Nambri TaxXL
Automates the extraction of tax return data
Nambri TaxXL
Automates the extraction of tax return data, eliminating manual data entry, improving accuracy, increasing productivity, and producing consistently formatted Excel spreadsheets that simplify analysis.
Detailed Description
Nambri’s TaxXL, a revolutionary way to quickly convert federal tax returns into financial statements in Excel— with minimal human intervention required.
TaxXL converts data from the following federal tax returns into Excel:
- Form 1120: income statement, balance sheet (Schedule L), other deductions schedule, other current assets, other assets, other current liabilities, and other liabilities
- Form 1120S: income statement, balance sheet (Schedule L), other deductions schedule, other current assets, other assets, other current liabilities, and other liabilities
- Form 1065: income statement, balance sheet (Schedule L), other deductions schedule, other current assets, other assets, other current liabilities, and other liabilities
- Form 1040: Schedule C and the other expenses schedule
Once processing is complete, users simply refresh the page to review the results. The dashboard displays each schedule that was extracted from the tax return, allowing users to verify the data and make any necessary corrections before exporting it to Excel.
After export, users can format and organize the spreadsheet to align with their firm’s workflow, such as consolidating related line items or applying their preferred presentation style.
TaxXL is a cloud-based application that does not require software installation and does not permanently store client data. Projects remain available only while they are in the user’s secure data room. Once a project is deleted, all associated data is permanently removed.
This approach also addresses one of the key concerns with using general-purpose AI tools to extract financial information from tax returns. Uploading confidential tax documents to a public AI platform may raise questions about how the information is stored, retained, or used, and users often need to redact sensitive information and carefully craft prompts to obtain usable results. TaxXL is purpose-built for tax return conversion: users simply upload the tax returns, and the application extracts and organizes the data into Excel in minutes.
Data Source