Banking technology has automated a great deal of bookkeeping however anyone working in the field of financial records is aware that automation isn’t 100% perfect. The feeds of banks aren’t working, the historical transactions aren’t always available, and clients still send statements as PDFs. When that happens, somebody needs to convert a file designed for reading into data that accounting software could actually use.
A converter for bank statements can remove a lot of the repetitive work involved in that process. Instead of entering manually dates, descriptions, withdrawals, and deposits row by row, Docubrew converts information from the statement into structured spreadsheet-ready data.
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A PDF can be the missing component
Imagine that a bookkeeper is making an annual reconciliation for the client. The accounting platform contains recent transactions, but several earlier months are not present. The client had downloaded the Original statements as PDF.
Typically, rewriting during those times could require the time of copying figures onto a spreadsheet. A PDF bank statement in Excel workflow is a suitable alternative. Docubrew can extract transaction information from digital PDFs as well as scanned bank statements made of paper.
Reducing manual transcription is also a great way to reduce the chance of errors for professionals who need to transfer bank statements to Excel on a regular basis.
Keep the Pages that Matter
Bank statements aren’t composed entirely of transactions. A 12-page report could contain the cover page, account summary, disclosures or other notices and a few pages of actual banking activity.
Docubrew lets users view the document and select the relevant pages prior to conversion. This makes it easier to convert bank statement data to Excel without having to include unrelated content.
Once processed, the resulting file is able to be opened in Excel or created for use with accounting platforms, such as QuickBooks, Xero, and FreshBooks.
CSV Offers a Flexible Accounting Workflow
CSV is still popular due to the fact that spreadsheets as well as databases and accounting software support it. Docubrew will change your bank statement to CSV using the transaction tables contained in the statement.
The same workflow can help firms convert bank statement to CSV when reconstructing historical books, handling a new-client cleanup project, investigating missing transactions, or preparing data for reconciliation.
Accounting firms that need to process a variety of clients or statements at once can benefit from batch processing.
The financial documents you use should be protected by careful privacy controls
Processing financial records is not solely about ease of use. Bank statements may contain sensitive client information, so accountants and bookkeepers could also consider the place where they process.
Docubrew has two ways to do this. Windows desktop software processes files on the computer of the user, and the statements cannot be uploaded to be transformed. Cloud encryption is available to users who prefer working in a browser. Files uploaded to the cloud are erased automatically within 24 hours.
This distinction is what differentiates Excel software, which is based entirely on remote processing from the bank statement platform.
Turning Document Archives Back Into Working Data
The PDF statement can be a useful record, but it’s inconvenient when you have to reconcile, sort, filter, or import transactions elsewhere. Scanned files can add a new complexity, since the details of transactions are usually only available in images.
Docubrew offers statement parsing in conjunction with OCR support for documents scanned providing bookkeepers, accountants and other businesses a feasible path from financial paperwork stored in archives to usable transaction data.
The result is an improvement in a process that was once tedious as the bank statement continues as the original financial record and its transaction table turns into information you can work with.