Processing a single bank statement isn’t a major operational difficulty. Even manual entry may seem simple when just one PDF is involved.
This task can be multiplied over numerous businesses, multiple accounts, and numerous statement periods.
The problem is not the same. The problem is changing. For accounting and bookkeeping firms in the field of improving bank statement conversion isn’t just about improving the speed of one document. It is essential to create a process which works even when the number of documents grows.
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The bottleneck is repetition
Take a look at an accounting firm that receives monthly PDFs from a variety of clients. One client is Chase, another Wells Fargo, while others receive reports via Bank of America, Capital One, Citi, or smaller organizations.
Browse through each PDF file and manually enter each transaction.
A bank statement convertor can change the workflow so that it is no longer transcription but review. Docubrew removes transaction information from the statement itself rather than estimating financial values which creates structured documents that can be checked prior to their use. As the volume of documents increases, this distinction becomes even more vital.
Batch Processing Modifies Equation
Processing files separately could be acceptable for occasions when you need to convert. Accounting firms often have a different situation. Docubrew lets multiple documents to be uploaded and processed in one batch, with distinct results. The company can thus work through a collection of client documents without creating each transaction table.
If the accounting workflow demands CSV files, users are able to convert bank statements to CSV and examine the resulting transactions before proceeding.
Scanned paper statements also do not have to be excluded. Docubrew comes with OCR for PDFs scanned which can be useful when the client’s records from the past include documents that are native PDFs as well as scanned documents.
Create an Output to help with the Accounting Work Ahead
The process does not end when the conversion is completed. The transactions generally require a destination.
Docubrew is able to export CSV, Excel and QBO. For a team that needs to move a bank statement to Quickbooks, QBO provides an available output option alongside the more general spreadsheet formats.
Companies that frequently convert bank statements to Quickbooks can create an efficient process of receiving the statements as well as processing them, reviewing the extracted information, and preparing the appropriate file for the accounting workflow.
Human review remains crucial. Although automation can reduce repetition of transcriptions, bookkeepers have to check financial data and complete accounting work.
Data from Clients is a Workflow Decision in Itself
An increase in the volume of documents also translates to more sensitive information regarding clients.
Docubrew offers two different processing techniques. The Windows desktop application converts locally, allowing the files to remain on the firm’s system. Docubrew claims that the cloud option allows upload of documents encrypted and all saved and transformed documents are deleted automatically within 24 hours.
Accounting practices may choose the best method to meet their particular needs.
Scale Processes, Not Repeated Work
Growing bookkeeping practices should result in more financial documentation. It shouldn’t automatically allow for increased copy-and-paste.
The most important thing to consider is if the approach that worked with five clients will make sense for 50.
By standardizing how statements are processed, converted, reviewed and prepared for accounting software, firms can develop a process to handle recurring volumes instead of considering every PDF as an entirely new manual project.