Worthic is designed to reduce manual data entry by extracting transaction and document information from the material you submit. When you upload or forward documents such as bank statements, invoices, receipts, broker statements, or other financial records, Worthic analyses the content and attempts to identify useful financial data, including dates, descriptions, amounts, counterparties, account references, document type, and supporting context.
The ingestion process does more than simply read text from a document. Worthic can help allocate extracted information to the correct workspace, account, reporting line, and document library path. For example, a statement may be linked to the relevant bank account, while a property-related invoice may be filed under the correct property reporting line and document category.
Worthic’s auto-categorisation tools can assist with assigning transactions to categories and reporting lines. Where appropriate, this may include splitting a transaction across multiple categories, or reporting lines, such as separating business and personal portions, allocating property expenses, or breaking down a mixed payment.
Machine learning and rule-based suggestions help speed up repetitive workflows by recognising patterns in merchants, descriptions, document types, and previous user decisions. Over time, this can make routine processing faster and more consistent.
However, extracted transactions should still be reviewed. Worthic presents suggested transactions and allocations so that you can confirm, edit, split, reassign, or reject them before relying on the data for reporting. The aim is not to remove judgement, but to remove as much repetitive admin as possible.