In the type of work I do, there’s a ton of in-depth investigation that goes into it. I spend the majority of my workdays maintaining databases, records, spreadsheets, and other documents related to fraudulent activity, and I regularly work with attorneys and police officers to talk about my findings after sifting through all of these papers. It gets pretty tedious keeping up with the resources I need, which is why I started seriously looking into data automation services to make the process smoother. My first foray into it was hiring a bookkeeping service, which turned out to complicate things way more than I wanted. So I started exploring my options for software I could use, which started with BankScan per a coworker’s recommendation. It’s basically a system that converts bank and credit card statements to Excel and other electronic formats. I’ll admit that it seemed a little too good to be true at the time, and I think I was right. It’s not that it’s a bad system, honestly – it just never had enough features for me to actually get enough use out of it and justify the money spent! I needed a software solution that could be of much more assistance.
So, taking all of my previous attempts into consideration, I was a little skeptical to try out something new. I have enough systems in place for my investigative work, and I didn’t want to exhaust myself by having to learn yet another software. But I gave in, and I think I’ve found my new favorite tool for work. So the purpose of this blog is to give an honest review of ScanWriter and see if it’s worth all the hype.
About ScanWriter
First, let me cover the basics. ScanWriter is a financial investigation software program by Personable that automates data entry while maintaining 100% accuracy. You can take any PDF and turn it into an Excel spreadsheet, which really helps simplify the process of investigating financial fraud. ScanWriter also automates data visualizations driven by financial models like – ‘follow the money’ making investigations much faster.
Key Features
One of the best aspects of ScanWriter is that it processes any financial document you can imagine. Whether it’s a bank statement, contract, or credit card statement, ScanWriter can process it easily. Some of the other notable features include:
- Captures data from checks – even the handwritten ones with 100% accuracy
- Provides reconciled data
- Provides built-in models for data visualization
- Tracks audit trail
- Uses a dedicated support manager approach
- Requires fewer resources
- Maintains data privacy
- Offers collaboration
BankScan Vs. ScanWriter
As I mentioned earlier, I first started using BankScan before dipping my toes into something new like ScanWriter. While BankScan suited my needs adequately at the time and reduced the amount of time it took to convert financial documents, I was in search of something more advanced to try. I ended up migrating to ScanWriter because it offered a ton of extra features. Here’s a comparison between what the two software options can offer and what the pros and cons are:
BankScan
- Accuracy: Not really, you have to manually check for missing pages or duplicates.
- Large Comprehensive Public Library: 3,000 templates are available.
- Data Recognition: No, data has to be edited manually.
- Purchasing ease: No, you have to purchase OmniPage in order to use BankScan.
- Learning curve: DEFINITELY a big learning curve here. There’s a support team that’s always available to help, but sometimes I get tired of having to reach out for help. I like to get my work done with ease and on my own.
ScanWriter
- Accuracy: Accuracy checks are built into the system.
- Large Comprehensive Public Library: There are over 15,000 financial institutions and over 30,000 vendors in the library.
- Automatically Updated Public Library: It automatically updates new templates in real-time.
- Data Recognition: Yes, it knows what to pick up automatically.
- Purchasing ease: Yes, it’s the only thing you have to buy!
- Easy Setup/Installation: Yes, super easy installation with step-by-step instructions. It didn’t take too long to get accustomed to how it works, either.
Why Do We Need Data Entry Automation, Anyway?
The fact of the matter is: manual data entry is not the most reliable method of operation. I don’t know about you, but data entry isn’t something I’m terribly fond of doing. I already have enough resources to get through as it is; the last thing I want to spend extra time and energy doing is inputting data into a spreadsheet myself (or paying someone else way too much money to do it for me). But I know that it’s a massively important aspect of my work, and I would imagine that it is for a lot of other fraud examiners, too. So many aspects of most investigations depend on data entry, so even the smallest mistakes can have major repercussions. I haven’t even mentioned yet the potential for errors when you’re entering data yourself. I don’t know about you, but I like to avoid mistakes at all costs, especially for important information that needs to be handled carefully.
Final Thoughts
All in all, using ScanWriter and incorporating it into my work has been one of the best decisions I ever made. It’s honestly really easy to figure out and get the hang of, which is such a relief in the world of investigation and fraud. Anyone whose job requires them to maintain databases and records would really benefit from something like this. It helps to know that I can cut down on time spent converting documents into spreadsheets so I can shift my focus to other important matters that need my attention. Explore ScanWriter today and let me know what you think!
Author: Myca Sanders is a financial expert having participated in tens of financial investigations.
