Sitting on the floor surrounded by hundreds of paper receipts and invoices, Jim was not thrilled by the task ahead: preparing tax filings for his husband’s architecture firm, Kevin O’Sullivan + Associates. All those documents needed to be entered, categorized, attached to a billable client and then turned into a Schedule C report for a real world business. It’s a challenge every business has faced since the first days of commerce.
Jim Thomas is one of the payments industry’s leading data innovators. He launched Mastercard’s payments data business, which harnessed big data tools and early data science to create significant value from its transaction information. Jim was an advocate that data processed by companies was a valuable asset, not a zero-value byproduct. He has advised global banks, clearing houses, and other payments networks on information product and monetization strategies.
Itemize was founded to extract inaccessible but valuable information from receipts and invoices. Once captured, the data is automatically transformed into vital data sets for accounting, tax, and other financial systems. That requires accurately reading critical information from both paper and digital documents with minimal human intervention.
The Itemize team combined a number of emerging technologies to power its processing system. These include Optical Character Recognition, Computer Vision, Natural Language Processing, Machine Learning, and Artificial Intelligence. In conjunction with big data sets and partnerships, the system is able to achieve unparalleled accuracy, precision, and speed.
In the years since, the engine has processed over 20 million documents from countries around the world.
Schedule C tax returns for the architecture firm today are a lot easier, thanks to Itemize and Jim’s spark of innovation.