The process of processing a single statement is not a big issue. Even manual entry may seem easy when only one PDF is involved.
Now, multiply that task across dozens of businesses, several bank accounts, as well as multiple statement periods.
The problem changes. The problem changes. It’s not only about making it easier to convert bank statements for bookkeeping and accounting companies. It’s about establishing a procedure that works even when the volume increases.
Image credit: docubrew.com
The bottleneck is repetition
Imagine a company in accounting that receives PDFs each month from several clients. One uses Chase, another Wells Fargo, while others send reports from Bank of America, Capital One, Citi, or smaller companies.
The same procedure is repeated each time you open a PDF and manually record every transaction.
A bank statement converter can shift that workflow from transcription toward review. Docubrew can extract the figures of transactions directly from bank statements, instead of estimating the financial value. The result is a well-organized file that can be scrutinized prior to being used. This is a benefit as document volume grows.
Batch Processing Modifies the Equation
In the case of occasional conversions, it may be reasonable to deal with files in a separate manner. Accounting firms typically encounter a different set of challenges. Docubrew allows multiple statements to be transferred and processed in a single session, and the results accessible individually. Firms can now process client documents without manually rebuilding every transaction table.
Customers can transform their bank statements into CSV format and then examine the information on transactions.
Scanned paper statement aren’t automatically excluded. Docubrew offers OCR for PDFs scanned. This is useful when a client is dealing with multiple native PDFs and scans of their old records.
Create Outputs to help with the Accounting Work Ahead
The process does not end with the conversion. Many transactions require to be processed.
Docubrew supports exporting CSV, Excel and QBO. QBO has an output format for teams that want to transfer bank account statement to Quickbooks.
Companies that frequently convert bank statements to Quickbooks will be able to create a more consistent process around getting statements as well as processing them, reviewing the extracted data, and preparing the appropriate data files to support the accounting workflow.
The human review is still important. Automation is able to eliminate repeated transcription, however bookkeepers must still be accountable for reviewing financial data and making sure that they are doing the accounting tasks properly.
Client Data Deserves Its Own Workflow This is a crucial decision
The handling of sensitive client information is also linked to greater volumes of document.
Docubrew provides two different processes. The Windows desktop software performs conversions locally, allowing the files to remain on the firm’s system. Docubrew claims that cloud uploads are secured and the uploaded files as well as converted files will be automatically deleted after 24 hours.
Accounting practices are able to choose the most effective method for their internal handling needs.
Scale the process Not the repetitive work
The increasing use of bookkeeping procedures should result in more financial documentation. The practice shouldn’t be able to automatically accommodate increased copy-and-paste.
The question to ask is if the approach that has worked with five clients will work for 50.
By establishing a standard for how statements are accepted, processed, analyzed and created for accounting software, companies can develop a process for regular volumes rather than treating every PDF like an original manual project.