The team behind accounts payable cloud app Invitbox has developed a service for extracting data from PDF bank statements to import into accounting programs.
BankFeedMe automatically extracted data from bank statements and imported all bank account and credit card transactions. The software wasn’t intended to replace bank feeds but allowed an accountant or bookkeeper to download a client’s bank statements where a client isn’t happy to hand over bank login details.
Statements could be downloaded from the bank’s website and uploaded to BankFeedMe for export. “If you can download a PDF bank statement, BankFeedMe will give you that data with 100 percent accuracy, and in real time,” said Roger Gregg, CEO of Invitco.
The software went a different direction to Yodlee or direct feeds with online accounting software, Gregg said.
“BankFeedMe goes one step further than bank feeds by providing you with historical banking data, as well as current data,” he added.
BankFeedMe was ideal for markets where bank feeds were not available, where a business owner was reluctant to hand over log-in details to bank feed services such as Yodlee (used by Xero, Reckon, Saasu and other accounting software programs).
Some banks were unable to extract transactions beyond 120 days.
“BankFeedMe will provide accountants and bookkeepers with another tool to help them say “Game Over for data entry,” said Gregg.
Cost plans were still in development stages but Invitco aimed for it to be affordable for small businesses.