The technology of banking has automated many bookkeeping tasks however, anyone who deals in the field of financial records is aware that automation isn’t 100% perfect. If the feeds from banks aren’t working correctly, the historic transactions might not be accessible, and clients might still be sending statements in PDF format. Someone has to convert the document intended to be read by a computer into data that accounting software actually works with.
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A bank statement converter can eliminate much of the repetitive work involved in that process. Instead of entering manually dates description, withdrawals, and deposits row by row Docubrew transforms the information on a statement into a spreadsheet format that is ready to be used.
If a PDF is the missing piece
Imagine a bookkeeper preparing the year-end reconciliation of a new client. The accounting platform has some recent transactions, but a few older months are not included. Luckily, the client downloaded the original PDF statement.
Traditionally, re-building the previous months can take long hours of copying numbers into a spreadsheet. A bank statement PDF to Excel workflow is a much more efficient alternative. Docubrew extracts transaction data from paper bills that have been scanned or digital PDFs.
A reduced manual transcription process can lower the chance of errors in typing. This is a major benefit for those working in the field who have to regularly move bank statements into Excel.
Keep the Pages That Actually are Counting
Bank statements don’t consist only of transactions. A 12-page account statement may include a brief description of the account, disclosures and notices as well as a number of pages detailing the actual bank activities.
Docubrew lets users preview the document, and pick the relevant pages before conversion. It makes it much easier to convert bank statement data to Excel without bringing unrelated statement content into the working dataset.
After the file is processed after processing, it can be opened with Excel or used with accounting platforms like QuickBooks, Xero, FreshBooks and more.
CSV Allows for Flexible Accounting Workflow
CSV can still be useful, as it’s widely supported by databases and spreadsheets. Accounting applications also support CSV. Docubrew can convert bank statements into CSV using the table of transactions.
The same workflow could help companies convert bank statements to CSV for the purpose of re-constructing historical books or handling a clean-up project, looking into missing transactions, or creating information to be reconciled.
Batch processing can be particularly advantageous for accounting firms processing multiple statements or clients at a time.
Financial Documents need to be considered for privacy restrictions
Processing financial records is not just about ease of use. Bookkeepers and accountants could be worried about the place they work from to handle financial records.
Docubrew offers two options. Windows desktop software runs files on the computer of the user. The statements are not uploaded to be converted. People who prefer workflows that are based on browsers can choose the cloud encrypted option. Files uploaded are deleted automatically within 24 hours.
This choice is what separates Excel software, which is based solely on remote processing from the platform for bank statements.
Turning Document Archives Back Into Working Data
The PDF statement is a great record, but it’s a hassle should you need to reconcile, sort, filter, or import transactions from another. Scanned documents add another complication because the transaction information could only be available in the form of an image.
Docubrew offers statement parsing in conjunction with OCR support for scanned documents accounting professionals, bookkeepers as well as businesses a practical route from archived financial paperwork to usable transaction data.
The result is an easy improvement to an otherwise monotonous routine: preserve the bank statement as a primary financial record, while transforming its transaction table into information you can actually use.