The banking technology has greatly automated bookkeeping. However those who deal with financial records should be aware that the automated system doesn’t always perform as expected. The feeds for banks aren’t functioning properly, and the historical transactions may not be available, and clients may still send statements in PDF format. If that happens, someone has to turn a document designed for reading into data that accounting software can actually utilize.
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A bank statement converter can eliminate much of the repetitive work involved in that process. Docubrew converts bank statements into spreadsheet-ready data, instead of manually entering date, description withdrawals, and deposits row by line.
A PDF can be the missing piece
Imagine that a bookkeeper is creating an annual reconciliation to a client. The accounting platform displays the most recent transactions, however some of the older years were left out. Luckily, the client has downloaded the original PDF report.
It was once a process of hours of tedious copying into the spread sheet. A PDF bank statements to Excel workflow is a practical alternative. Docubrew can extract transaction information from digital PDFs and scanned bank statements on paper.
Manual transcription can be a great method to cut down the chance of typing mistakes for those who have to transfer bank accounts to Excel regularly.
Save the Pages that Actually count
Bank statements are not only of transactions. A 12-page document might contain a cover sheet, an account overview, disclosures, notices as well as a number of pages of bank transactions.
Docubrew allows users to view the document and choose the relevant pages before conversion. It is much easier to convert statements from bank accounts to Excel since the non-related details of the statements aren’t included in the working data.
After processing, the file is able to be opened in Excel or re-formatted to work with accounting software platforms like QuickBooks, Xero, and FreshBooks.
CSV Facilitates Flexible Accounting Workflow
CSV is still a useful format and is widely used by spreadsheets and databases. Accounting applications also support CSV. Docubrew will convert your bank statements to CSV by using the transaction tables included within the report.
The same workflow can help firms convert bank statements into CSV when constructing books from the past as well as handling a client cleanup project, searching for missing transactions or preparing information to reconcile.
Accounting firms who need to manage many clients or statements can benefit from batch processing.
Financial Documents need to be considered for privacy restrictions
Processing financial records isn’t just about ease of use. Bank statements could contain sensitive information about clients Bookkeepers and accountants are also concerned about the location where processing occurs.
Docubrew uses two different methods. Its Windows desktop application handles files locally on the user’s PC, so the statements aren’t being uploaded to convert them. The encrypted cloud version is available for users who prefer working with a browser. Files uploaded are deleted automatically within 24 hours.
The choice of this platform is different from bank statement to Excel software that relies solely on remote processing.
Turning Document Archives Back Into Working Data
PDF statements make excellent documents, however they can be a hassle for transactions that need to be reconciled, sorted out, filtering, or transferred to another. Scanned files can pose a problem because transaction data may only exist in the form of an image.
Docubrew is a blend of statements parsing as well as OCR for documents that have been scanned. It gives accountants businesspeople, and bookkeepers a easy way to convert archival financial documentation into actionable transactions information.
The result is a straightforward improvement to an otherwise monotonous routine: preserve the bank statement as the initial financial record and then turn its transactions table into data that you can actually work with.