The processing of a single statement isn’t a major issue. Manual entry can be handled if only one PDF document is needed.
Multiply this task by many companies, numerous bank accounts and several statement times.
The issue has shifted. The problem changes. For accounting and bookkeeping firms, improving bank statement conversion isn’t simply about creating a document that is faster. It’s about establishing a procedure that still works when volume increases.
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The real bottleneck is repetition
Imagine that an accounting firm receives monthly PDFs from a variety of clients. One client sends the statements of Chase, another Wells Fargo and others Bank of America, Capital One or Citi.
Open each PDF file and manually enter every transaction.
A converter for bank statements can change the workflow so that it is no longer transcription, but rather review. Docubrew extracts the transaction figures directly from bank statements instead of using estimates for financial values. It’s a well-organized file that can be scrutinized prior to being used. This difference is becoming more significant as the volume of documents increase.
Batch Processing Modifies the Equation
Handling files individually may be reasonable for occasions when you need to convert. Accounting firms generally encounter a different set of challenges. Docubrew allows you to process multiple statements in one go. Results are made available in separate reports. The company can thus go through a large collection of client documents without rebuilding every transaction table.
If the accounting process requires CSV files The user is able to transform the bank statements into CSV prior to beginning the process.
Scanned paper statements aren’t necessarily excluded. Docubrew can OCR PDFs that have been scanned. This can be useful when the client’s history includes a mix of native PDFs and scannable documents.
Create outputs for the accounting work ahead
The process of conversion isn’t finished. Many transactions require to be processed.
Docubrew is able to export CSV, Excel and QBO. For a team that needs to transfer bank statements into Quickbooks, QBO provides an alternative to output, in addition to the standard spreadsheet formats.
Firms that regularly convert bank statements to Quickbooks can build a more consistent process around receiving statements, processing them, checking the extracted data, and preparing the appropriate files for the accounting workflow.
Human-based review is still essential. Automating repetitive transcription is a possibility to be achieved, but bookkeepers remain responsible for checking the financial information and also completing accounting tasks.
Client data should be the subject of its own workflow decision
A greater number of documents can also mean more sensitive information about customers.
Docubrew offers two processing approaches. Windows desktop software can convert files locally and lets them remain on the company’s computer. Cloud-based options include encrypted uploads, and Docubrew declares that uploaded and converted files are deleted immediately after 24 hours.
Accounting practices could choose the best method to meet their specific needs.
Scale the process and not the repetitive work
An increasing bookkeeping practice must expect more financial documents. It should not automatically accept more copy and paste work.
If you have 50 customers, is the method that been effective for just 5 clients work?
Standardizing the manner in which statements are received, reviewed and prepared for accounting software can aid firms in creating a workflow designed to manage the recurring volume of documents, rather than treating each PDF as an individual manual project.
