Advanced Personal Budget Analytics: Combining Optical Character Recognition and Natural Language Processing for Automated Budget Categorization and Insight Extraction

Abstract

A budget tracking system is a tool designed to help users monitor their financial resources, categorize expenses and control their financial resources. An Intelligent Personal Budget Analysis System is designed to redefine personal finance management. IntelliFinance is a user- friendly app designed for seamless and efficient daily expense management removing the necessity for conventional paper documentation. This project inculcates the concepts of Computer Vision, Machine Learning and Data Analytics, aims to surpass traditional budget tracking by incorporating innovative features such as receipt scanning and analysis. The project is implemented using Android Studio and Firebase, incorporating advanced features such as Optical Character Recognition (OCR) to capture receipt images, extract text, and process it for further analysis. Firebase ML Kit is utilized for scanning and text recognition, while Natural Language Processing (NLP) is applied for categorizing the extracted text. The system provides a personal budget analysis that enhances the accuracy of financial tracking by offering users a comprehensive overview of their spending habits, complemented by detailed reports and visualizations. Ultimately, this project serves as a financial companion, empowering users to take control of their finances, make informed decisions, and achieve their financial goals.