How to Reconcile a PDF Bank Statement with AI

Step by step

1. 1

   The Challenge of PDF Bank Statements

   Financial institutions commonly issue bank statements in PDF format. While convenient for viewing, these documents are unstructured, making manual data entry into spreadsheets or ERP systems a labor-intensive and error-prone task. The cost of manually converting PDF data to a usable format for reconciliation can be significant, consuming valuable time and resources.

2. 2

   AI-Powered Data Extraction from PDFs

   The Eye leverages advanced Artificial Intelligence to read and interpret digital PDF bank statements. Our AI technology intelligently identifies and extracts key transaction data, such as dates, descriptions, amounts, and transaction types, converting the unstructured PDF content into a structured, tabular format. This process eliminates the need for manual data entry, significantly accelerating the preparation phase for reconciliation.

3. 3

   Seamless Reconciliation with The Eye's Reconciliations Module

   Once the PDF data is extracted, structured, and validated, The Eye's Reconciliations module takes over. It automatically matches the bank statement movements against your ERP system's ledger entries. This integration streamlines the entire reconciliation process, identifying discrepancies quickly and providing a clear audit trail. This transforms the cumbersome PDF reconciliation into an efficient, automated workflow.