The banking technology has greatly automatized bookkeeping. However, anyone who deals with financial records is aware that automation doesn’t always perform as expected. Bank feeds disconnect, historical transactions might not be available or the clients are still sending statements in PDF. Then, someone has to change a PDF document that was that is intended for reading into a document that accounting software will actually use.
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Bank statement converters can help you cut down on time by automating the process. Instead of manually entering dates or descriptions, withdrawals and deposits row by row, Docubrew converts information from the statement into structured spreadsheet-ready information.
When a PDF Becomes the Missing Piece
Imagine a bookkeeper preparing a year-end reconciliation for an incoming client. The accounting platform contains recent transactions but some months are not present. Fortunately, the client has downloaded the original PDF statement.
In the past, creating the same month would take long hours of copying and paste numbers into a spreadsheet. The PDF bank statement to Excel workflow is a feasible alternative. Docubrew can extract transaction information from digital PDFs as well as scanned bank statements on paper.
For professionals who regularly need to move a bank statement to Excel, reducing manual transcription also removes an unnecessary opportunity for typing errors.
Be sure to keep the pages that Actually Are Important
Bank statements aren’t composed entirely of transactions. A 12-page statement could include an account summary, disclosures and notices and pages of bank transactions.
Docubrew lets users view the document and select the relevant pages prior to conversion. It is simpler to convert statements from bank accounts to Excel because the unrelated contents of the account statement are not included in your work dataset.
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 provides a flexible Accounting Workflow
CSV can still be useful, as it’s widely supported by databases and spreadsheets. Accounting applications can also use CSV. Docubrew will convert your bank statements to CSV by using the transaction tables that are contained in the statement.
The same workflow is able to help firms convert bank statements into CSV for the purpose of re-constructing historical books and handling a cleanup project, searching for missing transactions, or creating details to be reconciled.
Accounting firms who need to handle multiple client statements or clients simultaneously may benefit from batch processing.
Financial documents require careful privacy safeguards
When processing financial records, convenience is not the only factor to consider. Bookkeepers and accountants may also be concerned with the place they work from to are processing financial records.
Docubrew gives two methods. Windows desktop application converts files locally on the PC of the user. For those who prefer workflows based on browsers, they can opt for the encrypted cloud option. Files uploaded are deleted automatically after 24 hours.
This distinction is what differentiates Excel software, which depends solely on remote processing from the bank statement platform.
Turning Document Archives Back Into Working Data
Although PDF statements make excellent documents, they’re not ideal to use when transactions need to be sorted or reconciled. They can’t also be imported, filtered, re-organized, etc. Scanned files can add a new complication, as the transaction information is often only available in pictures.
Docubrew is an effective program that combines OCR and statement parsing to convert document scans into usable financial information. This offers accountants, bookkeepers and business owners the opportunity to convert archival financial documents into useful transactional information.
This simple method can improve a tedious workflow by retaining the original bank statement, while converting its transaction table to data that you can use.