The technology of banking has significantly automated bookkeeping. However those who deal with financial records knows that the automation process doesn’t always work. Customers still send statements in PDF format, feeds from banks might not be working as they should, and historical transactions may not be accessible. It is then necessary to change a PDF document that was intended for reading into a document that accounting software actually utilizes.
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A bank statement converter can eliminate much of the repetitive work involved in that process. Instead of entering manually dates and descriptions, withdraws, and deposits row-by-row, Docubrew converts statement information into structured spreadsheet-ready information.
When a PDF is deemed to be the missing piece
Imagine that a bookkeeper is preparing an annual reconciliation for a client. The accounting platform has latest transactions, however, a number of older months are missing. The client downloaded PDF original statements.
It used to take hours of tedious copying into an Excel spreadsheet. The PDF bank statement to Excel workflow is a feasible alternative. Docubrew takes transaction data from paper-based statements that are scanned, or PDFs that are digital.
A reduced manual transcription process can reduce the possibility of making mistakes when typing. This is an enormous benefit for those working in the field who have to regularly move bank statements into Excel.
Make sure you keep the pages that Actually are Important
Bank statements aren’t composed entirely of transactions. A 12-page report could include an overview of the account information, disclosures and notifications as well as a number of pages detailing the actual bank activities.
Docubrew lets users to see a document’s preview and select relevant pages for conversion. It is easier to convert statements from bank accounts to Excel since the non-related details of the statements aren’t included in your work 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 and many more.
CSV Offers a Flexible Accounting Workflow
CSV remains popular because spreadsheets, databases and accounting software support CSV because they are compatible with spreadsheets, databases and accounting software. Docubrew can convert bank statements to CSV based on the table of transactions.
This same process is used by firms to convert bank statements to CSV. This is whether they’re reconstructing historical records, handling the cleanup of new clients, looking into missing transaction, or preparing information for reconciliation.
Batch processing is especially advantageous for accounting firms processing multiple statements or clients at a time.
Financial Documents – Financial Records – Should be Considering Privacy Controls
When processing financial records security isn’t the only consideration. Accountants and bookkeepers might also be concerned with the location where they manage financial records.
Docubrew provides two alternatives. Its Windows desktop application runs documents locally on the computer of the user thus the files aren’t uploaded for conversion. The cloud version with encryption is accessible to those who prefer to work in browsers. Files uploaded to the cloud are removed automatically after 24 hours.
This distinction distinguishes the platform from the bank statement Excel software that relies solely on remote processing.
Turning Document Archives Back Into Working Data
The PDF statement is a great document, however it’s a pain if you need to reconcile, sort and filter transactions from another. Scanned documents add an extra complication, as the details of transactions are usually only available as images.
Docubrew is a solution that combines statements parsing as well as OCR for documents that have been scanned. It provides accountants, bookkeepers and businesspeople a easy method to convert archived financial documents into actionable transactional data.
The result is a change of a process that was once tedious as the bank statement continues as the original financial record, but its transaction table is now data you can work with.