How to Extract Financial Documents using JavaScript

Welcome to our guide on parsing financial documents with AI and JavaScript! Whether you're automating data extraction, analyzing financial reports, or building document processing tools, this tutorial will equip you with the key knowledge and techniques.

You'll discover how to efficiently extract valuable insights from complex financial documents, streamlining your workflow and enhancing accuracy.

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What is Financial Document Parsing ?

Financial document parsing involves automatically extracting and organizing critical information from documents like invoices, receipts, bank statements, and tax forms. This process uses AI and machine learning algorithms to identify, extract, and categorize key data such as amounts, dates, vendor names, and item descriptions from unstructured or semi-structured formats.

The aim is to optimize data processing, minimize manual effort, and support 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

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Implementing Financial Document Parsing in JavaScript

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Install JavaScript’s Axios Module: To interact with the Eden AI API, you'll need the axios module for making HTTP requests. Install it via npm:

const axios = require("axios").default;

const options = {
  method: "POST",
  url: "https://api.edenai.run/v2/ocr/financial_parser",
  headers: {
    Authorization: "Bearer YOUR_API_KEY",
  },
  data: {
    providers: "microsoft,base64,amazon,mindee",
    file_url: "🔗 URL of your image",
    document_type: "invoice",  // Change to 'check' for checks
  },
};

axios
  .request(options)
  .then((response) => {
    console.log(response.data);
  })
  .catch((error) => {
    console.error(error);
  });

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• Authorization Header: Tthe API key is included in the header to authenticate the request.
• Request URL: The same endpoint for parsing financial documents is used in JavaScript.
• Payload: The payload contains the file_url (URL of your image), document type, and selected providers for OCR processing.
• Sending the Request: The axios module is used to send the POST request, and the .then() and .catch() functions handle the success and error responses, respectively.

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Interpreting the Results

You’ll receive a JSON object containing the extracted information from the document. Here’s a sample response:

{
  "microsoft": {
    "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 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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