Are you struggling with manual data entry from bank statements?
With the best bank statement converter software, you can automate this process, saving time and reducing errors.
This blog post will guide you through the top software options, including their features, pros, cons, and pricing, to help you choose the right solution for your needs.
The first and most advanced bank statement converter on the market is DocuClipper.
DocuClipper is a software tool that extracts data from scanned or PDF bank statements, credit card statements, and brokerage statements. It uses advanced AI with OCR technology to convert documents into structured formats like Excel or CSV with 99% accuracy and great speed, and easily imports bank transaction data into QuickBooks, Xero, or Sage.
DocuClipper bank statement converter be used to automate the process of data entry, which can free up employees to focus on more important tasks. DocuClipper can also help businesses improve their financial reporting by providing accurate and timely data.
DocuClipper is a great way to save time and money, and it can help you improve your business’s financial reporting. If you’re looking for a way to automate your data entry process, DocuClipper is an excellent option.
- Automatically converts any bank statements into Excel or CSV, whether scanned or PDF.
- Highly accurate bank statement OCR with 99% accuracy.
- Very fast processing converting documents into editable files in seconds.
- Provides bank reconciliation to ensure conversion accuracy.
- Easily imports data into QuickBooks, Xero, or Sage
- DocuClipper uses the latest security measures to protect your data.
- Automatically detects multiple accounts in a single statement.
- Provides excellent financial investigation features such as file inventory, transaction categorization, transfer detection, and flow of funds.
- Easy to use: DocuClipper is a web-based application that is very easy to use. You can upload your bank statements in PDF format and DocuClipper will automatically convert them into a variety of formats, including Excel, QuickBooks, and CSV.
- Affordable: DocuClipper is very affordable, especially for small businesses. There is a free plan that allows you to upload up to 50 pages per month, and paid plans start at just $10 per month for unlimited pages.
- Accurate: DocuClipper is very accurate. The software uses optical character recognition (OCR) technology to convert your bank statements into text, which ensures that all of the data is accurately entered.
- Secure: DocuClipper is a secure application. Your data is encrypted and stored on secure servers.
- While this might make it particularly effective for this type of document, it might not perform as well when processing other kinds of documents, such as invoices, receipts, or contracts.
- Cost: Depending on the pricing plan, DocuClipper might not be cost-effective for all businesses or individuals, especially those with low-volume data extraction needs.
Here’s a brief explanation of DocuClipper’s pricing:
- Starter: $29/month for 200 pages per month.
- Professional: $59/month for 500 pages per month.
- Business: $99/month for 2000 pages per month.
- Enterprise: Custom pricing for a custom number of pages per month. Contact DocuClipper for more details.
Annual Pricing (Save 20%):
- Starter: $23/month for 200 pages per month.
- Professional: $47/month for 500 pages per month.
- Business: $79/month for 2000 pages per month.
Overall, DocuClipper is the best bank statement extraction software, allowing anybody to process bank statements at scale fast and accurately.
ProperSoft is a company that creates software tools designed to convert bank transaction files, such as bank or credit card statements, into different formats for easy import into accounting and personal finance software.
Their products help users avoid manual data entry by converting transaction files into a compatible format for import into accounting software.
- Automatically determine your document setting for number and date formats.
- Exported from your existing accounting software
- Downloaded from your online banking
- Exclude or edit any transaction during conversion.
- Export as CSV and work on your transactions in Excel before converting to a final format
- Use the ProperConvert app to view and convert from and to multiple formats
- Operates without internet, providing flexibility and convenience.
- One-time payment for perpetual use, offering long-term cost-effectiveness.
- Helpful and responsive support team enhances user experience.
- Supports a variety of file formats, increasing versatility.
- Not the highest for bank or credit card statements, potentially causing errors.
- Limits the types of documents that can be converted.
- The user interface is not modern, which may affect usability.
- Not as straightforward, making multiple file conversions less efficient.
ProperSoft offers three types of licenses: Monthly, Yearly, and Lifetime.
- Monthly License: Costs $19.99 per month. It includes access for one user, all converters, formats, apps, ongoing premium support, and always free updates.
- Yearly License: Costs $119.99 per year. It includes the same features as the monthly license but at a discounted rate (save 50%).
- Lifetime License: Costs $199.99 as a one-time payment. It includes all converters, formats, apps, and premium support for 24 months, with always free updates.
Please note that all prices are in US dollars and the final price in your local currency may include applicable local tax.
3. Dext Prepare
Dext Prepare is a cloud-based document management and automation software that helps businesses streamline their financial processes.
With Dext Prepare, businesses can easily capture, extract, and organize their financial documents, such as invoices, receipts, and expense reports. Dext Prepare can also automatically match documents to transactions in accounting software, helping businesses to save time and money.
- Dext Prepare can capture documents from a variety of sources, including scanners, mobile devices, and email.
- Dext Prepare can automatically extract key data from documents, such as the date, amount, and vendor.
- Dext Prepare can organize documents into folders and projects.
- Dext Prepare allows users to collaborate on documents.
- Dext Prepare can generate reports on document data.
- Dext Prepare can integrate with accounting software.
- Time-saving: Automates data entry, reducing manual input.
- Improved accuracy: Uses OCR technology to minimize human errors.
- Organization and storage: Centralizes storage for digitized financial documents.
- Integration: Seamlessly transfers data into various accounting systems.
- OCR reliance: Potential inaccuracies in data extraction due to OCR limitations.
- Setup and learning curve: Initial time and effort required for implementation.
- Cost considerations: Paid service, potentially costly for smaller businesses or low-volume users.
For Accounting or Bookkeeping Firms:
- Streamline 10: $218.49/month for up to 10 clients. Ideal for sole practitioners and small firms.
- Streamline 20: $366.84/month for up to 20 clients. Suitable for mid-size practices.
- Streamline 50: $757.84/month for up to 50 clients. Perfect for larger practices.
For Small to Medium Businesses:
- Business Plus: $27/month for up to 5 users and 300 monthly documents. Suitable for small to medium businesses.
- Premium: $53/month for up to 20 users and 3,000 monthly documents. Ideal for bigger businesses.
- Enterprise: $80/month for up to 30 users and 4,000 monthly documents. Designed for larger enterprises.
Hubdoc is a cloud-based document management platform that simplifies data capture and organization. It imports bank statements and other financial documents, automatically extracting key data and syncing it with accounting software such as QuickBooks and Xero.
While Hubdoc generally performs well in extracting data from standard bank statements, it may not be as effective with more complex or specialized statement formats. In such cases, manual intervention or adjustments may be required to ensure the accuracy of the bank extracted data.
If you have specific requirements for extracting data from bank statements, it’s advisable to evaluate Hubdoc’s capabilities with your specific statement formats and consider alternative specialized solutions that focus specifically on bank statement data extraction.
- Hubdoc seamlessly integrates with Xero and Quickbooks.
- Hubdoc has an Android and iPhone mobile application to easily capture bills and receipts.
- Online storage to store and share your financial documents.
- Hubdoc allows you to easily gather financial documents such as bank statements, receipts, and invoices from various sources, including email, mobile uploads, and direct integrations with financial institutions.
- The software utilizes OCR technology to extract relevant data from uploaded documents, reducing the need for manual data entry.
- Hubdoc provides a centralized platform for storing and managing financial documents.
- Hubdoc integrates with popular accounting software platforms, allowing for the seamless transfer of data and documents into the accounting system.
- Hubdoc may still encounter challenges when extracting data from certain types of documents.
- Hubdoc is primarily designed for basic document types like receipts, invoices, and bank statements.
- For smaller businesses or individuals with limited budgets, the cost may be a factor to consider when evaluating the software.
- Hubdoc heavily relies on integrations with accounting software and financial institutions. Any changes or disruptions in those integrations could potentially impact the seamless flow of data and documents.
Hubdoc costs $12 USD per month. This includes automatic data extraction from bills, statements, invoices, and receipts, seamless syncing with Xero and QuickBooks Online, unlimited usage, multiple collaborators, friendly tech support, and easy backup options. It’s available for both smartphones and tablets (Apple and Android).
However, the pricing does not state if there are any limitations in terms of the number of documents you can process.
Docsumo is a document AI software that helps businesses extract data from all document types, templates, layouts, and tables with 10X efficiency and over 95% accuracy.
Docsumo uses intelligent OCR technology to convert unstructured documents into structured data that can be easily analyzed and processed. This data can be used to automate workflows, improve decision-making, and gain insights into business operations.
- Docsumo can extract data from various types of documents, including invoices, receipts, bank statements, and more.
- Docsumo can automatically classify documents based on their content and layout.
- Docsumo can validate extracted data against predefined rules or external databases.
- Docsumo can integrate with other business systems, such as accounting software, ERP systems, and CRM platforms.
- Docsumo provides APIs that allow businesses to integrate its capabilities into their own applications or systems.
- Docsumo supports a broad range of documents for processing, making it versatile for various business needs.
- Docsumo is scalable, making it a suitable choice for businesses of all sizes, from startups to large enterprises.
- Docsumo can handle all document layouts, providing flexibility in document processing.
- Docsumo is known for its excellent customer service, providing users with prompt and helpful support.
- The cost of Docsumo can be a deterrent for some businesses, particularly small businesses or startups with tight budgets.
- Because Docsumo focuses on many types of documents, it may not offer the highest level of accuracy for specific document types.
- Setting up Docsumo can require some time and effort, which might be a drawback for businesses looking for a quick start.
- Docsumo can be complex to learn initially, particularly for users who are not tech-savvy. This could lead to a longer onboarding process.
Docsumo offers three pricing tiers:
- Growth: Priced at $500+/month, ideal for startups, automates 1-2 document types, includes 3 users, and offers basic machine learning capabilities.
- Business: Custom pricing, perfect for businesses needing to capture specific data points, includes 10 users, and offers advanced features like email parsing and validation.
- Enterprise: Custom pricing, designed for enterprises processing multiple document types, offers unlimited users, advanced analytics, and custom workflow implementation.
AutoEntry is a cloud-based data entry automation software that helps businesses save time and money by automating the process of entering data into accounting software. AutoEntry can automatically extract data from invoices, receipts, and bank statements, and then classify and categorize it into the correct accounts in your accounting software.
- AutoEntry can automatically extract data from invoices, receipts, and bank statements.
- AutoEntry can classify and categorize data into the correct accounts in your accounting software.
- AutoEntry can check data for errors before it is entered into your accounting software.
- AutoEntry can generate reports on your financial data.
- AutoEntry can integrate with a variety of accounting software programs.
- AutoEntry can automate the process of entering data into your accounting software.
- AutoEntry can help you streamline your business’s financial processes, making them more efficient and effective.
- AutoEntry integrates well with a variety of accounting software such as QuickBooks, Xero, Sage, and others, which can streamline your workflow.
- AutoEntry can provide you with valuable insights into your business’s financial performance.
- It allows users to upload documents through various methods including email, mobile app, scanner, or via cloud storage like Dropbox or Google Drive.
- AutoEntry has a steeper learning curve, especially for those who are not tech-savvy.
- Processing can take somewhere between several minutes to several hours.
- AutoEntry operates on a subscription basis, which may not be cost-effective for all businesses.
AutoEntry uses a credit system, where different tasks cost a certain number of credits. All plans include unlimited cloud storage, unlimited users, and unlimited clients for accountants and bookkeepers.
Pricing in Euros (€):
- Bronze: €13.50/month for 50 credits.
- Silver: €26/month for 100 credits.
- Gold: €46/month for 200 credits.
- Platinum: €110/month for 500 credits.
- Diamond: €295/month for 1500 credits.
- Sapphire: €465/month for 2500 credits.
- 1 Credit: Standard extraction for purchase/sale invoices, receipts, and bills.
- 2 Credits: Extraction of line items for purchase/sale invoices, bills, and supplier statements.
- 3 Credits: Per page for bank or credit card statements.
Please note, the actual prices may vary depending on the currency you choose.
MoneyThumb is designed to convert bank statements in PDF format into different file formats, such as CSV, QBO, and QFX. The software is compatible with major accounting platforms like QuickBooks, Quicken, and Xero. (Learn more about How to Convert PDF to QBO.)
MoneyThumb is a trusted partner for businesses and individuals of all sizes. The company’s products and services are used by thousands of customers around the world, and MoneyThumb has been recognized by industry publications such as Accounting Today and The Financial Brand.
However, recently many of the customers reported that MoneyThumb has been not so active in maintaining the platform, developing the features, and keeping up with their competitors.
- MoneyThumb can automatically extract data from bank statements, making it easy to track spending, identify trends, and spot potential problems.
- MoneyThumb offers a variety of powerful analysis tools that can help you track spending, identify trends, and spot potential problems.
- MoneyThumb is a cloud-based application, so you can access it from anywhere with an internet connection.
- MoneyThumb uses the latest security measures to protect your data.
- MoneyThumb makes it easy to convert PDF statements into a format that can be read by accounting software. This can save significant time and effort in data entry.
- MoneyThumb claims a high level of accuracy in its conversions, reducing the risk of errors that could occur with manual data entry.
- MoneyThumb supports conversion from and to multiple file formats, making it more flexible than some other tools.
- It speeds up the process of data entry and thus, helps to save time. You no longer need to manually input each transaction.
- MoneyThumb is a paid service, and its cost might be unaffordable for some small businesses or individuals.
- Like any new software, there can be a learning curve to understanding how to use MoneyThumb effectively.
- There could potentially be compatibility issues with certain banking or credit card PDFs or with specific accounting software.
- The platform is being less maintained, which could impact its performance or feature updates.
MoneyThumb does not publicly list the pricing for all of its products on its website. To get detailed pricing information for specific products, you would need to contact MoneyThumb directly.
However, for their QuickBooks converter product, they do provide pricing details. The cost varies depending on the plan you choose, with options for individual users, small businesses, and professionals such as accountants and bookkeepers.
- Individual Plan: $24.95/month for 5 conversions per month. This equates to $5.00 per conversion.
- Standard Plan: $49.95/month for 20 conversions per month. This equates to $2.50 per conversion.
- Pro Plan: $99.95/month for 60 conversions per month. This equates to $1.67 per conversion.
Docparser is a document parsing API that helps you extract data from documents in a variety of formats, including PDF, Word, Excel, and CSV. It can be used to extract data from invoices, contracts, purchase orders, and other documents. Docparser is a cloud-based API, so you can use it from anywhere.
- Automatic data extraction from PDF documents
- Advanced OCR technology
- Data accuracy and consistency
- Workflow automation
- Integration with popular applications
- Docparser allows users to set custom parsing rules for different types of documents, which can result in more accurate data extraction tailored to specific needs.
- Docparser has powerful extraction capabilities. It can extract data from a variety of document types, including invoices, contracts, purchase orders, and more.
- Docparser is a scalable and reliable API. It can handle large volumes of documents without any problems.
- The extracted data can be downloaded in various formats such as Excel, JSON, XML, or sent to webhooks. This flexibility can be beneficial depending on your subsequent data usage needs.
- The need to define rules manually may limit the level of automation you can achieve with Docparser, especially when compared to some other tools that might offer automatic data field recognition.
- If you’re dealing with bank statements from various banks or in different formats, you might need to create a separate parsing rule for each variation. This can be a time-consuming process.
Here’s a brief explanation of Docparser’s pricing:
- Starter Plan: $39/month, includes 1200 parsing credits per year, up to 15 different parsers, and basic features.
- Professional Plan: $74/month, includes 3000 parsing credits per year, up to 50 different parsers, and all features of the Starter plan plus multifactor authentication.
- Business Plan: $159/month, includes 12000 parsing credits per year, up to 500 different parsers, and all features of the Professional plan.
- Enterprise Plan: Custom pricing, includes custom parsing credits per year, extended document retention, and other features. Contact Docparser for a quote.
Note: 1 Parsing Credit = 1 document with up to 5 pages.
9. Valid8 Financial
Valid8 Financial is a forensic accounting software designed for forensic accounting and financial investigations professionals. The platform extracts and reconciles banking transactions from multiple sources, creating a database of financial evidence.
This process allows for a comprehensive and efficient financial investigation, turning any PDF statement into a source of actionable intelligence in less than 24 hours.
- Valid8 Financial can transform native or non-native PDF statements from any institution in any format into a database of evidence.
- The platform uses automated reconciliation to visualize missing, duplicate, and incorrect data
- Valid8 Financial can filter and examine transfers to identify fraudulent transfers and preference payments.
- The platform can visualize the flow of funds from a list of sources into accounts or legal entities and out to a list of uses.
- Users can set up custom categories for each case and group transactions to clarify the analysis.
- Valid8 Financial allows users to use Microsoft Excel to clean up data and then load all changes back into the platform to maintain version control.
- It can filter and examine transfers to identify fraudulent transfers and preference payments.
- Valid8 Financial software helps financial institutions stay compliant with a wide range of regulations, including AML, KYC, and PCI DSS.
- Valid8 Financial software helps financial institutions reduce risk by providing a centralized platform for managing data and transactions.
- Valid8 Financial software automates many of the tasks involved in compliance and risk management, freeing up staff to focus on other priorities.
- Valid8 Financial software is scalable to meet the needs of financial institutions of all sizes.
- Valid8 Financial software can be complex to use. This is especially true for financial institutions that have a lot of data and transactions.
- Valid8 Financial software is not the cheapest option on the market. However, the cost of the software may be offset by the benefits it provides, such as increased compliance and reduced risk.
- Valid8 Financial software relies on third-party data sources for some of its functionality. This means that the accuracy of the software is dependent on the accuracy of the third-party data.
- Valid8 Financial software is not as customizable as some other compliance and risk management solutions.
Valid8 Financial does not provide pricing information directly on their website. For detailed pricing information, potential customers are encouraged to contact the Valid8 Financial team directly or schedule a free demo.
To learn more also check out the best Valid8 Financial alternatives and competitors, the best forensic accounting software, and DocuClipper vs Valid8 alternative.
Nanonets is a machine learning platform that allows businesses to build custom deep learning models without writing any code. It is used for tasks such as document extraction, object detection, and image classification.
Using Nanonets OCR, organizations can extract electrical meter readings from odometers and transform food menus into structured data. The platform supports several types of documents such as ID cards, mortgage forms, invoices, income proofs and purchase orders, among others.
- Supports a wide variety of document types.
- Uses advanced AI with OCR technology.
- Offers excellent customer service.
- Provides high accuracy for diverse documents.
- Ensures fast data processing.
- Supports a wide variety of document types.
- Uses advanced AI with OCR technology.
- Offers excellent customer service.
- Provides high accuracy for diverse documents.
- Ensures fast data processing.
Nanonets offers three pricing tiers:
- Starter: Free for the first 500 pages, then $0.3/page. No monthly fee, pay as you go, with 3 starter models and limited fields.
- Pro: $499/month/model, includes 5000 pages, then $0.1/page. Offers auto-capture line items, up to 20 fields, and additional features like annotation services and customisation hours.
- Enterprise: Custom pricing. Includes everything in Pro, with additional features like SSO/SAML Login, SLAs, dedicated account manager, and custom integrations.
To learn more visit also Nanonets alternatives.
Importance of Bank Statement Converters
Bank statement converters are essential tools in today’s digital age. They offer numerous benefits that can significantly improve the efficiency and accuracy of financial management. Here are some reasons why they are important:
- Efficiency: Bank statement converters can automate time-consuming tasks. Instead of manually inputting data from bank statements, these tools can extract and organize the information in seconds. This allows you to focus on more strategic tasks.
- Accuracy: Manual data entry is prone to human errors, which can be costly. Bank statement converters reduce these errors by automating the data extraction process, ensuring the information is accurate and reliable.
- Client Satisfaction: By delivering faster and more accurate results, you can improve client satisfaction. Clients appreciate quick turnarounds and accurate data, which can help strengthen your relationships with them.
- Improved Financial Analysis: Bank statement converters can organize financial data in a way that makes it easier to analyze. This can lead to better financial decision-making and more effective financial management.
- Cost Savings: By automating data extraction and reducing errors, bank statement converters can save you money. They can reduce the need for manual data entry and correction, which can be time-consuming and costly.
In conclusion, bank statement converters are valuable tools that can improve the efficiency and accuracy of financial management. By automating data extraction, reducing errors, and improving financial analysis, they can save time and money, and improve client satisfaction.
What Companies May Benefit From Bank Statement Converter?
Bank statement converters can be beneficial to a wide range of businesses and industries. Here are some examples:
- Bookkeeping and Accounting Firms: These businesses handle a large volume of financial data on a daily basis. Bank statement converters can automate data entry, improve accuracy, and save time.
- Financial Investigations: Investigators often need to analyze financial data quickly and accurately. Bank statement converters can help extract and organize this data efficiently.
- Business Owners: For small to large businesses, these tools can simplify financial management by automating the extraction of data from bank statements.
- Financial Consultants: These professionals can use bank statement converters to quickly analyze their client’s financial data and provide accurate advice.
- Non-Profit Organizations: Non-profits often need to manage their finances carefully to ensure they are using their funds effectively. Bank statement converters can help by providing accurate and organized financial data.
- Educational Institutions: Schools and universities often manage large budgets and need to keep track of numerous transactions. Bank statement converters can help streamline this process.
In conclusion, any organization that deals with financial data can benefit from using a bank statement converter. These tools can save time, improve accuracy, and provide valuable insights into financial performance.
What to Look for in a Bank Statement Converter
When choosing a bank statement converter, there are several key factors to consider:
- Speed: The tool should be able to quickly convert bank statements into Excel, CSV, or other the required format. This is especially important for businesses that handle a large volume of transactions.
- Accuracy: The converter should accurately extract all relevant data from the bank statements. Any errors in data extraction can lead to inaccurate financial reports and analyses.
- Supported Banks: The tool should support a wide range of banks. This ensures that you can use it no matter where your bank accounts are held.
- Scalability: The converter should be able to handle increasing volumes of data as your business grows. It should not slow down or become less efficient as the volume of data increases.
- Security: The tool should have robust security measures in place to protect your and your customer’s sensitive financial data. This includes encryption and secure data storage.
- Pricing: Consider the cost of the tool and whether it offers good value for money. Some tools may offer more features or better performance, but they may also be more expensive.
In conclusion, when choosing a bank statement converter, it’s important to consider its speed, accuracy, the number of supported banks, scalability, security, and pricing. By carefully considering these factors, you can choose a tool that best meets your needs.
In conclusion, the best bank statement converter software is a game-changer for anyone dealing with financial data. The pain points of time-consuming manual data entry, potential human errors, and the struggle of organizing financial documents are all addressed by these tools.
They automate the extraction process, ensuring accuracy and saving valuable time. Moreover, they provide a centralized platform for easy access and organization of your financial data.
By choosing the right software, you can turn these common challenges into a streamlined, efficient process. Therefore, investing in a reliable bank statement converter is not just a choice, but a necessity for effective financial management.
Try DocuClipper for Free Today
Ready to transform your financial management process? Try DocuClipper today! With its powerful features and user-friendly interface, DocuClipper makes bank statement conversion a breeze.
Say goodbye to manual data entry and hello to accuracy and efficiency. Don’t just take our word for it, experience the difference yourself.
Start your free trial now and see how DocuClipper can revolutionize your financial workflow. Click here to get started!
Frequently Asked Questions about Best Bank Statement Converter Software
Here we are going to answer the most commonly asked questions related to the best bank statement converter software:
Can I convert my bank statement to Excel?
Yes, you can convert your bank statement to Excel using DocuClipper. Simply upload your PDF bank statement to DocuClipper’s secure platform, let their advanced OCR technology extract the relevant data, and then import the extracted data directly into Excel. This process is quick, accurate, and efficient regardless of the number of bank statements.
What software converts bank statements to Excel?
DocuClipper is a software that efficiently converts bank statements to Excel. It uses advanced OCR technology to extract relevant data from your bank statements and import it directly into Excel.
What software converts bank statements to CSV?
DocuClipper is a reliable software that can convert bank statements to CSV. It uses advanced OCR technology to accurately extract data from your bank statements and import it directly into a CSV file.