Manual data entry from PDF bank statements is a time-consuming drain on skilled resources in the accounting and insolvency industry.
Intelligent Document Processing (IDP) solutions can help you to automate this process, giving quick access to clean, validated Excel outputs, saving time and error.
This blog post gives a rundown of the various offerings currently in the market with the aim of helping you make an informed choice.
Manual Data Entry from PDF Bank Statements
Manual data entry from PDF Bank Statements is an option, it’s not a great option but it’s one still used by many organisations. It is both time consuming and incredibly risky but, improving this part of the workflow is often overlooked and not seen as a priority.
There are, of course, far better ways of digitising your data, whether it is bank statements or any other document and you don’t need to risk losing your key members of staff due to them spending countless hours manually entering data.
Oscar IDP
Oscar IDP revolutionises how businesses convert bank statements to Excel, offering a specialized solution that automates the intricate process of digitising financial data with unprecedented precision.
Originally developed for fraud investigation, the platform boasts exceptional accuracy and validation capabilities. Its robust technology has earned the trust of government agencies, accountancy firms, solicitors, insolvency practitioners, insurance companies, and diverse enterprises seeking efficient data management.
By streamlining data extraction and optimising workflow, Oscar IDP provides an incredibly fast method to convert bank statements to Excel, eliminating the tedious manual data entry that traditionally consumed significant time and resources.
Features:
- Fully automated extraction.
- Standardised Excel output.
- OCR accuracy and validation check.
Pros:
- Oscar’s easy-to-use interface does not force you down one path and it is not a black box; if you need to make a change you can and you can audit and track any changes made to your data.
- Oscar does not work from templates, it is trained to recognise the tables within the document.
- Oscar is Software-as-a-Service (SaaS) with a generous free trial and simple sign-up.
- ISO27001:2022 certified, AWS certified architecture and design
Cons:
- Outputs other than Excel are bespoke features that must be added by the development team.
Pricing:
- Starter Tier: Import 25 pages for free.
- Business Tier: 500 pages per month, £49.99.
- Enterprise: Bespoke pricing.
Bank Statement Converter
Bank Statement Converter is a simple web-based tool that programmatically extracts data from digital PDF documents.
Features:
- Credit-based pricing.
- API access.
Pros:
- Quick sign-up.
- Simple interface.
- Cheap.
Cons:
- No data validation.
- Question mark over security, no certifications such as ISO27001.
- Sketchy OCR support for scanned documents.
Docsumo
Docsumo provides a robust IDP solution designed to handle various document types, including bank statements, invoices, and receipts.
Features:
- AI-powered data extraction.
- Validation and error detection.
- Multi-format output options.
Pros:
- High accuracy in data extraction.
- Customizable workflows.
- Good support and documentation.
Cons:
- Higher cost for advanced features.
- Requires initial setup and training for best results.
Pricing:
- Free tier available for limited use.
- Standard plans starting at $50/month.
- Enterprise solutions with custom pricing.
DocuClipper
DocuClipper offers an easy-to-use tool focused on converting PDFs to Excel with high accuracy.
Features:
- Automatic data extraction.
- Cloud-based processing.
- Template-free design.
Pros:
- User-friendly interface.
- Accurate data extraction.
- Supports batch processing.
Cons:
- Limited customization options.
- No API access.
Pricing:
- Free trial available.
- Paid plans starting at $29/month.
Prism 339
Prism 339 is an advanced IDP solution that integrates seamlessly with existing workflows to provide accurate data extraction and validation.
Features:
- Advanced OCR technology.
- Seamless integration with existing tools.
- Real-time data validation.
Pros:
- High accuracy and speed.
- Flexible integration options.
- Excellent customer support.
Cons:
- Higher price point.
- Steeper learning curve for new users.
Pricing:
- Custom pricing based on requirements.
If you want to find out more about how Oscar IDP can transform your ability to rapidly and accurately, please get in touch via the Contact Us page.
Oscar can also be purchased on the AWS Marketplace.
