Accountants + PPP & EIDL Documentation: The Challenge
As an accountant, preparing bank statements for ppp & eidl documentation is a common but time-consuming task. PPP and EIDL loan recipients need bank statements to document eligible expenses, payroll costs, and fund usage for SBA forgiveness applications and ongoing compliance.
How BankScan AI Helps Accountants with PPP & EIDL Documentation
BankScan AI lets you drag-and-drop any client's bank statement PDF and get a formatted Excel spreadsheet in seconds — ready to import into Xero, QuickBooks, or Sage. For ppp & eidl documentation specifically, BankScan AI extracts Payroll costs (must be at least 60% of PPP funds), rent, utilities, mortgage int automatically.
How Accountants Handle PPP & EIDL Documentation
When preparing bank statements for ppp & eidl documentation, accountants need to Accountants typically receive client bank statements monthly, reconcile them against purchase and sales ledgers, post adjusting entries, and prepare m. BankScan AI automates the data extraction step.
Key terms you'll encounter: nominal ledger, bank reconciliation, trial balance, management accounts.
How It Works
Upload bank statement PDFs
Supports all major banks. Upload 8-24 week covered period for PPP forgiveness; EIDL loan term (up to 30 years) with ongoing compliance documentation of fund usage of statements for ppp & eidl documentation.
AI extracts what you need
Our AI extracts Payroll costs (must be at least 60% of PPP funds), rent, uti — formatted for accountants workflows.
Complete your ppp & eidl documentation work
Download Excel files ready for ppp & eidl documentation. Expenses categorized by PPP-eligible category (payroll, rent, utilities, etc.) with dates proving they fall within the covered period; FTE headcount evidence from payroll transactions
Supported Banks
BankScan AI works with all major UK and US banks, including:
Features for Accountants — PPP & EIDL Documentation
- Built for Accountants — Saves an average of 45 minutes per client per month on bank reconciliation, or 6+ hours per week for a typical practice with 30 clients
- Software compatible — Output works directly with Xero, Sage, QuickBooks
- Built for PPP & EIDL Documentation — Convert bank statements to structured spreadsheets to document PPP-eligible expenses, track EIDL fund usage, and prepare forgiveness application supporting documents.
- Key data extracted — Payroll costs (must be at least 60% of PPP funds), rent, utilities, mortgage interest, covered operations expenditures, PPP fund receipt and disbursement dates
Compliance: Accountants + PPP & EIDL Documentation
When accountants prepare bank statements for ppp & eidl documentation, specific compliance requirements apply.
- Accountants must comply with anti-money laundering (AML) regulations requiring them to verify client bank transactions. HMRC Making Tax Digital mandates quarterly digital submissions, and ICAEW/ACCA practice standards require accurate record-keeping with full audit trails.
- Legal basis: CARES Act section 1106 (PPP forgiveness); Economic Aid Act (PPP Second Draw); SBA Interim Final Rules on PPP forgiveness (85 FR 33004)
PPP & EIDL Documentation — Built for Accountants
PPP forgiveness applications should be submitted within 10 months of the covered period end to avoid loan repayment starting; SBA OIG audits can occur years after forgiveness
Try Free — Accountants + PPP & EIDL Documentation