The advancements in banking technology have greatly automatized bookkeeping. However, anyone who deals with financial records knows that automation doesn’t always perform as expected. The feeds for banks aren’t functioning properly, and the historical transactions might be unavailable and clients might still be sending documents in the format of PDF. It is necessary to convert a PDF document that was created to be read as data which accounting software actually uses.
Image credit: docubrew.com
A bank statement converter can eliminate much of the repetitive work involved in that process. Docubrew automates the conversion of information from your bank statements into structured spreadsheet data.
When a PDF is the missing piece
Imagine a bookkeeper creating the year-end reconcile for an unnamed client. The accounting platform has recent transactions but some older months are missing. Fortunately clients have downloaded the original PDF statements.
Typically, rewriting in those months may require hours of copying figures into a spreadsheet. A bank statement PDF to Excel workflow provides a more efficient alternative. Docubrew can extract information about transactions from digital PDFs and scan bank statements made of paper.
A reduced manual transcription process can reduce the possibility of making typing errors, which is a big advantage for those who need regularly transfer bank statements into Excel.
Be sure to keep the pages that Actually Relevant
Bank statements are not solely of transactions. A 12-page statement could include an account overview, disclosures, notices and a few pages of the actual bank activity.
Docubrew lets users preview the document and select the relevant pages before conversion. This makes it easier to convert bank statement data to Excel without the need to include unrelated content.
Once the file is processed after processing, it can be opened in Excel or used with accounting platforms like QuickBooks, Xero, FreshBooks and more.
CSV Facilitates Flexible Accounting Workflow
CSV remains useful because it’s supported by databases and spreadsheets. Accounting applications also work with CSV. Docubrew can convert your bank statement to CSV using the transaction tables included in the statement.
The same process can help firms convert bank statements into CSV. It is useful whether recovering historical records, managing cleaning projects for new clients, investigating missing transactions, or compiling records for reconciliation.
Batch processing can be particularly valuable for accounting firms who are working with multiple statements or clients at the same time.
Financial Documents – Financial Records – Should be Considering Privacy Controls
Processing financial records isn’t only about ease of use. Bank statements may contain sensitive information about clients, so accountants and bookkeepers could also consider where the processing is taking place.
Docubrew provides two approaches. Its Windows desktop application runs files locally on the computer of the user, so the statements aren’t stored for conversion. People who prefer working with a browser select the cloud encryption option that allows for uploading files to be automatically deleted within 24 hours.
The platform can be anything that ranges from Excel software to bank statements based solely on remote processing.
Turning Document Archives Back Into Working Data
PDF statements are excellent documents, however they can be a hassle for transactions that need to be reconciled, sorted out, and filtered or imported from another. Scanned documents can cause additional complications since the transaction details might only exist as an image.
Docubrew combines statement parsing with OCR support for documents scanned, giving accountants, bookkeepers and companies a practical method of converting financial paperwork that is archived to usable transaction information.
This simple fix can speed up the process of keeping the bank statement that was originally issued while the transaction table is converted to information that you can utilize.