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.