With the adoption of bank statement extraction software, businesses no longer have to manually extract data from bank statements. Technologies like OCR, AI, and even intelligent document processing have all become vital parts for organizations to extract information from various documents including bank statements without manual data entry.
In this blog, you will get acquainted with the very definition of bank statement extraction software and will get to discover its most important features and benefits. We’ll also present you the top 7 best bank statement extraction software list, making your decision-making process easier. Let’s begin!
Top 7 Bank Statement Software
To save you some time, we have listed down the top 7 best bank statement extraction software, so you can have a clear overview of the options at hand.
Klippa DocHorizon
Klippa DocHorizon is a software solution, which makes use of machine learning technologies and an AI-powered OCR to automate bank statement processing.
The solution offers a drag-and-drop platform, making it easy for businesses to set up their own bank statement extraction workflow: from defining which data fields need to be extracted to integrating it with cloud storage, such as Google Drive.
Pros
- Extract data from bank statements with a 99% accuracy with our AI-powered OCR
- Customize any workflows with drag and drop interface
- Classify, verify, anonymize, and detect bank statement fraud – all within one solution
- Integrate with more than 75+ business applications, such as Google Drive, OneDrive, Xero, Salesforce and many more
- Process over 100+ of other document types in 150+ languages
- Employ human-in-the-loop for 100% accuracy
- Convert PDF into Excel, CSV, XML, XLSX, JSON, and many more
- Sync and access data in real time
Cons
- Requires basic technical understanding of APIs and Webhooks
- No possibility to generate documents
- No built-in e-signature tool
Pricing
- €25 free credit to try out the platform
- License or usage-based pricing model
- Contact the team for pricing details
Ideal business type and size: Klippa DocHorizon is best suited for medium to large enterprises.
Docsumo
Docsumo is an AI-based OCR software provider that has a 95% accuracy in data capture from documents, such as bank statements. It automatically classifies document types, based on their content and layout.
Pros
- Conversion of unstructured or semi-structured bank statements into machine-readable data
- Specializes in automating workflows for financial documents, such as bank statements
- Able to convert a bank statement PDF into Excel, CSV or JSON
- Offers real-time validation of extracted data
- Integrates with platforms such as Google Docs, Salesforce, Zapier, and Dropbox
Cons
- Lacks a low-code or no-code workflow builder
- No functionality for real-time collaboration between team members on workflows or documents
- Limited modularity for building workflows with specific features (e.g., approval flows, multi-step document routing)
Pricing:
- Free: Process 100 pages per month
- Growth: Process 1,000 pages per month, $299/mo
- Enterprise: Custom plan, contact Docsumo for more information and up-to-date pricing
Ideal business type and size: Docsumo is best suited for small to medium-sized businesses.
DocuClipper
DocuClipper is a web-based application that extracts information from bank statements, mostly in a PDf format. Its OCR has an accuracy level of up to 95% and captures data within seconds.
Pros
- Automatically converts scanned and PDF bank statements into Excel or CSV
- Provides bank statement reconciliation
- Integrates with QuickBooks, Xero, or Sage for data import
- Automatically detects multiple accounts in a single statement
- Provides features such as file inventory, transaction categorization, transfer detection, and flow of funds
Cons
- Limited in features for workflow customization for end-to-end automation
- Based on user reviews, the low-processing plans may feel too costly for small businesses, given the limited number of documents included compared to the cost (G2)
- Based on user reviews, the platform experiences occasional data inaccuracy and OCR issues (G2)
Pricing
- Starter: 200 pages/month for $39/month
- Professional: 500 pages/month for $74/month
- Business: 2,000 pages/month for $159/month
- Enterprise: Custom plan, contact DocuClipper for more information and up-to-date pricing
Ideal business type and size: DocuClipper is best suited for small to medium-sized businesses.
Nanonets
Nanonets is a machine-learning platform that allows businesses to build custom deep learning models with little to no code required. It is used for data extraction, object detection and image classification.
Pros
- Extracts data from structured and unstructured bank statements
- Converts PDF bank statements to Excel or CSV
- Offers pre-trained templates specifically for bank statements
- Includes tools for validating extracted data
- Allows to set custom parsing rules for specific document types, including bank statements
Cons
- Limited workflow customization, with pre-defined automations more suited to simpler tasks
- Based on customer reviews, the software offers limited choice of affordable tier for plans (TechRadar)
Pricing
- Starter: First 500 pages free, then $0.3/page
- Pro: Custom plan
- Enterprise: Custom plan, contact Nanonets for more information and up-to-date pricing
Ideal business type and size: Nanonets is best suited for medium to large enterprises.
DocParser
DocParser is a cloud-based document parsing API that helps extract data from bank statements. It allows for workflow automation and can process documents in bulk.
Pros
- Extracts relevant data by creating parsing rules for each layout
- Submission of bank statements via email, drag and drop or cloud storage upload
- Converts PDF bank statements to Excel, CSV, JSON, and XML formats
- Custom set data points and line items for extraction
- Direct integrations with Excel, Google Drive, Dropbox, Salesforce, and OneDrive
Cons
- Does not provide direct integration with accounting software like Quickbooks and Xero
- Many users report that the sorting function within the platform makes it challenging, or sometimes even impossible, to search through stored documents (Capterra)
- Based on user reviews, the learning curve for the platform could be difficult for non-tech savvy users (G2)
Pricing
- Starter: 100 parsing credits for $39/month
- Professional: 250 parsing credits for $74/month
- Business: 1,000 parsing credits for $159/month
- Enterprise: Custom plan, contact DocParser for more information and up-to-date pricing
Ideal business type and size: DocParser is best suited for small to medium-sized businesses.
ProperSoft
ProperSoft is a software designed to extract and convert information from bank statements. The output can be easily imported into existing accounting or personal finance applications.
Pros
- Extracts data from PDF bank and credit card statements
- Converts bank statements from PDF, Excel, or scanned images into financial formats like CSV, QBO, OFX, QFX, or IIF
- Allows basic categorization of transactions into expense or income groups
- Provides tools for mapping extracted fields to specific software requirements
- Users can manually review and edit transaction data before exporting
Cons
- Lack of advanced features, such as AI-powered OCR, compliance tools, or workflow automation
- No automated categorization based on transaction history or predefined rules
- Not scalable for larger organizations processing high volumes of bank statements
- No direct integration with ERP systems, CRMs, or advanced accounting platforms
Pricing
- Team Complete Monthly: For 3 users/devices for $49.98 /month
- Annual Team: For 3 users/devices for $299.97 /year
- Complete Enterprise: Custom plan, contact ProperSoft for up-to-date pricing and information on individual plans
Ideal business type and size: ProperSoft is best suited for individuals, freelancers and small businesses.
CaptureFast
CaptureFast is a data extraction software that captures and converts data from bank statements. It supports various file formats and can be integrated with various accounting and financial applications.
Pros
- Utilizes OCR to extract data from digital and scanned bank statements
- Processes a variety of document formats, including PDFs, scanned images, and photos of bank statements
- Allows line item, table and handwriting recognition
- Offers templates specifically designed for bank statements
- Integrates with accounting software and file storage solutions, such as QuickBooks, Google Drive, and Dropbox
Cons
- Allows minimal workflow customization, may not be suitable for companies with intricate document processing requirements
- Lacks integration options with enterprise-level ERPs or CRMs
- Based on user reviews, the software lacks features for compliance tracking, audit trails, or adherence to specific financial regulations (Capterra)
Pricing
- Forever Free: 100 pages/month
- Basic: 1,000 pages for $85/month
- Professional: 10,000 pages for $360/month
- Business: 30,000 pages for $950/month
- Custom: Custom plan
- Enterprise: Custom plan, contact CaptureFast for more information and up-to-date pricing
Ideal business type and size: CaptureFast is best suited for small to medium-sized businesses.
What is a Bank Statement Extraction Software?
A bank statement extraction software automates data extraction from bank statements with OCR. It is used to capture important data fields, such as vendor name, IBAN, or final balance, helping businesses automate data entry of bank statements.
Bank statement scanning software doesn’t just extract information from these files. This automated solution brings organizations a number of benefits that completely transform document processing for banks, financial institutions, creditors, as well as governmental institutions.
Benefits of Automated Bank Statement Extraction
Whether it is used in banks, public financial institutions or the financial department of businesses, automated bank statement extraction helps:
- Increase productivity: Automation helps reduce repetitive tasks from your employees, freeing up both their agenda, but also yours, making it possible to focus on more strategic tasks.
- Improve data quality: Bank statement OCR ensures the captured data is accurate and does not present human errors, which could affect the credibility of your ledgers, and therefore, your business.
- Accelerate processing times: Manual data entry is eliminated, which means your organization can process bank statements faster and improve the turnaround time.
- Save costs: Employing a bank statement extraction software means lower operational costs, as well as costs associated with repairing human errors or detecting document fraud. By getting rid of inaccuracies in financial reporting, your company can save important amounts of money.
- Improve customer satisfaction: Regardless of your business sector, automation helps carry out business processes faster, delivers better results in record time, and improves the relationship between you and your customers.
These advantages help your business achieve its true potential, by minimizing costs and errors and maximizing efficiency and quality. To ensure that your business makes use of the best bank statement software, it’s a must to first thoroughly scan the market for available solutions.
Selecting the Best Bank Statement Extraction Software
Before committing to one specific software choice, it is advised to keep in mind certain features that enhance the bank statement extraction process:
- Data extraction accuracy: The software should provide high accuracy in capturing information, to minimize errors and ensure your business is processing accurate and reliable financial data.
- Processing speed: Look for solutions that can process bank statements quickly, enabling faster access to valuable financial information.
- User-friendliness: The software should be easy to use, even for non-technical employees. This ensures a smooth and seamless integration within your business’s existing applications.
- Data privacy and security: Given the sensitive nature of financial information, it is crucial that the software you choose doesn’t process the data further than allowed. Make sure it is compliant with data privacy and security regulations, such as GDPR or ISO and that the information is not stored in the provider’s servers.
- Automatic document recognition: Increased efficiency of business processes can only happen if the solution can automatically recognize the document type in question. If the OCR is template-based, chances are the document classification process might have some bottlenecks.
- Good customer service and onboarding support: During the initial setup, but not only, it is important that you have good customer service to rely on, in case any obstacles might occur. The onboarding team should be able to assist you with any inquiries you might have in implementing the software.
- Available documentation: Documentation is an important feature that many providers seem to forget about; whether it is the first time you’re now employing the solution or are integrating it within an existing application, extensive documentation is the unsung hero.
Your business should not compromise, especially when it comes to document processing efficiency. Thus, a well-performing bank statement extraction software, such as Klippa, is able to fulfill all your needs and offer quality in data capture and bank statement processing.
Implement Bank Statement Extraction Software with Klippa
Klippa DocHorizon allows you to accurately extract information from bank statements, so you have complete control over the data extraction flow. With our platform you can easily:
- Select the bank statements you wish to process
- Indicate whether you wish to extract specific line items or data from the whole document
- Get accurate data within seconds with our AI-powered OCR
- Review the captured information
- Download it in your preferred format or export it within existing applications, be it email or ERP system
Powered by AI technologies, our platform offers you various modules you can mix and match, based on your specific use case:
- Shorten document processing times with data entry automation
- Send data to existing applications with seamless document conversion
- Certify the authenticity of documents with document verification
- Stay compliant with personal data protection requirements with smart data anonymization
- Ensure accurate document verification processes with document fraud detection
- Streamline the digital archive of your business with document classification and sorting
Contact our experts to get more insight into our bank statement extraction software, or book a free demo down below and see our solution in action!
FAQ
You can extract data from a bank statement using specialized software or OCR tools. These tools allow you to upload statements in formats like PDF or images and automatically extract key data fields such as account numbers, balances, and transactions.
Automating data extraction involves using intelligent document processing software powered by OCR and AI. These tools can process bank statements, extract required data fields, and integrate with existing systems for seamless workflows, saving time and reducing errors.
Several apps can extract bank statements, including Docsumo, Nanonets, DocParser, and Klippa DocHorizon. These solutions offer features like OCR-powered data extraction, integration with business tools, and export options to formats like Excel or JSON.