Problem faced by our Business Partners

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:

Time consuming and prone to error

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.

Manual process, hence labor intensive and inefficient

The manual process also leads to exorbitant employee and infrastructure costs and poor resource allocation.

Limited scalability, missed opportunities

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.

Solution - Save Time, Save Money

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.

Safety and data security

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.

Automated Data Extraction

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.

Standardized and Structured Reports:

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.

Ease to Use:

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.

Enhanced Turnaround Time (TAT) and Reduced Manpower and Infrastructure Requirements:

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.

Reduce risk:

CypherSOL can help you reduce the risk of manual error, get consistent output, and enhance the overall accuracy of financial reports.

Checking Eligibility and Choosing the Right Bank:

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.

Competitive Edge

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.