As tax season gets busier, the one thing accountants and bookkeepers depend on the most is automation tools to make their jobs easier. Perhaps more than any other form of admin, extracting bank statement data takes a toll on you and your business.
This is why companies everywhere are focused on eliminating their processes of labor-intensive tasks, and automation is a very effective way of doing this. Here are three reasons why you should be automating your bank statements.
3 Reasons Why You Should Automate Your Bank Statements
1 - Digitizing Your Business is Inevitable
More and more firms and small businesses are becoming comfortable with collaborating and working online. Automating bank statements allows for remote working because it’s paperless and cloud based. All of this allows for a more productive business.
2 - Automation saves time and money
Your time as an accountant is valuable. Whether it is hours of labor paid for or time that could be spent on focused on profit-generating activities. Naturally, when you’re a bookkeeper or an accountant, you prefer the stressful and time-consuming work to be spent elsewhere.
3 - Consolidate your Information in a single source of truth
One of the ways in which automating bank statements can save enormous amounts of time is in the consolidation of data in one single source of truth. This way you can automatically have receipts, invoices, and bank statements all loaded into your accounting software.
What Bank Statement Automation Can Do for You
It’s clear that if you want to grow your bookkeeping services, you can no longer justify the time spent on data entry and doing multiple checks ensuring data accuracy. Automation is key in order to expand your business while staying profitable.
This is where automation software provides an advantage to your firm that manual entry cannot. Often times it is as easy to use as using your phone’s camera but provides solutions that will save you hours of manual data processing.
Cutting Down on Human Error
Bank statement extraction gives you the reassurance that you’ll remain tax compliant while removing the need for a physical paper trail altogether. All data is extracted and verified during processing with 99%+ accuracy of documents needing no further verification.
No More Manual Entry
Automation software manually matches receipts to bank statements, helping users reduce the number of man-hours typically used when tracking down missing documents. Instead of manually copying each line of your bank statements, use Bank Extraction to automatically extract the transactions and then download the information into a useful spreadsheet or CSV format.
Automatic Fetching
Bank Fetch automatically pulls your statements from your online banking platform straight into your software. All you need to do is provide your credentials and our secure connection will do the rest.
Win Back Hours in Your WeekThousands of accountants and bookkeepers around the world are discovering that Dext can save them many hours per week by automating accounting and admin tasks, like bank statement extraction. If you’d like to know more, book a trial with our product consultants and win back hours in your week.
