Streamlining bookkeeping processes through automation can save you time, money and help you produce a better overall customer experience. With the development of technology, businesses can improve their efficiency and increase bandwidth - by automating bookkeeping by using applications that automate tedious data entry tasks. These applications enable users to collect information (from photos, receipts, and PDFs), share that information and easily integrate with existing backend systems.
Compared to scanned paper statements, ePDF Bank and credit card statements are easier for a computer to extract and process - giving you faster, more accurate processing of your bank statements data.
An e-PDF (also known as "true" PDF) is substantially a PDF file consisting of text and images in its original, electronic form originating straight from an electronic source. e-PDFs are digitally created using software (like Microsoft Word, Excel) or via the "print" function within a software application (virtual printer). In that case, if you download statements from your online banking portal or receive them via email directly from the bank, they qualify as ePDFs.
Determining if a particular file is an ePDF is not always obvious. However, you can try the general check by opening the file. If you can: highlight, search for text (Ctrl+F), edit or delete text like how you would do that in other editable formats such as Microsoft Word, then it should be an ePDF.
Bookkeeping becomes trouble-free when using ePDFs because:
To get an ePDF statement, navigate to the online banking portal of your bank or card provider. If your bank gives you the option to download your bank statements as a PDF, save it locally to your PC.
However, if it lacks a download option, contact your bank to inquire if the option is available.
Even though perfect bookkeeping automation differs for everyone, there are some features you must prioritise when selecting the right bookkeeping automation platform for your business. These features include:
Some of the best accounting and Bookkeeping Software Tools Loved by Small businesses in 2022 include:
If you are looking for integration for your accounting system to capture data from your invoices, receipts and bank statements that prevents manual data entry errors, feel free to check out Zoho AutoScan or AutoEntry. They both have new digital extraction capabilities that take information directly from an ePDF without using OCR (optical character recognition). Their smart analysis capabilities help accountants and bookkeepers automatically capture all accounting information into the accounting software.
