Automated bank data extraction software can help make the underwriting process a whole lot easier compared to manual data entry. This is made possible with the use of Optical Character Recognition (OCR), Machine Learning, and AI to efficiently scan and understand documents and images. In this way, document data extraction software can help you turn images and pdf files into usable, actionable data seamlessly.
To make your search easier, we have picked the top 5 best bank statement processing software available in the market today.
CaptureFast does have a lifetime free version that lets you process a limited number of documents. These are their paid plans:-
Docsumo makes it possible to easily extract data from scanned/non-scanned images and pdf files. You can process large amounts of underwriting documents with more than 99% accuracy. Straight through processing for a number of loan underwriting documents such as tax documents, P&L documents, bank statements, and invoices is achievable over 90% using Docsumo.
The amount of flexibility that Docsumo offers means that you don't need to limit yourself to defined templates for bank statements to process. Process statements from multiple banks in multiple layouts and templates
Schedule a free demo with us and let's find out how Docsumo can help you automate bank statement processing!
In today’s dynamic business world, filing and archiving official documents in the digital form makes it handy, and works wonders in the future or in unforeseen circumstances.
An automated invoice processing solution helps businesses streamline their accounts payable operations by automating tasks ranging from data extraction from invoices to data validation, and entering data into a database for further analysis and processing. Processing invoices may be one of the most time consuming tasks, but it can’t be ignored as it is directly linked to the finances of the business. Automation solves this problem by improving turnaround times for invoice processing, and improving the quality of data.
Automated document processing involves capturing components present on a document with the help of softwares. It utilizes technologies like Machine Learning, Computer Vision, Natural Language Processing, and OCR. Automatic processing of documents in an organization helps reduce manual labor, compliance requirements, eliminate challenges, and offers speed to the workflow environment. In this article, we cover different techniques used for document processing along with their pros and cons. This comparison will help you choose the best automated document processing software for your organization.
Accounts Payable (AP) is a current liability representing money owed to customers. Analysing the AP turnover (how long does the organisation take to pay the creditors) regularly can help organisations meet deadlines and avoid delinquencies. Accounts Payable influences a company's financial performance, credit conditions, and capacity to recruit investors and provides essential information about its general financial health. When deciding whether to invest or lend money, investors and lenders use these measurements to evaluate a company's solvency and management consulting procedures. In this article, we discuss how to calculate accounts payable, what to interpret and conclude from it, and the limits it has.