The average likelihood of a human creating an input error is 21%. ScanWriter reduces it to 0%, which means 100% accuracy.
Converting thousands of credit card statements manually to investigate fraud can be error-prone, cumbersome, and potentially damaging to resources.
In order to eliminate this problem, there are many ways to convert credit card statements from PDF files to Excel sheets using online cloud-based or open-source options. But how safe are they? Do they allow for conversions of files in all sizes? Do they enable bulk processing? Will the data you upload remain confidential? What about the conversion accuracy? Does it offer data reconciliation?
Hiring bookkeepers to handle such tasks is also a common practice. However, this can add to the cost; and because bookkeepers are human, after all, there’s always the potential for human error.
A fast, accurate, and secure software solution that parses documents and financial records of all kinds would be your best option. And we’ve got you covered with software that reduces turnaround time, streamlines investigative efforts, and allows rich data insights.
But first, let’s look at traditional conversion methods and then explore how technology automation is a drastic improvement over these.
Traditional Conversion Methods
Here are two common ways to convert PDF credit card statements into Microsoft Excel spreadsheets;
#1 – Hire a Bookkeeper
#2 – Use Online PDF to Excel Conversion Tools
#1 – Hire a Bookkeeper
Part-time or full-time bookkeepers, or bookkeeping clerks, can be brought in to record and convert data from one format to another.
This process can work, although it’s cumbersome, prone to human error, and probably not the most resource-effective solution.
Additionally, outsourcing the work to a third party increases the likelihood of compromising security and putting the data’s accuracy and integrity at risk.
#2 – Use Online PDF to Excel Conversion Tools
There are many online PDF to Excel converters that can do a good job of extracting data. However, these come with their own set of challenges.
Most of these services can handle only specific sizes. Additionally, many don’t allow batch or bulk uploads.
And, of course, there are potential privacy breaches and data security issues with all of these.
A solution tailored to your specific fraud investigation needs is making its way to you. Keep reading!
ScanWriter | The Superhero Data Entry Automation and Data Visualization Tool
ScanWriter, a financial fraud investigation software, is designed to parse financial statements (even credit card statements) in bulk and convert the data into Excel spreadsheets at high speed and with 100% accuracy.
ScanWriter also integrates easily with different accounting solutions like Microsoft Power BI, which empowers your team members with visual analytics to help them discover and share meaningful insights hidden in your data.
ScanWriter is home-grown software trusted by many district attorneys, forensic accountants, and fraud investigators in the public sector across the USA.
The user interface makes it easy for financial fraud investigators to automate their document workflow and manual filing processes and provides analytic summaries within minutes.
But should you need an expert at any time, a dedicated customer support staff is available 24/7 to ensure that all your needs and questions are addressed.
How to Convert Credit Card Statements to Excel Sheets Using ScanWriter | A Step-By-Step Guide
ScanWriter converts credit card statements into Excel sheets in four simple steps:
Step #1 – Data Preparation
Step #2 – Data Preview
Step #3 – Data Export to Excel
Step #4 – Data Visualization
Step #1 – Data Preparation
As the first step, select your project file to organize your cases. Proceed to create the folder structure on your desktop or your agency’s file network. ScanWriter will create the project folder to help you organize your files. You can also organize your documents by type, specific account, etc.
(P.S.: ScanWriter allows bulk uploads, too. So no more uploading and extracting one file at a time!)
The next step involves choosing a reader based on the bank/institution whose documents ScanWriter will be processing. The intelligent reader automation will select the appropriate reader based on your documents’ bank/institution.
The next step is to tell ScanWriter the type of document you’re uploading (credit card statements, bank statements, etc.), and then sit back and watch the magic.
It takes 1-5 seconds for ScanWriter to read a page. So, it can read a year’s worth of data in about the time it takes to grab a cup of coffee. And if it’s five years’ worth, the time it takes you at lunch.
Note that this is a CPU-intensive task, and processing speed will vary depending on your CPU speed.
Step #2 – Data Preview
Once ScanWriter has parsed the data and made it available, the screen splits to show you the original document on your left and the data on the right.
Now, you can run a quick check to ensure the data is accurate and complete. To do this, you can click on any cell of ScanWriter’s output, which will take you to the corresponding spot in the original document.
You could also use the tools – Compare Data and Check Balance – available on ScanWriter to cross-check data in bulk.
Step #3 – Data Export to Excel
Once the data has been checked and verified, you can export it to an Excel sheet. ScanWriter allows you to choose how much data to export into an Excel sheet.
You can also trace the data on the Excel sheet back to the original document. If there’s a transaction you need to track down, you can right-click the relevant cell on the sheet to link back to the entry in the original document.
Step #4 – Data Visualization
ScanWriter integrates with a data visualization tool – Microsoft Power BI – to help turn data into a rich interactive report with visual analytics that can help you quickly find meaningful insights within your data.
Included in this feature are pre-created models, such as the ‘Flow of Funds’ model, which graphically illustrates where money is coming from, where it’s going, and who was involved.
Models such as this one help the fraud investigator scrutinize the movement of funds in various cyber crimes, elder abuse cases, and more.
Power BI visualizations turn your data into coherent, visually immersive, and interactive insights that can be used to eloquently and persuasively support a case or share data with someone who may not be well-versed in making sense of voluminous data.
That’s how simple it is to convert credit card statements into Excel sheets (and visuals) on ScanWriter!
But simplicity is not all that ScanWriter offers.
ScanWriter Leads the Pack in Financial Fraud Investigation Software
Here are some of the features that make ScanWriter the leader in financial fraud investigation software.
Financial Institution Support
ScanWriter allows agencies to parse document data from 15,000+ large and small financial institutions (including credit unions) directly to ScanWriter, where it is sorted, fed into spreadsheets, analyzed, and visualized.
And if you should happen to have a bank that’s not on the list, you can request a document format. Within 24-48 hours, we’ll add it, and a reader will be available to read the document.
Processes Any Document
ScanWriter can process numerous documents, including bank statements, credit card statements, wire transfers, handwritten or printed check images, timesheets, payrolls, telephone records, accounting system reports, general ledgers, and more.
Handwriting Recognition
ScanWriter can extract data from handwritten checks. If you can read it, so can ScanWriter.
Simply upload the check images that need to be analyzed, and ScanWriter will populate the spreadsheet for you. ScanWriter creates separate columns from the check’s data and allows reconciliation against the original check image with the click of a button.
Reconciles Data
ScanWriter can enter more than 100 transactions in seconds. Scan the credit card statements, and ScanWriter does the rest. Its advanced technology reconciles all the work, ensures accuracy, and flags errors (if there is any entry mismatch).
100% Accuracy
ScanWriter allows you to automate data conversion, reconciliation, and analysis, thereby reducing the incidence of human error.
Since ScanWriter acquires the data directly from the source, it reduces the risk of data manipulation. And automation allows possible mistakes to be flagged concurrently.
Data Visualization
Financial data visualizations help fraud investigators follow the money trail quickly. Using the in-built visualization models, ScanWriter equips users to:
- Follow the movement of assets
- Dynamically showcase the volume of funds exchanged between entities
- Earmark unidentified parties for deeper probes
Moreover, ScanWriter allows investigators to filter the data using specific rules or set threshold amounts. Investigators can take advantage of ScanWriter’s ability to mark every transaction with a unique name and number.
Not only does the simplicity of visualization help the investigator understand the fraud better, but it also aids when prosecuting before a judge who may or may not have any experience in fraud investigation.
Data Privacy
ScanWriter is available as a desktop application. It saves files locally, so you never have to worry about compromising the integrity of your financial records.
ScanWriter is perfect for high-security environments. You’re in control of your files, and only you can share access to them.
Language Support
ScanWriter supports 21 languages, including French, Spanish, Italian, Mandarin, Cantonese, Japanese, Arabic, and more.
Comparing Options
Let’s look at the options available to convert those credit card statements to Excel sheets and compare what they offer:
| Parameter | Manual Conversion | Online PDF to Excel Converters | Conversion Using ScanWriter |
| Time Taken | Long hours | Shorter than manual conversions but still long | Just a few seconds per document, thanks to bulk uploads and intelligent automation |
| Audit Trail | Humongous effort to parse statements, remember to link different points and find granular insights | Brings you back to the beginning. After statements have been converted to Excel sheets, you need to comb through and analyze all the data manually | It’s automatic! Additionally, data origin can be accessed in one click |
| Accuracy | Low to medium | Medium to high | 100% |
| Privacy | If bookkeepers engaged are part-time employees, little to no control can be exercised over the data | High privacy risk | Respects the privacy of sensitive data |
| Security | Data and information can be lost, obfuscated, or tampered with | Security risk since data upload is not secure | Data is either on secure servers or within the company network |
| Financial Institution Support | Bookkeepers can understand the nomenclatures of different institutions but risk committing clerical errors | Online converters may not be able to capture data from unfamiliar bank statements like the ones from credit unions or small banks | Linked to over 40,000 institutions, including 15,000+ banks |
| Language Support | Depends on the person hired | Most converters have limited language support | Supports 21 languages |
| Cost | Can be high since the job is laborious and time intensive | Tools are available for free or subscription fee, but a lack of privacy and security can represent a significant hidden cost | USD $5,495 for a lifetime license |
Key Takeaways
Fast, secure, and accurate, ScanWriter allows fraud investigators to automate the laborious and time-consuming tasks of converting credit card statements (and other data)) into Excel spreadsheets and rich visual analytics.
In summary:
- It’s time for the old to make way for the new – eliminate human error with the right tools. ScanWriter offers 100% accuracy
- Using free tools comes with its limitations. Don’t let the limits of free tools take a toll on your resources and results.
- Hiring a bookkeeper is a resource-heavy proposition. Instead, find better ways to make your resources work for you.
- ScanWriter takes 1-5 seconds to process the data on a single page — a speed ratio that becomes more significant with greater conversion volumes.
- ScanWriter can convert data into visuals for easier understanding and sharing of meaningful insights
ScanWriter allows federal agencies and fraud investigators to automate administrative tasks, focus on investigative efforts, and reveal the complex structures of criminal organizations. With many robust features and dedicated customer support, the choice isn’t difficult to make.
Interested in giving ScanWriter a try? Get in touch with us for a demo today.