It’s not a problem to prepare one bank statement. When only one PDF file is being processed, even manual entry seems to be manageable.
Then, you can multiply the task over many businesses, several banks, and several statement intervals.
The problem is now solved. It was once a straightforward job for a clerical worker, but now it’s a tedious workflow that consumes staff time and increases the chance of inaccurate data entry. This isn’t just about speeding up the conversion of bank statements for bookkeeping and accounting companies. It’s important to develop an approach that works when the amount of documents increase.
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The bottleneck is in the repetition
Imagine an accounting firm that receives PDFs each month from several clients. One uses Chase, another Wells Fargo, while others transmit reports from Bank of America, Capital One, Citi, or smaller organizations.
Open each PDF, and manually entering every transaction is a process of repeating the same mechanical procedure over and over.
A bank statement converter can shift that workflow from transcription toward review. Docubrew extracts transaction figures from the document itself rather than estimating the financial value creating structured files that can be checked prior to use. This is a benefit as document volume grows.
Batch processing changes the equation
It might be beneficial to manually convert files on occasion. Accounting firms typically have a different situation. Docubrew lets multiple statements be transferred and processed in a single session, and the results that are available separately. Firms can now manage client records without having to manually rebuild each transaction table.
Users can transform their bank statements into CSV format and then read the details of transactions.
Similar to scans of paper statements. Docubrew can OCR scanned PDFs. This is helpful when the client’s history includes the native PDFs as well as scanned documents.
Create an Output for the Accounting Work Ahead
The process doesn’t end after the conversion. The transactions generally have to be routed somewhere.
Docubrew allows export of CSV, Excel and QBO. For a team that needs to move a bank statement to Quickbooks, QBO provides an alternative to output, in addition to the more general spreadsheet formats.
Companies that frequently convert bank statements to Quickbooks will be able to create a more regular process for accepting statements and processing them, examining the extracted information, and preparing the appropriate files for the accounting workflow.
The human review is vital. Automating repetitive transcription can be performed, but bookkeepers remain responsible for making sure that financial data is accurate and completing accounting work.
Client data deserves its own workflow decisions
A greater volume of documents also translates to more sensitive information about customers.
Docubrew provides two different methods for processing. Windows desktop software converts files locally and allows them to remain on the computer of the company. Docubrew says that cloud uploads are secure and uploaded files and converted files will be deleted after 24 hours.
A business’s accounting department can pick the method that best fits the requirements of its internal handling.
Scale the process, not the repetitive work
A growing bookkeeping practice will expect more financial documents. This shouldn’t be a case of automatically accepting more copy and paste work.
If you’re dealing with 50 customers, can the same process that been successful for five clients be logical?
By standardizedizing the process of receiving the documents, converting them, reviewing them, and preparing accounting statements software, companies can develop an automated workflow for the production of recurring numbers rather than treating every new PDF like a manual project.