Manual bank reconciliation is a significant time sink that slows down month-end closes and increases the risk of data entry errors. Learn how AI-powered OCR can transform tedious PDF and paper statements into structured CSV or JSON data, helping accounting teams save up to 33 hours a month while achieving 92% extraction accuracy.
Bank statement processing is one of the most tedious tasks in accounting. Whether you are reconciling transactions in QuickBooks, preparing audit documentation in Xero, or importing statement data into SAP, the workflow usually starts the same way: downloading PDFs from banking portals and manually typing transaction data into spreadsheets or accounting software.
AI-powered OCR can automate this entirely. FormX extracts transaction data from bank statement PDFs and images, outputting structured data ready for import into your accounting platform.
Most banks provide statements as PDFs - either downloaded from online banking portals or received as scanned paper documents. These PDFs contain structured table data (dates, descriptions, amounts, balances), but the data is locked inside the document format.
Without OCR, accounting teams must manually key every transaction. For a business with multiple bank accounts across multiple entities, this becomes a significant time sink during month-end close and audit preparation.
Month-end bottleneck: Bank reconciliation is time-sensitive and manual entry slows the entire close process.
Audit preparation: Auditors need organized transaction data. Manually extracting months of bank statements for audit reviews consumes hours of staff time.
Multi-bank complexity: Businesses with accounts across multiple banks deal with different statement formats, layouts, and currencies.
Error risk: Manual data entry has a typical error rate of 3-5%. A mistyped transaction amount can cascade into reconciliation discrepancies.
Upload PDF statements or scanned images to FormX via the web portal, API, or automated workflows through Zapier and N8N. FormX accepts JPG, PNG, TIFF, GIF images and PDF files.
FormX's AI uses OCR, machine learning, and natural language processing to extract transaction details from bank statements: the account owner's name and address, open and close balances, issue date of the statement, and all transactions.
Export extracted data in CSV (for spreadsheet or accounting software import), JSON (for API integrations), or formatted for your specific accounting platform.
Import the structured data into Xero or your accounting platform. Use Zapier or N8N to automate the entire pipeline from upload to import.
Extract all transactions from monthly bank statements and import them into your accounting software for automated matching against your ledger. What previously took hours of manual typing now takes minutes.
When auditors request bank statements for a specific period, extract all transaction data into structured spreadsheets. This is especially valuable for yearly audits where multiple months of statements need to be organized.
For businesses with accounts across multiple banks, FormX handles different statement formats and layouts. Extract data from all your banks and consolidate into a single format for unified reporting.
Convert archived paper bank statements into searchable, structured data. FormX's pre-processing handles common issues with scanned documents like skew correction and image enhancement.
One customer saved 33 hours every month by automating document processing, with data processing time reduced by up to 80%.
Automation drives a 64% reduction in data processing costs. Staff time shifts from data entry to analysis and exception handling.
AI extraction with proprietary pre-processing and post-processing achieves 92% extraction accuracy. For key fields like dates and amounts on good quality images, accuracy exceeds 90%.
Eliminating manual bank statement processing removes one of the biggest bottlenecks in the monthly close process.
FormX integrates with Xero, allowing you to leverage OCR technology for automatic data extraction from your financial statements directly within your accounting software.
FormX can be easily integrated with different systems or software, including accounting or ERP software, to automate data entry. Export extracted data as JSON via API or CSV for flat-file import into your accounting platform.
Use Zapier or N8N to automatically populate Google Sheets with extracted bank transaction data for review before importing into your accounting platform.
Bank statements come in many layouts - multi-column tables, varying date formats, different currency symbols. FormX's machine learning models are trained to handle this variation.
For paper statements that have been scanned, FormX applies proprietary image pre-processing: skew correction, image enhancement, noise removal, and quality assessment to maximize extraction accuracy.
FormX handles multi-page PDF bank statements, extracting transactions across all pages and maintaining the correct sequence.
Free Trial - $0 for 100 pages. Test on your actual bank statements before committing.
Pay-as-you-go - $0.30 per page with no minimum commitment. Ideal for seasonal audit work.
Starter - $299/month for 3,000 pages. Best for accounting firms with regular statement processing.
Enterprise - Custom pricing with volume discounts. Includes custom SLA, dedicated account manager, and private cloud deployment.
Bank statements contain highly sensitive financial data. FormX is built for this:
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PDF statements (both native text and scanned images), photographed paper statements (JPG, PNG, TIFF, GIF), and multi-page documents.
92% extraction accuracy overall. For dates and amounts on good quality documents, accuracy exceeds 90%. 70%+ field accuracy is typical across all document types.
Yes. FormX's AI adapts to different bank statement formats and layouts without requiring manual template configuration.
FormX exports data in CSV, JSON, and other structured formats compatible with Xero and other accounting platforms. Zapier and N8N integration enables automated workflows.
FormX processes receipts in 4-8 seconds, excluding upload time. Processing speed for other document types may vary.
Yes. Documents are processed in-memory and disposed after extraction. All API calls encrypted with HTTPS. FormX is hosted on GCP and Azure. Enterprise plans offer private cloud deployment.
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