Banking technology has streamlined much of the bookkeeping however, anyone who deals in the field of financial records is aware that automation isn’t 100% perfect. The feeds for banks aren’t working properly, the historical transactions might be unavailable and customers may be unable to send statements in PDF format. Then, someone has to convert a PDF file designed for reading into a document that accounting software actually utilizes.
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Converting bank statements can help you save time by making the process easier. Docubrew transforms bank statement data into spreadsheet-ready information instead of manually entering description, date deposits, withdrawals row by line.
When a PDF becomes the missing piece
Imagine a bookkeeper making a year-end reconciliation for a new client. The accounting platform has the most recent transactions, however, several older years aren’t included. The client had downloaded original PDF statements.
Traditionally, rebuilding those months could involve long hours of copying numbers into the spreadsheet. A bank statement PDF to Excel workflow is a much better option. Docubrew takes transaction data from scanned paper bills or PDFs that are digital.
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 Count
Bank statements aren’t composed entirely of transactions. A 12-page statement might include a summary of the account including disclosures, notices and statements together with a variety of pages that describe actual banking activities.
Docubrew allows users to view a document in a preview and select the appropriate pages for conversion. It is easier to convert bank statements accounts to Excel because the contents that are not related to the bank account of the statement are not included in your data set.
The resulting file can be utilized by accounting platforms such as QuickBooks, Xero and FreshBooks.
CSV offers a flexible accounting workflow
CSV remains popular because spreadsheets as well as databases and accounting software allow it. Docubrew can convert bank statements to CSV using its transaction table.
The same workflow is able to help firms convert bank statements into CSV when constructing books from the past as well as handling a client cleanup project, investigating missing transactions, or in the process of preparing data to reconcile.
Accounting firms that need to handle clients or multiple statements can make batch processing extremely useful.
Financial Documents require careful consideration of privacy restrictions
When it comes to processing financial records, it isn’t the only consideration. Bank statements can contain sensitive client data Bookkeepers and accountants are also concerned about the location where processing occurs.
Docubrew has two ways to do this. Its Windows desktop application processes documents locally on the computer of the user and therefore the data isn’t being uploaded to convert them. The cloud version with encryption is accessible to those who prefer working in a browser. Uploads are deleted automatically within 24 hours.
The platform could range that ranges from Excel software to bank statements that depend solely on remote processing.
Turning Document Archives Back Into Working Data
The PDF statement is a great document, however it’s a pain when you have to reconcile, sort filters, sort, or import transactions from other sources. Scanned documents can cause additional complications because the transaction information could only be available as an image.
Docubrew integrates statement parsing and OCR support for documents scanned accounting professionals, bookkeepers as well as businesses a practical route from archived financial paperwork to usable transaction data.
This simple method can improve the process of keeping the bank statement that was originally issued while changing its transaction table into the information you need to use.