BOSTON, March 25, 2019 /PRNewswire/ -- Accusource and Smonik Systems have partnered to provide an automated solution to the collection and processing of data from PDF files. Most private investments (Private Equity, Hedge Funds, etc.) distribute information including Capital Statements, Capital Call Notices and Distribution Notices in PDF documents. To date, consumers of this data have been reduced to hiring people to read the documents and manually extract the required data. This process is terribly inefficient and prone to mistakes.
Using Smonik's automated data management tools, Accusource can provide a service to automate the retrieval of documents and systematically extract the required data fields from PDF documents. Smonik's automated data management tools will assist Accusource in providing timely, accurate data in a very efficient manner avoiding manual data entry. The extracted data can be further integrated with a portfolio accounting system to automate the entire workflow.
Smonik Systems provides data management and reconciliation services to the financial services industry. Using our extensive background in investment operations, we pride ourselves in developing tools to automate back-office manual processes. Extracting data from PDF files is one of those long-standing manual tasks that we sought to solve. "Working with Accusource, the Smonik tools can provide significant efficiency and add control. We look forward to our partnership with Accusource and meeting the needs of the Wealth Management community." – Steve Hixon, Principal of Smonik Systems.
Accusource has been providing back office reconciliation for over 10 years. As a leading provider of middle and back office operational services, we're processing over $80 billion in assets each morning for our existing client base. "Between Smonik and Accusource you are not going to find a more experienced group of resources in back-office processing. We understand the problems created by the many manual tasks performed." – Ryan Kerry