Bank technology has made bookkeeping easier, but those who work with financial records know that it’s not ideal. In the case of feeds from banks, transactions might not be available as well as clients continue to send statements in PDF format. This means that someone needs to convert a PDF file intended to be read by a reader into something accounting software will actually use.
A bank statement converter can take away a significant portion of the repetitive work that is involved in this process. Docubrew automates the conversion of information from your bank statements into structured spreadsheet information.
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When a PDF is deemed to be the missing piece
Imagine a bookkeeper who is preparing the year-end reconciliation for a new customer. The accounting platform displays recent transactions, but some older months have been left out. Luckily, the client downloaded the original PDF of the statement.
The past was when creating the months of those years would have required long hours of copying and paste numbers into spreadsheets. The bank statement PDF to Excel workflow is a feasible alternative. Docubrew takes transaction data from paper bills that have been scanned or PDFs that are digital.
Manual transcription that is less laborious can lower the chance of mistakes in typing, which is an important benefit for professionals who need to frequently transfer bank statements into Excel.
Make sure you keep the pages that matter
Bank statements don’t consist entirely of transactions. A 12-page paper could have an account overview, disclosures, notices and a few pages of actual banking activity.
Docubrew lets users to see a document’s preview and select the appropriate pages for conversion. That makes it easier to convert bank statements to Excel without bringing unrelated statement content into the working dataset.
Once processed, the resulting file is able to be opened in Excel or created for use with accounting software platforms like QuickBooks, Xero, and FreshBooks.
CSV provides a flexible Accounting Workflow
CSV is still in use because it is extensively supported by databases, spreadsheets and accounting applications. Docubrew can convert a bank statement into CSV by referring to its transaction table.
This same process can assist firms convert bank statements to CSV for the purpose of re-constructing historical books, handling a new-client cleanup project, looking into missing transactions, or creating the data needed to reconcile.
Accounting firms that need to process a variety of clients or statements simultaneously can benefit by batch processing.
Financial Documents Need Considerate Privacy Controls
When it comes to processing financial records, it isn’t the only consideration. Bookkeepers and accountants may also be concerned with the location in which they are processing financial records.
Docubrew has two methods. Its Windows desktop application processes documents locally on the computer of the user, so the statements aren’t stored for conversion. People who prefer working with a browser choose the encrypted cloud version that allows for uploading files to be instantly deleted within 24 hours.
That choice distinguishes the platform from the bank statement Excel software, which is based solely on remote processing.
Turning Document Archives Back Into Working Data
The PDF statement is an excellent document, but it’s not ideal for those who need to sort, reconcile or filter transactions elsewhere. Scanned files add a new complication as the transaction data may exist only in the form of an image.
Docubrew is a powerful program that blends OCR and statement parsing to transform scans of documents into useful financial data. This provides accountants, bookkeepers and business owners the opportunity to convert financial records that are archival into useful transactional information.
The result is an improvement in a workflow that was once tedious The bank statement is still used as the financial record it was originally however, its transaction table transforms into data that you can use.