A proof of cash is only as good as the bank data under it. Upload the target's statements, digital or scanned, and get every transaction and balance in one Excel table you can foot, pivot and tie to the ledger.
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It extracts the bank side of a proof of cash so you can reconcile it. OFXStatement reads every transaction and balance from PDF or scanned bank statements into Excel or CSV, so the analyst totals receipts and disbursements by month and ties them to the general ledger instead of keying statements. It does not perform the reconciliation or write the report.
A QoE proof of cash needs every account for every month, and targets send PDFs from several banks, many of them scanned. Keying thousands of lines eats the engagement budget and adds errors you then have to reconcile away.
Upload the statements and download clean rows with the balances printed on each statement.
One row per transaction with date, description, amount and balance.
Paper and photographed statements extract like digital PDFs.
Up to 50 statements per upload, with an option to merge files.
Running balances, plus the summary box in All data mode.
Credit card statements for the disbursement side of the proof.
Files are encrypted in transit and at rest.
The same routine for a QoE engagement, a lender file or a buyer's own cash proof.
List every bank and card account and every month in the period.
Upload them above and download Excel or CSV.
Opening balance plus deposits minus withdrawals must equal the printed close.
Total receipts and disbursements by month and reconcile to the GL.
Anyone who has to tie a target's reported numbers to its bank accounts.
Cutting the statement keying out of fixed-fee engagements.
Running a first cash proof before paying for a full QoE.
Tying deposits to tax returns and financial statements before funding.
Proof of cash analysis software gets the bank side of a proof of cash into a spreadsheet so you can reconcile it. A proof of cash ties the cash that actually moved through the bank to what the books say happened, month by month, split into receipts and disbursements. The reconciling is analyst work. The slow part, in almost every deal, is getting two or three years of statements for every account out of PDFs and into rows. That is the part OFXStatement does.
Forvis Mazars describes the procedure in M&A work as a reconciliation of cash basis revenue and EBITDA to the bank statements. The bank statement is the third-party document in the file, which is why buyers, lenders and QoE providers insist on it. It is also why the work gets expensive: statements arrive as PDFs, often scanned, often from several banks, and nobody wants to key thirty thousand lines.
For scale, QoEAgent, a firm that sells proof of cash as a service, publishes one trailing-twelve-month engagement on its site: 431 bank statements across 36 accounts, manually scanned PDFs rather than spreadsheet exports, and 29,823 transactions. Most lower middle market targets are smaller than that. Few are small enough to type.
The classic layout is the four-column proof of cash auditors learn early: beginning balance, receipts, disbursements and ending balance across the top, with the bank figures reconciled down to the book figures. The top row comes straight off the bank statements.
| Line | Beginning balance | Receipts | Disbursements | Ending balance |
|---|---|---|---|---|
| Per bank statement | Opening balance printed on the first statement | Total deposits and credits for the period | Total withdrawals, checks and debits | Closing balance printed on the last statement |
| Deposits in transit | At the start of the period | Add this period, remove last period | At the end of the period | |
| Outstanding checks | At the start of the period | Add this period, remove last period | At the end of the period | |
| Other reconciling items | Bank errors, unrecorded fees or interest | Unrecorded receipts | Unrecorded charges | Carried forward |
| Per books (general ledger) | Opening cash per GL | Cash debits per GL | Cash credits per GL | Closing cash per GL |
In due diligence the same idea runs over a longer period, often the last two fiscal years plus the trailing twelve months, and the receipts column gets compared with reported revenue rather than just the ledger cash account. Either way, every figure on the "per bank" line is a sum of statement transactions. If those transactions are wrong or missing, nothing below them reconciles.
We are specific about this because the difference matters when you are pricing an engagement. OFXStatement is an extraction tool. It reads the statements; it does not read the general ledger, form an opinion or produce a report.
| Step in the proof of cash | Where the data comes from | What OFXStatement does |
|---|---|---|
| Collect statements for every account and month | The seller or the bank, usually as PDFs, sometimes scanned | Nothing yet. You still need the complete set |
| Get every transaction into a spreadsheet | The statement transaction tables | Extracts date, description, amount and balance from each page, digital or scanned, to Excel, CSV or OFX |
| Confirm opening and closing balances | Statement summary boxes | Keeps the running balance column where the bank prints one; All data mode also pulls the summary box with opening and closing balances |
| Total receipts and disbursements by month | The extracted rows | Gives you clean rows; the SUMIFS or pivot table is yours |
| Remove transfers between the target's own accounts | Descriptions across several accounts | Keeps the bank description text so you can filter and match transfers |
| Tie cash to revenue and expenses in the GL | General ledger export | Not in scope. That is the analyst's judgment |
| Explain variances and write the report | Your workpapers | Not in scope |
Collect every account and every month, extract the transactions, foot each month to the printed balances, then tie the totals to the ledger. This is the routine we would follow with the converter on this page:
The footing check in step 5 is the one people skip and regret. A statement that does not roll forward on its own will never tie to the ledger, and you cannot tell a missing deposit from an extraction error until you have checked the month in isolation. The converter keeps the running balance column where the bank prints one, which makes the check a one-line formula.
Three kinds of buyers run into this work most. Transaction advisory and QoE teams at small CPA firms do proof of cash on most lower middle market engagements and bill by the engagement, so hours spent keying statements come straight out of margin. Search fund and ETA buyers often run a quick cash proof themselves before they pay for a full QoE, to decide whether the deal is worth the fee. Lenders, including SBA lenders, ask for cash to be tied to the tax returns and financial statements before they fund an acquisition.
The data problem is the same in all three. The target sends a folder of PDFs, some downloaded, some scanned from paper, from two or three banks with different layouts. Credit card statements need the same treatment, because a proof of disbursements is incomplete without them. Everything on this page applies to card statements as well.
Transfers are the most common source of inflated receipts. When the operating account sweeps into savings and back, both sides show up as deposits and withdrawals on different statements, and a naive total counts them twice. Extract all accounts into one table, filter the descriptions for the bank's transfer wording (it usually names the other account or ends in its last four digits), and tag both legs. The same pass catches owner draws, loan proceeds and credit card payments, which belong in the proof but not in revenue.
Prices below are the ones each vendor publishes on its own site as of September 2026. Where a vendor does not publish a price, we say so rather than guess.
| Option | Published price | What you get | Best for |
|---|---|---|---|
| Keying statements by hand | Staff time | Full control, slow, typo risk on thousands of lines | One account, a few months |
| Generic PDF to Excel (Excel Get Data, Acrobat) | Software you may already own | Works on some digital PDFs; scanned pages and multi-line descriptions break it | Clean digital statements from one bank |
| OFXStatement | $49 a month (2,500 pages) or $149 a month (10,000 pages) | Transaction tables from digital and scanned statements to Excel, CSV or OFX; you run the reconciliation | Analysts who do the proof of cash themselves |
| DocuClipper | $29 a month (60 pages) to $899 a month (5,000 pages), from its pricing page | Bank statement extraction plus invoices and receipts | Firms that also process invoices and receipts |
| QoEAgent Proof-of-Cash Plus | $10,000 flat, from its website | The reconciliation done for you, plus GAAP-formatted monthly income statements and balance sheets | Buyers who want the proof of cash delivered, not built |
| Full QoE engagement from a CPA firm | Quoted per engagement | Proof of cash inside a full quality of earnings report | Lenders and investors who need a signed report |
These are not all the same product. QoEAgent and a CPA firm deliver the reconciliation; OFXStatement and DocuClipper deliver the data you reconcile. If your team is doing the proof of cash anyway, extraction is the cost you can cut. If you want someone else to own the conclusion, a service is the right purchase, and the statement data still has to be extracted by someone.
A typical small business checking statement runs 3 to 10 pages. A target with four accounts and 36 months of history is 144 statements, which at an average of 6 pages is about 860 pages. That fits inside one month of Starter at $49 (2,500 pages on the faster AI model, up to 25 pages per statement). A target the size of the QoEAgent example above, at 4 pages a statement, is roughly 1,700 pages and still fits, though long statements and bulk upload point to Plus at $149 a month (10,000 pages, unlimited pages per statement, up to 50 files per upload). You can test up to 15 pages with no credit card first. See current pricing.
If you already extract statements for lending files or forensic work, the same account covers this. Our pages on bank statement extraction software and the bulk bank statement converter go deeper into volume work, and what forensic teams pay for Valid8 covers the adjacent forensic market.
A proof of cash is a reconciliation that ties the cash moving through a company's bank accounts to its accounting records over a period, with receipts and disbursements reconciled separately, not just the ending balance. In M&A due diligence it ties cash basis revenue and EBITDA to the bank statements.
Usually, yes. Most QoE providers run a proof of cash to confirm that reported revenue and expenses are backed by real bank activity before they analyze adjustments. Forvis Mazars notes it is a supplement and not a substitute for full financial diligence, so it rarely stands alone in a large deal.
A bank reconciliation matches the ending balance per bank to the ending balance per books at one date. A proof of cash also reconciles the receipts and disbursements for the whole period, so it catches offsetting errors and unrecorded activity that a balance-only reconciliation can hide.
You need bank statements for every account for every month in the period, credit card statements, the general ledger or trial balance, and usually the tax returns and financial statements you are testing. Missing statement months are the most common reason a proof of cash cannot be completed.
Yes. OFXStatement reads scanned and photographed statements with OCR and extracts the same date, description, amount and balance columns as from a digital PDF. Foot each month against the balances printed on the statement to confirm nothing was misread before you tie to the ledger.
Firms quote proof of cash and QoE work per engagement. The one flat price we found published is QoEAgent's Proof-of-Cash Plus at $10,000. Doing it in house, the data extraction for a small target fits in one month of our Starter plan at $49.
No. It extracts the transactions and balances from the bank statements into Excel, CSV or OFX. You or your team reconcile them to the general ledger, explain the variances and write the conclusions. That split is why the tool costs a monthly subscription instead of an engagement fee.
Excel or CSV. Both keep the statement columns as printed, one row per transaction, so you can stack accounts, add Account and Month columns and pivot. OFX is meant for importing into accounting software and is the wrong format for a reconciliation workbook.
Extraction and OCR for bank statements at volume.
Up to 50 statements per upload on the Plus plan.
PDF statements to Excel for reconciliation workbooks.
Paper and scanned statements read with OCR.
Deposit-based income for self-employed loan files.
What lenders pay for statement analysis at scale.
QoE tools and services by price and how they handle bank statements.
Get started converting bank statements to OFX.
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| Base AI Faster | 2,500 pages |
| Pro AI Best accuracy | 500 pages |
Scale statement conversion with bulk upload, custom templates and reports.
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| Base AI Faster | 10,000 pages |
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Enterprise-grade bank statement conversion and controls.
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