Driving Efficiency with End-to-End Automation
Covarity’s Financial Document Parser allows you and your clients to easily submit documents online. Covarity automatically reads, interprets, and performs borrowing base or financial analysis. After a one-time onboarding call and classification/spreading step, your staff will transition from time-consuming and error-prone data entry to reviewing the analysis and managing exceptions.
The Covarity Parser currently supports thousands of companies uploading financial statements and listings from hundreds of different accounting and ERP systems in text, Excel, and PDF formats.
How Does It Work?
Accounts Receivable, Accounts Payable, and Inventory Listings
The Parser reads listings line-by-line in order to automatically calculate total lending value by applying borrowing base rules such as cross aging, concentration, and contra-analysis.
Balance Sheets and Income Statements
The Parser reads financial statements line-by-line in order to automatically perform a financial analysis and determine whether the client is in breach of the loan’s financial covenants.
Supported Accounting/ERP Packages
- Blue Link Elite
- CheckMark MultiLedger
- Dynamics GP
- NetSuite Financials
- Omni Accounts
- Sage 50, Sage 50 US, Sage 300, Sage BusinessVision, Sage ERP Accpac, Sage Peachtree, Sage Simply Accounting
- … and hundreds more!
Supported File Types
- Text-Based PDF
- Delimited (CSV, tab) and Fixed-Width Text
For documents that do require a human touch, Covarity has a step-by-step wizard which guides the user through the document in order to process it correctly. Once completed, the Parser memorizes the user’s actions and will automatically apply them to future uploads.