Bank Statement Analyzer is a systematic tool that helps in the evaluation of the financial statement or bank statement. Let's understand how effective this tool is in this article.
Basically, a Bank Statement is a detailed data of the financial transactions on a monthly basis. It reflects multiple aspects about the financial status that includes remaining balance, deposits, withdrawals, penalties, etc. By doing the analysis of this statement helps in understanding the financial story of an account holder.
This is where the Bank statement analyzer tool comes in. With the helps of this digitized tool, the accuracy improves, manual work minimizes and most importantly it is a time-saving tool.
How does a Bank Statement Analyzer work?
ScoreMe, is one of the prominent fintech software companies that offer a Bank Statement Analyzer Tool, developed and monitored by the team of experts. This tool was compiled with the support of different domains with an objective to offer precise solutions. For instance, if a person or entity applies for a loan in any bank, then they are examined to check their credit worthiness. This is the case, where the bank statement analyser is a reliable tool, which gives detailed information about the financial status of the borrower.
Features of Bank Statement Analyzer Tool:
With a Bank statement analyzer the time taking process gets simplified for both the parties involved. As there are a variety of document formats for statements required, therefore, to make the process smooth, accurate and timely, configuring a bank statement analysis software is a smart decision to make. The following are the key features of this bank statement analyzer tool:
1. Adaption ability
Though each bank follows a unique format for printing statements, a good bank statement analyzer can help in reading that complex unstructured data, and can organize it. Adoption of a bank statement software tool is quite significant in today’s time. As it can generate the information in a more presentable format. Also, they are programmed to create some impressive layouts and styles in sculpting a sharp and crisp bank statement analysis report.
2. Accuracy
With the help of PDF formats, bank statement analysis software creates tabular data that can be scanned easily and databases through spreadsheets can be maintained for cash flow analysis. Parsing values through data extraction from PDF is quite a challenge that is faced most of the time. But with bank statement analysis software, the chances of accuracy are high and it also avoids fraudulent entries.
3. Validates data
The financial transactions in the statements are compared with income tax figures, GST filings, and other documents in order to understand the financial health of the borrowers. This is when a proficient bank statement analyzer tool helps in validating the entered data, performs comparison with different sources, and makes sure all the entries are legit.
Read more blog: Bank Statement Analyzer Tool for better credit decision-making
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