K-1 Form OCR Processing
Most businesses have to handle some form of income tax in their business cycle. However, partnerships and certain corporations are exempt from this rule and do not have to pay any form of income tax. Instead, the profits are distributed directly among the partners or shareholders. These companies have to file a K-1 form, a task which can be further simplified through K-1 form OCR processing.
What is K-1 Form OCR Processing?
The K-1 form is a tax form used by partnerships to properly allocate profits among the partners. Like other tax forms, the K-1 has various fields that need to be filled out. Processing these forms can be a long and tedious process, especially if it is done through manual data entry. However you can overcome this issue by using automation software to perform K-1 form OCR processing. Using OCR, the software is able to recognize fields on the K-1 such as partner identifying number, ordinary business income, and ordinary dividends and extract the necessary data. The entire process is done automatically and accurately so that you save time and resources.
K-1 Form OCR Processing Software
Tax forms are important documents that need to be processed in a timely manner. To ensure the best results you need to use automation to perform K-1 form OCR processing. SoftWorks AI Technologies, a longtime provider of document capture software offers high quality automation software, powered by accurate OCR. You can learn more about SoftWorks AI and automation through their website and sales team.