The technology of banking has significantly automatized bookkeeping. However anyone who handles financial records knows that the automation process doesn’t always work. When the bank feeds aren’t working correctly, the historic transactions may be not available and clients could still send statements in the format of PDF. A person must convert a document that was designed to be read into the data that accounting software actually utilizes.
A converter for bank statements can eliminate much of the repetitive work that is involved in this process. Docubrew converts bank statement information into spreadsheet-ready data, instead of manually entering date, description deposits, withdrawals row-by-line.
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When a PDF becomes the missing element
Imagine that a bookkeeper preparing an annual reconciliation for the client. The accounting system shows the most recent transactions, but some of the older years were left out. Luckily, the client was able to download the original PDF statement.
Traditionally, re-building during those times could require the time of copying figures onto the spreadsheet. A PDF bank statement in Excel workflow is a more convenient alternative. Docubrew accepts digital PDFs, as well as scanned paper statements and extracts the transaction details to use in spreadsheets.
Manual transcription can be a great method to cut down the risk of errors in typing for those who have to transfer bank statements to Excel frequently.
Keep the Pages That Actually Relevant
Bank statements do not consist only of transactions. A 12-page report could contain a cover sheet, account summary, disclosures, or notices and pages of actual banking activity.
Docubrew allows users to view the document, and then select the appropriate pages prior to conversion. That makes it easier to convert bank statements to Excel without bringing unrelated statement content into the working dataset.
After the file has been processed after processing, it can be opened with Excel or utilized in accounting platforms like QuickBooks, Xero, FreshBooks, etc.
CSV Facilitates Flexible Accounting Workflow
CSV is still useful since it is extensively supported by spreadsheets, databases, and accounting applications. If you require a bank statement that you can convert to CSV, Docubrew produces structured output based on the transaction table in the statement.
The same process helps businesses convert bank statements into CSV. It is useful whether rebuilding old records, coordinating an ongoing cleanup project for new clients, investigating the missing transaction, or even preparing data in preparation for reconciliation.
Accounting firms that have to work with many clients or statements can benefit from batch processing.
Financial Documents Should Be viewed with a keen eye for privacy Controls
Processing financial records isn’t only about ease of use. Bookkeeping and accounting professionals can be concerned about where they process the data because bank statements contain sensitive client data.
Docubrew offers two options. Its Windows desktop application processes files locally on the user’s personal computer which means that the documents aren’t uploaded for conversion. For those who prefer to work with browsers can select the cloud encryption option that allows for uploading files to be automatically deleted within 24 hours.
This choice is what separates Excel software, which relies solely on remote processing from the platform for bank statements.
Turning Document Archives Back Into Working Data
The PDF statement is a fantastic document, however it’s a pain if you need to reconcile, sort and filter transactions elsewhere. Scanned documents add another complication because the transaction information may exist only as an image.
Docubrew provides a mix of statement parsing and OCR for documents that have been scanned. It gives accountants, bookkeepers, and businesspeople easy way to convert old financial records into actionable transactional data.
This simple remedy can help speed up the efficiency of a lengthy process by keeping the original bank statement while the transaction table is converted to data you can use.