Magnetic provides an AI-powered platform that automates the extraction and data entry of client tax documents directly into tax preparation software. This solution reduces manual processing time for tax professionals, allowing them to focus on client advisory services.
Funding
Funding not disclosed
Founders
Product
Problem
Tax professionals spend significant time on the manual extraction and data entry of client information into tax preparation software. This process is prone to errors and detracts from client relationship management and strategic advisory services.
Solution
Magnetic offers an AI-powered tax preparation platform that automates the ingestion and data entry of client tax documents directly into existing tax preparation software. The system leverages advanced optical character recognition (OCR) and a proprietary AI recognition and logic layer to process a wide array of document types, including handwritten notes and scanned images. By automating these repetitive tasks, Magnetic enables tax professionals to reduce processing time per return and reallocate resources towards higher-value client interactions and advisory functions. The platform ensures seamless integration with major tax software providers, streamlining existing workflows.
Target Audience
The primary target audience includes tax professionals, accounting firms, and tax preparation services seeking to enhance operational efficiency and reduce manual data entry burdens.
Features
- AI-driven document processing capable of handling over 94 document types with 99.8% accuracy.
- Integrated OCR and AI recognition layer for extracting data from various formats, including handwritten notes and scanned documents.
- Direct data entry into major tax software platforms such as Thompson Reuters, Intuit, and Wolters Kluwer.
- Automated generation of organized workpapers with tick marks for reviewed fields, exportable as a single PDF.
- Secure cloud file system for document organization and retrieval.
- API access for custom integrations and workflow automation (Enterprise plan).