Tuesday, October 24, 2017

PerfectAudit.com

Do you wrestle with stacks of bank statements for your cases? Are you manually entering transactions from the statements into Excel spreadsheet? Are you begging for a better way? We may have one for you.

Jim Schaefer is a great forensic accountant based in Southern California. His firm, Schaefer & Company, specializes in family law forensics.  Like me, he is also a repaid tech geek. Today I am lucky enough to have Jim guest posting on a new discovery of his for discovery in your cases. Here's Jim to tell you about PerfectAudit.com:

As you know, a direct mechanical tracing is comprised of two parts:  check register and
characterization columns.  Perfect Audit automates the check register portion.  The software incorporates the bank statement formats for bank accounts and credit card statements to provide a pretty good quality OCR result from pdf format.  (Brokerage statements are beyond its scope.)

Picture feeding pdf bank statements into a hopper.  In a day or two you receive a searchable transactions listing that may be downloaded in Microsoft Excel format.  Thus Perfect Audit gives you the check register portion for about 40 cents per pdf page.  (you pay for what you use with no minimum monthly charge).

Before using the Perfect Audit transaction data, you will want to create a running balance column in your check register and check against bank statement balances.  I find that there are a few transactions that are double-entered that are easily corrected.

Perfect Audit really shines when you are searching for the other side of an internal money transfer for wire transfer as there is a search capability on the dollar amount.

One tip is important.  If you provide duplicate bank statements to Perfect Audit, Perfect Audit will give you duplicate entrees in its transaction listings.  Thus it is best to avoid sending duplicate statements to Perfect Audit.

I have seen unfavorable ratings of the software on the web.  My experience differs and has been quite good.  (…and my clients love it when I tell them we are using the latest robotic technology to reduce the cost of their tracing.)  

Please visit hardinglaw.com for more information about Harding & Associates Family Law 

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