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Fast-track Income Verification From 2 Hours to 2 Minutes With Bank Statement Converter Software
Leverage Docsumo’s bank statement converter to extract, analyze & verify income sources from complex bank statements. Convert the data to structured financial Insights in one automated workflow instantly with over 99% accuracy.
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Take a Spin Around Docsumo’s Bank Statement Converter Software
Businesses Do Extraordinary Things With Docsumo
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$100 Million
Saved in processing costs
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3.4 Million
Work hours saved
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20 Million
Documents processed
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95%+
Straight-through processing achieved
The Best OCR Software of 2025 Ranked
Docsumo
Docsumo is an AI-powered OCR software tailored for technology teams looking to get clean data tables from their documents.
Key features -
- AI-powered data extraction for complex documents (invoices, bank statements, contracts).
- Multiple input methods: emails, APIs, cloud drives, local uploads.
- Customizable validation rules for accurate data and seamless integration.
- Pre-trained AI models with options for custom training on specific datasets.
- Intuitive, user-friendly interface for reduced manual efforts and errors.
- Streamlines document workflows, improves accuracy and cuts processing time.
Things to consider -
According to user reviews, no significant limitations have been reported regarding Docsumo's performance.
Pricing -
Dosumo’s pricing model is divided into Free, Growth, and Enterprise plans. The Free plan offers a free trial, which includes 100 pages per month. The price per page for the Growth plan starts at $0.3.
Amazon Textract
Amazon Textract is a machine learning (ML) service that automatically extracts text, handwriting, layout elements, and data from scanned documents. Unlike basic OCR, it can identify, interpret, and retrieve specific data from documents.
Key features -
- Automatically detects and extracts printed and handwritten text from documents.
- Identifies and extracts key-value pairs, preserving context-like fields and their values.
- Extracts table data while maintaining the structure of rows and columns.
- Recognizes layout elements like paragraphs, titles, and headers for better document understanding.
- Allows query-based extraction, retrieving specific data using natural language queries.
Things to consider -
- Accuracy for handwritten documents can be low, requiring manual intervention.
- Service can be expensive, especially for large-scale document processing.
- Limited language support is available.
Pricing -
Amazon Textract offers a pay-as-you-go pricing model, with rates varying based on the specific API used and the number of pages processed. The basic plan for 1,000 pages begins from $1.50 per page.
Google Document AI
Google Document AI extracts structured data from documents, allowing for efficient analysis, search, and storage. The Document AI suite includes pre-trained models for data extraction, the Document AI Workbench for creating custom models or enhancing existing ones, and the Document AI Warehouse for searching and storing documents.
Key features -
- Transforms scanned images and PDFs into searchable, editable text with OCR.
- Extracts key-value pairs and table data from structured forms.
- Categorizes documents using machine learning for efficient organization.
Things to consider -
- Some documentation is outdated or ambiguous, with limited code examples for various use cases.
- Instructions for training models are unclear, especially for non-technical users.
- Multilingual support is minimal.
- MultilinData extraction from PDFs can sometimes be inaccurate, requiring manual retraining.gual support is minimal.
Pricing -
Google Doc AI offers a pay-as-you-go pricing model. Basic OCR starts at $1.50 per 1,000 pages, with additional costs for more advanced features that come with the different processors.
ABBYY FlexiCapture
ABBYY FlexiCapture is a highly advanced OCR tool praised for its efficiency in digitizing, editing, and managing PDFs, Word documents, and scanned files. It offers a graphical interface that allows users to scan documents, import them, and apply OCR to them.
Key features -
- Utilizes AI-powered OCR for highly accurate text recognition.
- Supports a wide range of document formats.
- Comprehensive tools for editing and managing PDFs.
Things to consider -
- Some advanced features may have a steeper learning curve for users.
- The pricing can be higher compared to more basic OCR solutions.
Pricing -
ABBYY offers two different plans for the FlexiCapture solution, catering to businesses and individuals. The pricing for their Individual plan begins at $34.50/year for Mac devices and $49.50/year for Windows users.
Rossum
Rossum is an AI-powered document processing platform designed to automate data extraction for accounts payable, customs, order management, and quality assurance use cases. It offers a customizable solution with high accuracy and minimal setup, which is ideal for businesses seeking to streamline transactional workflows.
Key features -
- AI-powered document processing with a focus on invoices and purchase orders.
- Customizable AI models with minimal training required.
- Human-in-the-loop capabilities for validation and review.
- Seamless integration with ERP systems like SAP and Oracle.
Things to consider -
- Primarily focused on transactional documents; less flexibility for other types.
- Requires some setup and training for custom workflows.
Pricing -
Rossum segments its custom pricing model into four categories based on volume and specific use cases - Starter, Business, Enterprise, and Ultimate. The Starter plan starts at $1,500 per month.
Nanonets
Nanonets provides a no-code AI platform for document automation, featuring pre-trained models for 300+ document types. It aims to offer scalable solutions for businesses looking to enhance document processing with minimal customization.
Key features -
- Customizable no-code platform for training AI models.
- Fast deployment of the solution.
- Integrates easily with ERP systems like QuickBooks and Salesforce.
Things to consider -
- Limited advanced AI and ML features compared to more robust platforms like Docsumo.
- Some users report the need for further model customization for unique document types.
Pricing -
Nanonets has a pay-as-you-go pricing based on usage and offers three plans - Starter, Pro, and Enterprise. The price per page for the Starter plan begins at $0.3 based on the complexity of the document.
The Five-step Architecture Behind Docsumo’s Bank Statement Converter Software
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Document Ingestion
- Users log into the Docsumo platform and navigate to the document types section.
- They select "Bank Statement" as the document type and upload their PDF bank statement via email, API, or Zapier workflows. The platform supports both scanned and digitally created PDFs.
Pre-processing
- Upon uploading, Docsumo initiates a pre-processing phase where it analyzes the document structure. This includes identifying the layout, text blocks, tables, and other relevant elements within the PDF by using the following methods -
- Image Quality Enhancement: Auto-adjust brightness, contrast, sharpness, and correct orientation using Computer Vision techniques.
- Noise Removal: Apply filters for background noise and skew correction.
- Document Standardization: Normalize file formats (e.g., convert PDFs, TIFFs to OCR-compatible images).
- The system can handle various formats and templates of bank statements, ensuring flexibility in processing different banks' statements.
Data Extraction
- Besides technology like Optical Character Recognition (OCR) methods, Docsumo employs Intelligent Document Processing (IDP) that integrates AI and Machine Learning (ML).
- The IDP system extracts key-value pairs from the bank statements. For example, it identifies fields such as:
- Account holder name
- Account number
- Opening balance
- Closing balance
- Transaction dates
- Transaction amounts
- This extraction process occurs with over 99% touchless accuracy, significantly reducing the chances of errors compared to other software that is restricted to standard OCR tools.
Validation
- After extraction, the data is presented in a review panel where users can validate the accuracy of the captured information.
- Fields highlighted in green indicate correct data capture which can be passed on without any necessary human review. While those highlighted in yellow signal denote areas where a human check is needed.
- Users can edit these fields directly within the interface to ensure all information is accurate before finalizing the conversion.
Downstream Export
- Once validated, users can choose to download the extracted data in diverse formats, including Excel (XLS), CSV, and JSON, or retain it in its original PDF format.
- The conversion to Excel allows for easy manipulation and analysis of financial data, making it useful for further accounting or auditing processes.
How Docsumo’s Bank Statement Converter Software Works In Different Scenarios
For Unstructured Documents
Unstructured documents (scanned images, PDFs, or handwritten statements) pose a unique challenge because the data is not organized in a predictable format.
- OCR Technology: OCR scans the document and converts any text into machine-readable characters. It recognizes and decodes text even in difficult-to-read fonts or handwriting, enabling the software to identify key financial data points, such as transaction dates, amounts, and descriptions.
- Color Coding: Docsumo’s bank statement converter software even allows for color coding tactics to help differentiate users between credit and debit balances. Blue indicates credit balances and purple for debit balances to visually navigate and differentiate between different types of financial transactions.
- Data Mapping: The software then maps the extracted data into predefined categories, organizing it in a structured format (e.g., CSV, Excel). For example, it may recognize the account number, transaction date, and amount based on patterns and text analysis.
- Error Detection: Some tools are equipped with error detection mechanisms to flag any potential inconsistencies, ensuring that businesses can double-check important data for accuracy. Error messages in the review process help indicate if the opening and closing balance values from the KV fields do not match with the tally amount from the transaction tables. If the tally has failed, it would be certain that this flag would be set to indicate the mismatch of the calculated tally from the transaction table and the opening and closing balance from the KV fields.
For Structured Documents
Structured documents, such as CSV or Excel files, present less of a challenge for bank statement converters. These documents already follow a consistent format, which simplifies the extraction process.
- Data Parsing: Docsumo’s bank statement converter software parses these files line-by-line or column-by-column, extracting key details like transaction amounts, descriptions, and dates.
- Conversion and Exporting: Once the data is parsed, the tool can directly convert it into the desired format (such as CSV or Excel or integrate it into accounting software). This helps streamline workflows, reducing the need for manual input.
For Documents More Than 20 Pages Long
Docsumo can help users convert bank statements with over 20 pages to ensure that no data is missed and that the extraction remains efficient using sophisticated algorithms and additional parameters.
- Batch Processing: Many advanced bank statement converter tools allow batch processing, meaning the software can handle multiple pages or multiple documents in one go. This is especially helpful for large transactions or companies with extensive financial records.
- Pagination and Seamless Navigation: The software is designed to recognize page breaks and headers, allowing it to extract data from each section without losing context. The system processes each page individually while keeping track of the overall structure of the statement.
- Performance Optimization: Advanced algorithms ensure that the extraction process doesn’t slow down or become bogged down by longer documents. The data is processed quickly and accurately, with minimal risk of errors due to size.
For Table Extraction
Bank statements often present data in table formats, listing transactions with columns such as date, description, amount, and balance. Extracting data from tables requires precision to ensure that all rows and columns are captured correctly.
- Table Recognition: The converter software uses sophisticated pattern recognition to identify table structures within the document. It automatically detects the rows and columns, ensuring that all data points are captured in the right context.
- Data Alignment: Each transaction’s data is mapped into the correct column, allowing for a clean, structured export. The software ensures that each entry’s date, description, and amount align properly, maintaining the integrity of the financial data.
- Customizable Output: For businesses that need data in specific formats, many tools allow you to customize the output layout to match accounting systems or reporting templates.
Five-Step Checklist to Consider When Choosing a Bank Statement Converter Software
Ease of Use
- A user-friendly interface is essential when selecting bank statement converter software. The tool should be easy to navigate, even for non-technical users, and should require minimal training.
- Look for software that offers an intuitive dashboard, drag-and-drop functionality, and simple setup processes. Additionally, the software should integrate smoothly with your existing financial systems, reducing the time and effort needed to get started.Opt for software that delivers high precision for printed and handwritten text.
Customization Options
- Not all bank statements are the same. Each financial institution may present data in a slightly different format, which can create challenges when trying to extract and standardize information.
- The best bank statement converter software allows for the customization of extraction rules based on the specific layout of your bank’s statements.
Security & Compliance
- Data security is paramount when dealing with sensitive financial information. Ensure that the bank statement converter software you choose complies with data protection regulations, such as the General Data Protection Regulation (GDPR) and other relevant industry standards.
- Look for encryption features to safeguard your data during transfer and storage, as well as secure authentication methods.
Integration with Other Financial Tools
- Bank statement converter software should seamlessly integrate with your other financial tools, such as accounting software (e.g., QuickBooks, Xero) and ERP systems.
- This integration allows you to automate workflows, reduce manual data entry, and ensure that your financial records are up-to-date across platforms.
Pricing
- Pricing can vary significantly depending on the features, scalability, and the volume of data your business needs to process. Some software offers subscription-based pricing, while others may charge per document processed or based on the number of users.
- It's important to consider the pricing structure based on your business size and transaction volume to ensure the solution provides good value without exceeding your budget.
Best Practices To Get The Most Out Of A Bank Statement Converter Software
Ensure Accurate Data Input
- For optimal conversion accuracy, always verify that the bank statement is in a supported format, such as PDF, CSV, or other compatible file types. Some converter tools work best with specific formats, and starting with a clean, well-structured file can help avoid issues during the extraction process.
- Additionally, ensure that the document is clear and legible, as poor-quality files (e.g., blurry PDFs or scanned images) can lead to errors in data extraction.
Use Software with OCR Capabilities
- If you're working with scanned or image-based bank statements, it’s essential to choose converter software equipped with Optical Character Recognition (OCR) technology. OCR allows the software to recognize and extract data from printed or handwritten text within the document.
- This feature is particularly useful when dealing with legacy documents or those in non-digital formats.
Configure Custom Fields
- Every business has specific data needs, and not all bank statements will follow the same format. To get the most value from your bank statement converter, configure custom fields within the software to capture the data that matters most to your business.
- Customization allows you to set parameters for things like transaction descriptions, amounts, dates, or even account codes, ensuring the extracted data fits seamlessly into your reporting or accounting workflows.
Review & Validate Extracted Data
- Even the most sophisticated converter software isn’t perfect, so it’s important to always validate the converted data for accuracy. After the conversion, take time to review the extracted information and make any necessary adjustments if discrepancies or errors are found.
- Regular reviews will help you identify any recurring issues or inconsistencies that could be addressed by adjusting extraction rules or improving document quality.
Leverage Automation for Regular Tasks
- One of the most powerful features of bank statement converter software is the ability to automate repetitive tasks. Automating the extraction of monthly bank statements or setting up recurring processes for ongoing financial reporting can save your team valuable time and reduce the likelihood of human error.
- Set up schedules to automatically pull and convert statements at regular intervals, so your financial data is always up-to-date without requiring manual intervention.
Backup Data Regularly
- As with any critical data, it's essential to back up your extracted financial data regularly to avoid potential loss during processing or technical issues. Most bank statement converter software will allow you to export data in formats like CSV or Excel, which can be stored securely in cloud storage or a local server.
- Regular backups ensure that you can recover information in case of system failures or accidental deletions.
FAQs
What is the best PDF converter for bank statements?
The best PDF converter for bank statements depends on your specific needs, but some of the top-rated options include Docsumo, ProperSoft, and Dext Prepare. Out of these tools, Docsumo is highly effective at extracting data from PDF bank statements, whether they are structured or unstructured. When selecting a converter, consider factors such as ease of use, OCR capabilities for scanned documents, customization options, and integration with accounting software.
How accurate is the data extraction from bank statements using this software?
The accuracy of data extraction from bank statements varies by software, but leading bank statement converters like Docsumo achieve high levels of accuracy, especially when OCR technology is involved. These tools use advanced algorithms and machine learning to identify and extract financial data, reducing the chances of errors. However, the accuracy can be affected by factors such as document quality (e.g., blurry or poorly formatted PDFs) and the consistency of statement formats across different banks. It's always a good practice to review the extracted data for verification.
How secure is the data when using bank statement converter software for financial records?
Security is a critical concern when handling sensitive financial data. Reputable bank statement converter software uses robust encryption protocols to protect your data during processing and storage. Many bank statement converters like Docsumo also comply with data privacy regulations such as GDPR and HIPAA, while being SOC 2 certified. They provide additional security measures like user authentication and role-based access. Before selecting a software provider, it’s important to review their security features, data handling practices, and compliance with industry standards to ensure that your financial records are protected at all times.
Can bank statement converter software handle statements from different banks and formats?
Yes, most modern bank statement converter software is designed to handle statements from different banks and various formats, including PDFs, CSVs, and image files. Many tools offer customizable extraction templates, allowing businesses to adjust the conversion process based on the unique formats of different banks. This flexibility ensures that the software can handle a wide range of statement layouts and data structures, making it a versatile solution for businesses with diverse financial documentation needs.
Is OCR required for bank statement converter software, and how does it improve accuracy?
While OCR (Optical Character Recognition) is not strictly required for all bank statement converters, it significantly improves the software’s ability to extract data from scanned or image-based documents. OCR technology converts text within these documents into machine-readable characters, enabling the software to identify and extract key data points (e.g., transaction dates, amounts, account numbers). For businesses that deal with scanned statements or low-quality PDFs, OCR enhances data extraction accuracy and helps minimize human error.
