Bank statements are documents providing detailed and official information concerning transactions. These must be recorded accurately for different purposes concerning the verification, mortgage, finances, and loans. The information from the bank statements can be extracted manually or automatically. The former method is highly prone to error and remains slow-paced.
Automated bank statement software has progressed and is available with the latest technology to ease the process. Generally used by different banks, the choice should never be random. A mindful approach concerning features and requirements increases efficiency and fulfills specific needs.
What Features Should You Look For In A Bank Statement Software?
Find below the features to consider while looking for bank statement software.
- User accessibility
Technology has taken over the world, yet people are unfamiliar with it. Some employees face difficulty in understanding new things, especially concerning technology. Also, software with a difficult or unfriendly user interface will take time for anyone to understand its features and functionality. Thus, confirm the user-friendliness of the software before making a decision.
- Coordination
The bank statement software should provide connectivity with stakeholders, clients, vendors, banks, and suppliers. It helps in providing a prompt solution to queries and remaining updated. The feature should be associated with a proper window for sharing relevant information without compromising account holders’ personal information.
- Classification
Bank statements can be received with information concerning checks, fixed deposits, different savings accounts, loans, mortgages, credits, debits, reimbursements, and numerous other types. They need to be categorized and organized for storage. Their use varies in different aspects like research, analysis, and setting goals and objectives. A bank statement must be capable of classifying the bank statement irrespective of its type.
- Integrative features
Bank statement extraction software decreases the load of humans in dealing with a huge amount of information. Accounting systems deal with finances through inventory management, loans, invoicing, accounts and billing. Transferring information from different departments is tedious and prone to issues. Thus, the integration of departments is a necessary feature.
- Accuracy
Manual bank statement extraction is prone to errors and negligence owing to the high quantity of data. Based on this, the extracted information from the bank statements must be the same. The chances of error should be the least to avoid further processing issues.
- Error identification
Besides extracting the information from software, it should also be capable of identifying errors. It should hold programming to recognize misinterpretations or entries of impractical values and statements. The presence of features like automatic calculation will benefit the banks.
- Speed
Banks receive thousands of statements each day to be analyzed. The prior need for automation is the incapability of humans to do it within a limited period. Therefore, bank statement software should be capable of analyzing the data in as less time as possible to not create backlogs.
- Security
It is one of the priority features to be analyzed in bank statement extraction software. To ensure maximum security, the software purchase should be from a reliable vendor with no fraud or scam history. The software should hold multiple settings on accessibility. With easing the sharing of information, the limit on each individual operating the software should be properly posed. It is significant to avoid misplacing or wrong use of financial information by any individual.
- Flexibility
Bank statements are not limited to single file format. Rather they can be available in images, documents, pdf, or any other file format. Software must be able to interpret any file format to extract information.
Conclusion
To deal with the load faced during bank statement extraction process, the software must possess special features and provide benefits to the bank. Besides obvious speed and accuracy characteristics, several other features commonly looked for in bank statement software are enlisted above for better consideration and decision-making.