Startup Idea: Automated Data Extractor for Financial Statements

Startup idea to develop a software that can automate the data entry process of 10-Qs and 10-Ks into Excel. The tool should be capable of sourcing the right line items from the income statement, balance sheet, and statements of cash flows from different company reports, thereby saving time and minimizing inaccuracies.

Part of my job is data entry from 10-Qs and 10-Ks when building out models for public companies.

The pain points are sourcing the correct line items for the income statement, balance sheet, and statements of cash flows and inputting them into excel. Every company reports differently and thus there is some human input that seems to inhibit any kind of software to do this thus far.

This would get rid of a couple hours of mindless data entry for entry-level positions. It would also minimize the opportunity for inaccuracies from mindless data entry. Problem isn't solved. We still spend hours building models from scratch.