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Spondoo Accounting

How e-pdfs are better for data automation in bookkeeping - when using AutoEntry and Zoho AutoScan

May 27, 2021

Streamlining bookkeeping processes through automation can save you time, money and help you produce a better overall customer experience. With the development of technology, businesses can improve their efficiency and increase bandwidth – by automating bookkeeping by using applications that automate tedious data entry tasks. These applications enable users to collect information (from photos, receipts, and PDFs), share that information and easily integrate with existing backend systems. 

Compared to scanned paper statements, ePDF Bank and credit card statements are easier for a computer to extract and process – giving you faster, more accurate processing of your bank statements data.  

What is an ePDF? 

An ePDF (also known as “true” PDF) is substantially a PDF file consisting of text and images in its original, electronic form originating straight from an electronic source. e-PDFs are digitally created using software (like Microsoft Word, Excel) or via the “print” function within a software application (virtual printer). In that case, if you download statements from your online banking portal or receive them via email directly from the bank, they qualify as ePDFs 

Determining if a particular file is an ePDF is not always obvious. However, you can try the general check by opening the file. If you can: highlight, search for text (Ctrl+F), edit or delete text like how you would do that in other editable formats such as Microsoft Word, then it should be an ePDF.  

Benefits of using e-PDFs in bookkeeping 

Bookkeeping becomes trouble-free when using ePDFs because: 

  • Speed: ePDF data is read from the code embedded within the file, removing the requirement for OCR and verification as the data extracted is direct from the code embedded in the ePDF. In that case, processing times are faster for supporting documents – especially if you’re working with a multiple-page file. 
  • Accuracy: Processing ePDFs directly from the source reduces the chance of error and eliminates any spelling mistakes in the line-item description. 
  • Convenience: Data entry using ePDFs is less labour intensive since uploading electronic documents don’t need to be scanned or photographed. 

How to get an ePDF statement from your bank?  

To get an ePDF statement, navigate to the online banking portal of your bank or card provider. If your bank gives you the option to download your bank statements as a PDF, save it locally to your PC. 

However, if it lacks a download option, contact your bank to inquire if the option is available. 

Choosing the right automated bookkeeping platform for your business 

Even though perfect bookkeeping automation differs for everyone, there are some features you must prioritise when selecting the right bookkeeping automation platform for your business. These features include: 

  • Accounts payable/accounts receivable 
  • Revenue recognition 
  • Billing and invoicing 
  • Payroll management 
  • Expense tracking 
  • Collections 
  • Fixed asset management 
  • Cash management 
  • Reporting 
  • Bank reconciliation 

Some of the best accounting and Bookkeeping Software Tools Loved by Small businesses in 2022 include: 

  • Zoho Books 
  • Intuit QuickBooks Online 
  • Xero 
  • Wave 
  • Sage 50cloud 
  • FreshBooks 
  • Kashoo 
  • NetSuite ERP 

Cloud-based solution that automates data entry – Autoentry and Zoho AutoScan  

If you are looking for integration for your accounting system to capture data from your invoices, receipts and bank statements that prevents manual data entry errors, feel free to check out Zoho AutoScan or AutoEntry. They both have new digital extraction capabilities that take information directly from an ePDF without using OCR (optical character recognition). Their smart analysis capabilities help accountants and bookkeepers automatically capture all accounting information into the accounting software. 

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Information provided on the site is merely guidance that may change in line with UK law and regulations. Users must not consider this to be financial advice or their sole resource when making any financial decision. Spondoo is a trading name for Accounting SQL Limited, authorised & license accounting firm under the Institute of Financial Accountants.

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