Here at Dext, we help accountants and bookkeepers save time and reduce the errors associated with manual data entry. We do this by leveraging state-of-the-art AI to extract information from clients’ bank statements, receipts and invoices.
Bank statement extraction, in particular, presents a significant saving in time to accountants and bookkeepers. In this article, we take a look at what bank statement extraction software does, and introduce the Bank Statement Extraction functionality in our bookkeeping automation software.
What is bank statement extraction software?
Packed full of client data, bank statements once consumed hours of accountants’ and bookkeepers’ time. Until relatively recently, performing bank reconciliation meant combing through clients’ bank statements, and then painstakingly keying in huge volumes of data into spreadsheets and, more recently, accounting software.
The advent of Optical Character Recognition (OCR) technology has helped to change that. OCR technology converts images into machine-readable text. Bank statement extraction software uses the technology to extract data from clients’ bank statements into a format that can then be uploaded into accounting software quickly and easily. This saves accountants and bookkeepers untold time and increases the accuracy of the data significantly.
How does Bank Statement Extraction work in Dext?
We understand just how time-consuming managing your clients’ bank reconciliation can be, especially when those clients give you months of clean-up work to sort through.
With this in mind, we’ve built Bank Statement Extraction functionality into Dext Prepare, our solution for auto-extracting all your clients’ financial data, including their receipts and invoices.
The AI-powered Bank Statement Extraction functionality in Dext couldn’t be simpler to use. Just drag and drop your clients’ bank statements securely into the software, and Dext will extract the data and generate a .csv file with just a few clicks.
You can then import the .csv file into leading accounting software packages like Xero, Sage and Quickbooks quickly and easily. Meanwhile, the original bank statement and extracted file are safely stored in Dext, ready for you to access anytime, anywhere.
The functionality will not only save you time and increase the accuracy of your data; it will free you up to provide value-adding services and set yourself apart from your competition.
Bank Statement Extraction is available to all our Essentials and Advanced partners who use Dext Prepare with their clients. You can learn more about how the functionality works in our Help Centre.
Want to find out more about how to use Bank Statement Extraction in your practice? Request a call with your Account Manager today, and take your efficiency to the next level.
New to Dext? Book a demo and see the magic in action!