The advancement of technology in banking has made bookkeeping tasks easier, however those who work with financial records realize that it’s not perfect. In the case of feeds from banks, transactions might not be available as well as clients continue to send statements as PDFs. If this happens, someone has to turn a document specifically designed for reading data into a format that accounting software can actually use.
Utilizing a bank statement converter will reduce the quantity of repetitive work that is required. Instead of entering manually dates, descriptions, withdrawals, and deposits row-by-row, Docubrew converts statement information into structured spreadsheet-ready data.
Image credit: docubrew.com
When a PDF becomes the missing component
Imagine a bookkeeper working on the year-end reconciliation of an incoming customer. The accounting platform includes recent transactions, but several older months are missing. The client downloaded the PDF original statements.
It used to take hours of gruelling copying into the spread sheet. A bank statement PDF to Excel workflow is a much better option. Docubrew removes transaction information from scanned paper bills or PDFs that are digital.
The reduction of manual transcription is a great method to cut down the possibility of making mistakes for professionals who need to transfer bank balances to Excel regularly.
Make sure you keep the pages that matter
Statements from banks do not consist solely of transactions. A 12-page report could contain an account summary, disclosures, notices and a few pages of bank transactions.
Docubrew lets users preview the document and choose the relevant pages before conversion. It is easier to convert statements from bank accounts to Excel because the contents that are not related to the bank account of the statement are not included in your working dataset.
Once the file has been processed the file can then be opened using Excel or integrated into accounting platforms such as QuickBooks, Xero, FreshBooks, etc.
CSV Offers a Flexible Accounting Workflow
CSV is still a useful format, as it’s widely supported by databases and spreadsheets. Accounting applications also work with CSV. If you need a bank statement to CSV, Docubrew produces structured output based on the transaction table contained in the statement.
The same workflow can help firms convert bank statements into CSV while rewriting historical books as well as handling a client cleanup project, searching for missing transactions, or preparing information to be reconciled.
Accounting firms who need to manage multiple statements or clients can use batch processing to their advantage.
Financial Documents Deserve Thoughtful Privacy Controls
When it comes to processing financial records, efficiency is not the only consideration. Bank statements can contain sensitive client data Bookkeepers and accountants are also concerned about the place where they process.
Docubrew offers two alternatives. Windows desktop applications convert files locally, and on the PC of the user. Users who prefer workflows using browsers are able to select the encrypted cloud option. Files uploaded will be deleted automatically after 24 hours.
The platform could range that ranges from Excel software to bank statements that depend solely on remote processing.
Turning Document Archives Back Into Working Data
PDF statements are excellent documents, however they can be a hassle when transactions must be reconciled, sorted out, filtered, or imported elsewhere. Scanned documents add an extra complexity, since the details of transactions are usually only available as images.
Docubrew is a powerful program that combines OCR and statement parsing to convert scanned documents into usable financial data. This gives accountants, bookkeepers and business owners a way to transform archival financial records into useful transactional information.
The result is a change of a procedure that was once tedious as the bank statement continues as the original financial record but the transaction table is now data you can use.