The technology of banking has automated a great deal of bookkeeping however anyone working with financial records understands that it’s not perfect. In the case of feeds from banks, transactions might not be available and customers still send statements in PDF. In the end, someone must alter a PDF document that is intended to be read by a reader into something accounting software actually uses.
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A converter for bank statements will remove a lot of the repetitive tasks involved in the process. Docubrew converts bank statement information into spreadsheet-ready information instead of manually entering date, description withdrawals, and deposits row-by-line.
A PDF can be the missing component
Imagine a bookkeeper creating the year-end reconciliation of an incoming client. The accounting platform contains some recent transactions, but a few older years aren’t included. Luckily, the client has downloaded the original PDF report.
In the past, creating the same month would take several hours of copying numbers into a spreadsheet. A PDF bank statement to Excel workflow offers a more practical alternative. Docubrew collects data about transactions from paper bills that have been scanned or digital PDFs.
For professionals who regularly need to move a bank statement to Excel, reducing manual transcription also removes an unnecessary opportunity for typing errors.
Make sure you keep the pages that Actually Count
Bank statements don’t consist of only transactions. A 12-page document may include a cover page, account overview, disclosures, or notices as well as a variety of pages of bank activity.
Docubrew allows users to view the document and select the relevant pages before conversion. It is easier to convert bank statement accounts to Excel because the unrelated contents of the document are not included in your work dataset.
Once the file has been processed the file can then be opened in Excel or used in accounting platforms such QuickBooks, Xero, FreshBooks, etc.
CSV can be used to create a more flexible accounting workflow
CSV is still useful since it is extensively supported by spreadsheets, databases, and accounting software. Docubrew will convert your bank statement to CSV using the transaction tables that are contained in the statement.
The same process is employed to transform bank statements into CSV files for various reasons, such as reconstructing historical books, taking on a project to clean up clients’ data that has not been used, researching missing transactions or preparing the data to be used in reconciliation.
Accounting firms that have to manage multiple statements or clients can benefit from batch processing.
Financial Documents should be analyzed for privacy protections
When it comes to processing financial records, efficiency is not the only thing to think about. Bank statements can contain sensitive client information therefore bookkeepers and accountants might also be concerned about where the processing is taking place.
Docubrew offers two options. Its Windows desktop software processes files locally on the computer of the user and therefore the data isn’t being uploaded to convert them. Users who prefer working with a browser opt for the encrypted cloud version in which uploaded files are completely deleted after 24 hours.
This distinction distinguishes the platform from the bank statement Excel software that depends exclusively on remote processing.
Turning Document Archives Back Into Working Data
The PDF statement is a fantastic record, but it’s a hassle if you need to reconcile, sort and filter transactions from other sources. Scanned documents create a further complication since the information about transactions might only exist as an image.
Docubrew is an effective application that uses OCR and statement parsing to transform the documents that were scanned into useful financial data. This provides accountants bookkeepers, and business owners the chance to convert financial records that are archival into useful transactional information.
The result is an easy improvement to an otherwise tedious procedure: maintain the bank statement as the initial financial record while turning the transaction table into data you are able to work with.