Bank Statement Digitization

Client: Private equity firm looking to acquire entity

The client engaged Sapling to convert a set of hundreds of scanned PDF bank statements pertaining to 4 accounts of the Target company into usable Excel files, to support reconciliation of the Target’s customer payments against the Target’s billing system.

3 Key Insights:

We used optical character recognition (OCR) to convert the pdf files into text files. We fixed common OCR conversion problems due to the low resolution of the source pdf files (e.g., “8” being recognized as “6”), using programming.

 

We scrubbed the data to eliminate “junk” information contained in the statements (e.g., file headers, extraneous transaction comments, etc.), which were not relevant in the data analytics process, and tagged specific transaction types.

 

We ran extensive quality control tests to ensure the integrity of the financial records, such as checking
(1) the consistency of Checking Summaries, (2) the ending balance consistency of each statement, and (3) ensuring that the opening balance + transactions = daily ending balance.

Digitization Process

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