Efficiency is always a priority in the world of accounting and finance. But, does your accounting team often juggle loads of data? It is more frustrating to work with the PDF files. However, those static documents can be easily converted into actionable data. You can encourage your financing team to convert PDF files into a CSV format. It is easy to make the conversion with a PDF to CSV converter. A simple application lets you convert the format with a few clicks. Let us discuss the limitations of PDF and the advantages of using CSV for your accounting activities.
Why should you avoid PDF?
PDF is a common file format for several business documents. However, in modern finance, PDF can cause different issues for professionals.
Difficulty in analyzing and extracting data
Most financial reports and statements of an organization contain complex data and tables. You cannot accurately extract them from a PDF. It prevents timely financial decision-making because data may need manual formatting.
Automation issues
As PDFs have a fixed layout and structure, automated systems cannot manage them well. It can slow down the workflow of your financial team and lead to manual errors.
Accessibility problems
Most PDF files are intended for printing, but not for mobiles and other digital screens. You have to zoom the files and scroll them extensively, leading to a waste of time. Moreover, those who use screen readers face accessibility issues.
Reasons for using CSV for your accounting and finance documents
Comma-separated Values is a file format, allowing you to save content in a tabular format. Every row of a table is known as a record, where the columns are referred to as fields. As CSV is readable to most programs, it is a popular format for data exchange.
Besides, CSV is a universal spreadsheet format that lets you unlock extra features for finance management. CSV exports are also editable in various ways. For instance, you can add mathematical formulas or insert rows for custom categories.
Different financial scenarios when CSV is the best file format-
- When you save data in a tabular format
- When moving a large amount of data between applications
- Exporting and importing customer, product, and order details
Now, let us explore the reasons for choosing CSV for your financial documents.
Easy to import to a financial app
The PDF format makes it challenging to update your budget spreadsheet. That is why you can use CSV as the alternative file format. You can seamlessly integrate it with your budgeting and financing applications. Moreover, CSV statements let you auto-import your transactions into different applications. Thus, you will save time during data entry and update your budget with a few clicks. Your financial details will align with every account.
Visualize your transactions
PDF statements let you analyze transactions line-wise. But, they do not allow you to visualize your spending patterns over time. CSV statements enable you to import data into Google Sheets, Excel, and other programs for graph creation.
Moreover, it is easy to make annual and monthly analyses of how much you have spent on different purposes. You may also forecast your future spending depending on the historical data patterns.
Keep your financial data secure
With PDF to CSV conversion, you can keep your bank statements more secure. PDF files are stored on the cloud, email inboxes, and other insecure places. Unauthorized users can easily access them and steal your data.
That is why you should convert your bank statements to CSV and deliver them to your preferred device. You can also keep the CSV files encrypted with bank-level AES-256 bit encryption that adds a layer of security.
Streamline your tax tracking activities
Managing several PDF files during tax season is tedious. Convert them into CSV and use the filtering options of a spreadsheet. You can easily find deductible transactions from the sheet.
From mileage reimbursements to medical costs, everything can be saved in a CSV file format. Some finance apps let you auto-tag deductible costs to avoid hassles. Thus, tax preparation becomes stress-free with the CSV format.
Conclusion
Timely action and accuracy are highly important for your financial and accounting teams. With PDF to CSV conversion, you will save your precious time. It also improves data accessibility and reduces the risk of errors.
However, make sure you have chosen the best application for PDF to CSV file conversion. Your financial team will work more efficiently when dealing with the CSV format. You can prepare reports and analyze trends in this format.