to integrate on a third-party platform: we can quickly develop connectors.

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