Processing just one bank statement isn’t much of an operational challenge. Manual entry is manageable when only one PDF document is needed.
Now multiply this task over dozens or businesses, multiple accounts, and a variety of statement intervals.
The problem changes. What appeared to be a minor administrative task turns into a routine work flow that drains staff time, and also creates chances for inaccurate data entry. Improved bank statement conversion doesn’t just mean making one document quicker. It’s about implementing a system that can still work when volume increases.
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The bottleneck is in the repetition
Imagine an accounting company which receives monthly PDFs from several clients. One client is sending statements from Chase and another from Wells Fargo and others Bank of America, Capital One or Citi.
Open each PDF, and manually entering every transaction involves repeating the exact mechanical work again and again.
A converter for bank statements can alter the flow of work so that it’s not the transcription process but the review. Docubrew takes transaction data from the document itself rather than estimating financial values which creates structured documents that can be checked before they’re used. This distinction becomes more valuable as the amount of data increase.
The process of batch processing alters the equation
It may make sense to convert files manually infrequently. Accounting firms often have to deal by a totally different situation. Docubrew lets multiple documents to upload and be processed in one batch, with distinct results. So, a company can manage a variety of client documents without rebuilding every transaction table.
If the accounting process requires CSV files, the user can change the bank statement into CSV before moving forward.
Similar to papers that have been scanned. Docubrew offers OCR for scanned PDFs. This can be useful when a client is dealing with both native PDFs as well as scans within their records from the past.
Develop Outputs to Accounting Work Ahead
The conversion process is not finished. The transaction will usually need to be transmitted somewhere.
Docubrew exports 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 convert bank statements into Quickbooks regularly can set up a routine for receiving statements in the first place, processing them and examining the information extracted. They also can prepare the files needed to support the accounting process.
Human review still matters. Automated transcription can reduce repetitive transcription, but bookkeepers remain responsible for checking financial data and making sure that they are doing the accounting process properly.
Client data deserves its own workflow decisions
The handling of more sensitive client data is linked to greater volumes of document.
Docubrew provides two different processing techniques. The Windows desktop software performs conversions locally, which allows files to remain on the firm’s system. Docubrew states that the cloud option can upload files that are encrypted. All transferred and uploaded documents are deleted automatically within 24 hours.
Accounting practices can select the best method to meet their internal management needs.
Scale the Process, Not the repetitive Work
A growing bookkeeping practice will expect more financial documents. The practice should not automatically allow more copy and paste work.
The most important thing to consider is whether the process that worked for five clients would work for 50.
By standardizing the process of receiving, converting, reviewing, and preparing financial statements using accounting software, companies can develop workflows that can be used for periodic quantities rather than treating each new PDF as a manual task.