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Form 940 processing

Leverage Ocrolus' document processing solution with Human-in-the-Loop for Form 940 data capture and extraction

Ocrolus’ Human-in-the-Loop document automation solution captures and extracts data from form 940 to help you arrange loans faster.

Form 940

Why should lenders use Ocrolus for form 940 data capture and processing?

Form 940 is used by employers to report their annual Federal Unemployment Tax Act (FUTA) tax. Loan underwriters use the data documented in form 940 to help verify an individual or organization’s financial status and history. They then use this information, in conjunction with other data, to help them to decide whether they can issue a loan to the applicant and, if so, what the value of that loan will be. This form is often delivered to lenders in various file formats through a range of sources, such as email or mobile attachments, and the quality of the text on the form can be poor.  This makes it difficult for a typical OCR solution to accurately process the data contained on form 940, and without a reliable intelligent document processing solution, lending professionals can spend hours manually noting down information from 940 forms. This time-consuming and monotonous process can result in mistakes being made, which delay loan applications. 

Ocrolus’ automation solution lets you capture, review, and analyze form 940 data in real-time, no matter what format it is delivered in. It accurately captures essential data and highlights potential illegal activity, enabling quick data-driven decision-making.

Advantages of Ocrolus’ form 940 data processing

Retrieve data from form 940 documents regardless of format or quality. With Ocrolus you can:
  • Speed up loan processing time
  • Process 940 forms with over 99% accuracy
  • Quickly verify an individual or organization’s financial status
Ocrolus’ 2021 document processing stats
91M

financial pages analyzed

344K

documents flagged for suspicious activity

8.8M

business loan applications analyzed

Ready to go?

Find out how Ocrolus can help you automate form 940 processing.

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