Financial statements typically exist in PDF format. While presenting the information coherently, this format makes it difficult to analyse.
Copying and pasting the information into Excel isn’t the answer either.
However, there are two ways to download financial statements to Excel while preserving the data’s accuracy and structure:
By converting the financial statement PDF to Excel, you can download it straight to your device and open it in Excel. The conversion and download process should be quick and user-friendly.
Let’s explore the two download/export options in more detail.
Excel has a feature to import PDF files – essentially ‘exporting’ the financial statement PDF into Excel. Here are the steps you can take:
The problem is that the outputted data likely isn’t well-structured for complex financial data or blurry or low-quality PDFs. Consider using an online financial statement converter tool for more challenging use cases.
You can also convert the financial data into an Excel file. Here, we’ll reference how to use our tool, Financial Statements AI, to export financial statements into Excel.
Click the ‘Upload’ button to upload the PDF from your device (or drag and drop) and wait for it to upload.
Click on the document tab to access the line items and structured data. Depending on the tool, there may be a step where you can look at the line items and check the information has been extracted accurately and in your desired format.
The financial statement data should appear neatly structured in a downloadable Excel file. You can download the file immediately and directly to your device. The end-to-end process should take a few minutes at most.
Rather than manually clicking to upload a financial statement each time, you could automate the download process. If using a third-party tool, consider opting for an automation app to ‘glue’ together the various steps of importing, reviewing the data and downloading the Excel file.
An automation workflow’s initial step might involve a user uploading a financial statement. This action ‘triggers’ the tool to convert data into the Excel format. The outputted file (containing the financial statement data) is then deposited into a pre-defined folder.
If the tool offers an Application Programming Interface (API), you can connect it to your internal system – another way to automate the process.
In other words, if you are looking for a hands-free Excel conversion process, consider investing time into building an automated workflow.
Yes. If you have a document containing a balance sheet or income statement (e.g. a quarterly or annual report), you’ll also need a tool capable of classifying financial statements. That means it can ‘read’ them and automatically select the financial statements (e.g. the balance sheet and income statement).
If you’re concerned about protecting sensitive data, consider using a tool with a security certification like ISO27001 or SOC2. Learn more about security frameworks and standards here.
You could also check the long-term clients of the tool. You can trust that they did their due diligence if their clients include high-security organisations like banks and other institutions or firms that handle sensitive data.
If you only have a picture or screengrab of a financial statement (e.g. a PNG, JPEG, etc.), it’s still possible to export the data into the Excel format. For example, Microsoft Excel has a feature for extracting data from an image (learn how it works here).
If you’re looking to import financial statements to Excel in bulk, try an enterprise tool. Our award-winning machine learning team has developed Financial Statements AI, which quickly converts balance sheet and income statement PDFs into Excel files.
To try Financial Statements AI for free, book a demo.
