For many businesses, processing bank statements is a critical but often overlooked task. Traditionally, this process involves manually downloading PDF statements from various banks and printing or extracting the data. Finally, someone has to enter it into accounting software or spreadsheets.

While this seems straightforward, they are riddled with inefficiencies that slow down financial operations and drain valuable resources. Most companies do not figure these costs separately, but if they did, they would be shocked at the price tag.

According to Parseur, the standard US-based business spends an average of $28,000 per employee. That is roughly $56,000 if they use only two employees.

“Businesses spend a significant amount on manual bank statement processing, primarily through labor costs, with some reports indicating that manual data entry tasks cost American companies an average of \$28,500 per employee annually. Manual bank reconciliation can take up to 40% of a finance team's time. “

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