Analyzing a bank statement for filing income tax returns is still a manual process in India. Chartered accountants and tax consultants normally take hours or days to analyze a single bank statement. Similarly, DSAs and financiers need to assess their clients’ eligibility for loans based on their bank statements, which can be time consuming. Our clients face the following challenges:
Our clients often have to manually enter data from their bank statements (PDF files or printed sheets) into spreadsheets or systems to analyze the information. Even if they have access to bank statements in an Excel file, the information has to be categorized and sorted under different headings for analysis. This is time consuming and prone to errors, potentially leading to inaccuracies in financial records.
The manual process also leads to exorbitant employee and infrastructure costs and poor resource allocation.
Given the time consuming nature of this manual process, our clients often struggle to effectively manage increased transaction volumes and diverse financial obligations as their business scales.
CypherSOL provides solutions for chartered accountants, tax consultants, allied professionals, financiers, and businesses to analyze bank statements in a safe, analytical, fast, and efficient way using technology. Tax professionals can use the output data for filing ITR returns. DSA’s financiers can run checks on customers creditworthiness. Businesses can analyze a large set of transactions to manage their accounts.
Bank statements are the private property of our clients, and the safety of client information is of utmost importance to us. Therefore, we ensure robust data security measures to protect sensitive financial information. Importantly, we do not save any personal information, account information, pdfs, or Excel files in our system. Our clients can just use this software to download the statement and save it on their system.
CypherSOL’s Bank Statement Analyzer will be able to automatically extract relevant data from bank statements. This includes transaction details, expenses, probable expenses (categorized under different headings), income (categorized under different headings), investments, investment income, end-of-day (EOD) balances, EMI payments, EMI bounces, cheque bounces, other financial information, and suspense accounts.
CypherSOL provides key financial metrics and information in a clear, standardized, structured, and usable Excel format. This makes it easier for the tax consultant to file income tax returns and DSAs to ascertain their clients’ financial needs and, further, which financiers are more likely to provide these services/products.
CypherSOL also enables downloading, merging, and analyzing two bank statements and removing any overlap in dates/transactions.
CypherSOL’s Bank Statement Analyzer is user-friendly, requiring minimal effort from our client to input data or generate reports. This ensures that it becomes an integral part of their workflow.
Our software takes only a few seconds to analyze a statement, vs hours or days required under a manual process. Using our software will not only improve clients’ TAT but also reduce manpower and infrastructure costs. Embracing automation and efficient workflows leads to quicker task completion and overall operational efficiency.
CypherSOL can help you reduce the risk of manual error, get consistent output, and enhance the overall accuracy of financial reports.
For a DSA, it is essential to assess the eligibility criteria of clients for different banks. Ensuring alignment between their client’s financial eligibility and the bank's requirements increases the likelihood of securing the right financial services. In our experience, in most cases, eligibility is dependent on bank statements, which play a vital role in choosing the right bank for the customer.
With the help of the Bank Statement Analyzer, our clients can have a competitive edge over their competitors by providing more efficient and faster services to their customers.
A bank statement analyzer is a software tool that automates the process of reading, categorizing, and analyzing bank transactions. It helps accountants and chartered accountants (CAs) extract key financial insights from bank statements efficiently, allowing for faster decision-making and reducing manual work.
Automation for accounting, like CypherSOL’s Bank Statement Analyzer, simplifies data entry, categorizes transactions, and reduces errors, significantly improving efficiency. By automating repetitive tasks, accountants can focus on more complex financial analysis and advisory services for clients.
Automation is crucial for chartered accountants as it minimizes manual data entry, reduces errors, and accelerates processes. CypherSOL’s Bank Statement Analyzer, designed for CAs, enhances productivity by automating bank statement analysis and providing organized, insightful data quickly.
Yes, CypherSOL’s Bank Statement Analyzer can assist in evaluating loan eligibility by analyzing key financial indicators like average balance and cash flow. This helps in making accurate assessments for loan applications based on bank statement data.
CypherSOL’s Bank Statement Analyzer offers automation features like transaction categorization, expense tracking, suspense transaction identification, and ledger grouping. It processes high volumes of data accurately, supporting accounting professionals in meeting client requirements more efficiently.
CypherSOL’s Bank Statement Analyzer supports over 105 formats and data from 50 banks, ensuring wide compatibility with various banking institutions. This adaptability allows accountants to work with clients from diverse backgrounds.
The analyzer filters data through 7,500 data points, accurately categorizing and identifying transaction types to reduce the number of suspense entries. With powerful automation, it organizes data, categorizes expenses, and minimizes ambiguities, helping decrease suspense transactions.
Yes, CypherSOL’s Bank Statement Analyzer is ideal for small and medium-sized businesses, as well as for chartered accountants and accounting firms. It provides scalable solutions to manage large volumes of bank data and streamline accounting tasks efficiently.
CypherSOL's Bank Statement Analyzer offers seamless integration with Tally through its Excel to Tally Data Import Utility. This feature enables smooth data migration, allowing transactions and ledger details to be uploaded directly to Tally, saving time and reducing errors.
CypherSOL offers flexible pricing for its Bank Statement Analyzer based on usage and business needs. For specific pricing information, please contact CypherSOL customer support or visit our website at www.cyphersol.co.in.
Automation in bank statement analysis removes the need for manual data entry and categorization, making the process faster and more accurate. CypherSOL’s solution quickly scans, categorizes, and summarizes transaction data, saving accountants time and effort.
CypherSOL’s Bank Statement Analyzer is tailored for chartered accountants, offering benefits like reduced data entry, enhanced transaction categorization, suspense transaction identification, and easy integration with accounting software. This tool simplifies their workload and increases productivity.
The analyzer uses advanced algorithms to automatically categorize transactions based on descriptions, transaction types, and other indicators within the data. This categorization helps accountants maintain organized records and reduces manual sorting.
Yes, CypherSOL provides comprehensive training and support to ensure clients get the most out of the Bank Statement Analyzer. Our support team can guide you through setup, usage, and best practices to maximize efficiency.
For accounting firms, the Bank Statement Analyzer automates time-consuming tasks like transaction categorization, expense tracking, and ledger grouping. This helps firms improve turnaround times, manage large volumes of data, and deliver faster insights to clients.
Yes, CypherSOL’s Bank Statement Analyzer can handle data from multiple bank statement, making it ideal for clients with diverse banking needs. The software supports a wide range of formats and banks, allowing accountants to work with clients’ complete financial profiles.
CypherSOL’s Bank Statement Analyzer offers unique features, including 7,500 data point filtering, Tally integration, suspense transaction reduction, and detailed categorization. It is designed with chartered accountants and accounting firms in mind, focusing on improving productivity and accuracy.
CypherSOL’s Bank Statement Analyzer is designed for speed, analyzing and categorizing transactions within minutes. This allows accounting professionals to work efficiently, even with high volumes of bank statements.
No special software is required to run CypherSOL’s Bank Statement Analyzer. It’s a web-based solution, making it accessible from any device with internet access, allowing for convenient usage across different locations.
Absolutely. CypherSOL’s Bank Statement Analyzer is an excellent choice for freelancers and independent accountants, as it saves time on manual entry, provides fast analysis, and supports them in delivering prompt services to clients.
CypherSOL’s Bank Statement Analyzer significantly reduces the workload during audit season by automating transaction categorization and identification of unusual entries, enabling accountants to focus on complex auditing tasks.
Yes, CypherSOL offers a demo to help prospective users understand how the Bank Statement Analyzer works. Contact our support team to schedule a demo online and learn how the tool can benefit your accounting needs.