Bank technology has made a lot of bookkeeping easier, but those who deal with financial records know that it’s not ideal. Bank feeds disconnect, historical transactions may be unavailable and customers still send statements in PDF. When that happens, somebody must convert a document designed for reading into data that accounting software could actually utilize.
The use of a statement converter can cut down on the amount of repetitive work needed. Instead of entering manually dates, descriptions, withdrawals, and deposits row by row, Docubrew converts statement information into structured spreadsheet-ready data.
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When a PDF becomes the missing piece
Imagine that a bookkeeper is creating an annual reconciliation to clients. The accounting platform includes some recent transactions, but a few earlier months are not present. Fortunately clients have downloaded the original PDF reports.
In the past, re-creating the same month would take many hours of copying and pasting numbers into a spreadsheet. A PDF bank statement that is converted to Excel workflow offers a viable alternative. Docubrew accepts digital PDFs, as well as scanned paper statements and then extracts the information about transactions for use in spreadsheets.
Reducing manual transcription is also an effective way to lower the risk of errors in typing for professionals who need to transfer bank statements to Excel regularly.
Be sure to keep the pages that matter
Bank statements don’t consist entirely of transactions. A 12-page report could contain the cover sheet, account summary, disclosures, or notices as well as a number of pages of the actual bank activity.
Docubrew allows users to view the document, and then select the appropriate pages prior to 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 the working data.
The resulting file can be used using accounting platforms like QuickBooks, Xero and FreshBooks.
CSV Provides a Flexible Accounting Workflow
CSV is still a useful format, as it’s widely supported by spreadsheets and databases. Accounting applications also support CSV. If you need an account statement converted to CSV, Docubrew produces structured output based on the transactions table in the statement.
The same workflow can help firms convert bank statement to CSV when reconstructing historical books, handling a new-client cleanup project, investigating missing transactions, or preparing data for reconciliation.
Accounting firms who need to manage multiple accounts or clients at once can benefit from batch processing.
Financial documents require careful privacy protections
Processing financial records is not just about ease of use. Bank statements could contain sensitive information about clients accounting professionals and bookkeepers might also be concerned about where processing takes place.
Docubrew offers two options. Windows desktop software converts files locally, and on the user’s PC. The cloud version with encryption is available for users who prefer to work in a browser. Files uploaded to the cloud are deleted immediately after 24 hours.
This is the reason Excel software stands out Excel software, which depends solely on remote processing from the bank statement platform.
Turning Document Archives Back Into Working Data
PDF statements make excellent documents, but they’re not ideal when transactions have to be reconciled, sorted, filtering, or transferred to another. Scanned files add a new complication since the transaction details could only be available as an image.
Docubrew integrates statement parsing and OCR support for scanned documents accounting professionals, bookkeepers as well as businesses a practical path from financial paperwork stored in archives to usable transaction information.
The result is an improvement in a workflow that was once tedious and time-consuming. The bank statement will remain as the financial record it was originally however, its transaction table transforms into data that you can use.