The advances in technology for banking have significantly automated bookkeeping. However, anyone who deals with financial records understands that automated systems don’t always perform as expected. When the bank feeds aren’t functioning correctly, the historical transactions may be not available and customers may be unable to send documents in the format of PDF. Then, someone has to convert a PDF file designed to be read by a reader into something accounting software actually uses.
The use of a statement converter will reduce the amount of repetitive work needed. Docubrew converts bank statement information into spreadsheet-ready data instead of manually entering the date, description withdrawals, and deposits row by line.
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When a PDF Becomes the Missing Piece
Imagine a bookkeeper working on an annual reconciliation for a client. The accounting platform includes recent transactions, but several older months are missing. The client had downloaded the Original statements as PDF.
It used to take many hours of grueling copying a spread sheet. The bank statement PDF to Excel workflow is a feasible alternative. Docubrew accepts digital PDFs, as well as the paper copies and extracts transaction data for use in spreadsheets.
The reduced amount of manual transcription will also reduce the possibility of making mistakes when typing. This is an important advantage for those who need to transfer bank accounts regularly into Excel.
Keep the Pages that Matter
Bank statements do not consist only of transactions. A 12-page statement could include a cover page, account overview, disclosures, or notices as well as several pages of actual transactions in the bank.
Docubrew lets users view the document and choose the pages that are relevant prior to conversion. It is easier to convert statements from bank accounts to Excel because the unrelated contents of the statements aren’t included in your data set.
The resultant file can be utilized in conjunction with accounting platforms such as 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 software. If you need a bank statement to CSV, Docubrew produces structured output based on the transaction table contained in the statement.
The same process can help firms convert bank statements to CSV. This is whether they’re reconstructing historical records, handling an ongoing cleanup project for new clients, investigating the missing transaction, or even preparing data in preparation for reconciliation.
Batch processing is especially useful for accounting firms who are that are working on multiple accounts or clients at a time.
Financial documents should be treated with care and privacy safeguards
There are many factors to consider when processing financial records. Bank statements may contain sensitive client data, so accountants and bookkeepers might also be concerned about where the processing is taking place.
Docubrew offers two choices. Windows desktop software is used to process files stored on the computer used by the user. The statements aren’t uploaded to be converted. The cloud version with encryption is available to users who prefer working with a browser. Files uploaded to the cloud are deleted automatically within 24 hours.
This distinction is what differentiates Excel software, which relies exclusively on remote processing, from the platform for bank statements.
Turning Document Archives Back Into Working Data
While PDF statements can be excellent records, they are inconvenient to utilize when transactions have to be sorted or reconciled. They can’t also be transferred, processed, re-organized or re-organized. Scanned files add a new complication since the information about transactions can only be present as an image.
Docubrew is an effective program that uses OCR and statement parsing to transform the documents that were scanned into useful financial data. This provides accountants, bookkeepers and business owners the ability to convert financial records that are archival into useful transactional data.
The result is an easy improvement to an otherwise monotonous workflow: keep the bank statement as a primary financial record while turning the transaction table into information you can actually use.