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Bank Statement Transcription

Many banks prefer the traditional way of issuing bank statements. Paper statements are less risky and more convenient to track – at least for them. It is also easier to keep working with the same integrated processes within a bank rather than implement new procedures that leverage digital options. Many financial companies are also accustomed to receiving and working with paper bank statements. After all, the industry has remained relatively the same when considering transaction reporting and statement review.

However, this reliance on paper bank statements leaves financial companies that deal with thousands upon thousands of bank transactions with the burden of finding a way to more efficiently record and account for every detail. Transactions need to be audited, accounted, and ascribed accurately to maintain accurate budgets and monitor for fraud.

While bank statements are sent out in hard copy, most financial institutions run their accounting through digital systems that require manual input of statement findings. Accuracy in transcribing and processing bank statements is crucial for keeping tabs on a company’s finances. Incorrect entry can result in a cascade of inaccurate reporting or waste hours of work trying to sort out where things went wrong. To get transcription right, companies need detail-oriented, focused staff that are equipped for time consuming and repetitive processes. Unfortunately, they often reallocate inappropriate resources who are not specialized in the task or are taken away from their core duties.

Assivo augments client bank statement transcription efforts with outsourced teams that reliably and quickly enter data that can be trusted.

Using the latest automation tools like OCR, we will quickly scan paper and PDF bank statements to extract key information. We can append existing client systems or work with clients to develop workflows that input data as needed for reliable reporting. Our on-demand and highly scalable workforce supplies manual support to ensure all relevant data is precise down to the last zero.

The result?

Clients leverage and monitor bank statement data without onerous and costly task of inputting the data themselves, leading to the right people dedicated to the right projects.

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