Q: Bank statement transactions
Please clarify what you mean by Bank statement transactions and bank statement extraction? Does the SparkReceipt pull the bank transactions from connected bank accounts and credit cards?
Does it do at least basic reports of expenses to be used for taxes? Recognizes GST? etc...
How do you compare to Wave accounting which works really well especially for us Canadians? I really am not keen on seating all day and scan receipts manually and rather have the transactions pulled., automatically categorized and accounted like in Wave.
Thank you in advance!
Antti_SparkReceipt
Edited Nov 29, 2024A: Hi Egor,
The bank statement extraction refers to the ability to scan any PDF or CSV bank statements (so not direct pulls from bank feeds, which is on the roadmap). It uses AI to take any format statements and output the transaction lines.
It recognizes GST, VAT and PST (for Canada), and is able to do Excel, CSV and PDF reports with this information.
Wave Accounting is regional and available to only US and CA businesses, so I am not super familiar with it and what it can actually do. Seems like a well-liked and good software. One main difference is that we are not trying to do accounting (yet), and focus more on collecting and categorizing the materials for accounting - with some basic expense and income tracking tools and reporting built in. Receipt and invoice scanning is super essential for most businesses, since a digital transaction from bank feed alone is not enough proof for audits in most countries.
Best,
Antti
egor_ukPLUSOk, thanks.
We don't really do any paper statements anymore in Canada. All is digital in online banking...
And about comparing to Wave (besides not able to pull the transactions)? and tbout the reports for the income tax preparation? Sales taxes calculations?
Hi Egor,
I get it. We don't do paper statements here in Finland either, but this initially a feature requested by our smaller accounting customers that needed help sorting out paper material with AI. We can do digital banking transactions with Plaid with relatively low effort, and will do it - but at an early stage we need to look at underserved segments to gain a foothold and expand from there.
2/2 And the app can do pretty comprehensive reports in Excel with various tax breakdowns (for example GST+PST in Cadana, or breakdown by VAT tiers in EU and elsewhere). Cannot of course guarantee they are exactly in the format what is required for each country's needs. However we are actively listening to feedback on this and are quick to add these required fields as the needs arise.
Best, Antti