Technology in banks has made a lot of bookkeeping simpler, but people who handle financial records realize that it’s not ideal. Bank feeds disconnect, historical transactions might not be available or the clients are still sending statements as PDFs. If this happens, someone needs to convert a file intended for reading into data that accounting software can actually use.
Converting bank statements can help you cut down on time by making the process easier. Instead of entering manually dates and descriptions, withdraws, and deposits row-by-row, Docubrew converts information from the statement into structured spreadsheet-ready data.
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When a PDF becomes the missing piece
Imagine a bookkeeper preparing the year-end reconciliation for new customers. The accounting platform has recent transactions but some months are not present. Fortunately the client has downloaded the original PDF statements.
It was once a process of hours of tedious copying into an Excel spreadsheet. The PDF bank statement to Excel workflow offers a more convenient alternative. Docubrew extracts transaction data from paper-based statements that are scanned, or digital PDFs.
Professionals who frequently have to transfer statements from banks to Excel and reduce manual transcription can also eliminate the chance of typing errors.
Make sure you keep the pages that matter
Bank statements aren’t made up of only transactions. A 12-page report could include a brief description of the account as well as disclosures and other notices, together with a variety of pages that describe actual banking activities.
Docubrew allows users to preview the document and choose the relevant pages before conversion. It is much easier to convert bank statement accounts to Excel since the non-related details of the statement are not included in your data set.
After processing, the document can be opened using Excel or prepared for use with accounting platforms, such as QuickBooks, Xero, and FreshBooks.
CSV Provides a Flexible Accounting Workflow
CSV is still useful since it is widely used by databases, spreadsheets, as well as accounting applications. If you need a bank statement to CSV, Docubrew produces structured output based on the transaction table contained in the statement.
This same process is used by firms to convert bank statements to CSV. This is whether they’re making historical records from scratch, handling the cleanup of new clients, looking into missing transaction, or preparing information for reconciliation.
Processing in batches can be especially valuable for accounting firms that are working on multiple accounts or clients at the same time.
Financial documents should be treated with care and privacy controls
It’s not the only thing to think about when processing financial records. Bank statements could contain sensitive client information Bookkeepers and accountants might also be concerned about the location where processing occurs.
Docubrew gives two methods. Windows desktop application converts files locally on the user’s PC. For those who prefer workflows based on browsers, they can opt for the encrypted cloud option, in which uploaded files are deleted automatically within 24 hours.
This distinction distinguishes the platform from the bank statement Excel software, which relies exclusively on remote processing.
Turning Document Archives Back Into Working Data
The PDF statement is a great document, but it’s not ideal should you need to sort, reconcile or filter transactions in other systems. Scanned files create an additional issue, as the information about transactions is usually only available in pictures.
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 information.
This results in a boost of a procedure which was previously cumbersome as the bank statement continues as the financial record it was originally however, its transaction table transforms into data that you can work with.