Processing a single bank account statement isn’t a huge operational problem. Even manual entry might seem simple when just one PDF is needed.
Now multiply this task over hundreds of businesses, many accounts, and many statement times.
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The problem is not the same. The problem is changing. For bookkeeping and accounting businesses in the field of improving bank statement conversion doesn’t mean just speeding up the process of converting one document. It’s about developing a process that still works when volume increases.
The problem is in repetition.
Imagine an accounting company which receives monthly PDFs from various clients. One is Chase and another Wells Fargo, while others send reports via Bank of America, Capital One, Citi, or smaller firms.
The same work is repeated every time you open a PDF and manually record each transaction.
A bank statement convertor can change the workflow of transcription to review. Docubrew takes the transaction data directly from the bank statement instead of estimating financial value. The result is an organized file that is able to be examined prior to its use. This is a benefit when the number of documents is increased.
Batch processing transforms the equation
It could be beneficial to manually convert files on occasion. Accounting firms are faced with different challenges. Docubrew allows you to transfer and process multiple financial statements simultaneously. The results are accessible separately. Docubrew can work with an abundance of documents submitted by clients, without having to manually recreate every transaction table.
If the accounting workflow requires CSV files, users can convert bank statements to CSV and review the resulting transaction data before moving forward.
Similar to scanned paper statements. Docubrew provides OCR for scanned pdfs. This can be helpful when a client has multiple native PDFs and scans in their documents from the past.
Make Outputs for the Accounting Work Ahead
The conversion isn’t the final stage of the procedure. The transaction will usually need to be sent somewhere.
Docubrew can export CSV, Excel and QBO. If you’re a member of a team who wants to transfer bank statements to Quickbooks, QBO provides an available output option alongside the more common spreadsheet formats.
Organizations that convert bank statements into Quickbooks on a regular basis can set up a routine for receiving the reports after processing them, as well as checking the extracted data. They can also make the documents needed to help the accounting workflow.
Human-based review is still essential. Automating repetitive transcription is a possibility to be achieved, but bookkeepers are still responsible for checking the financial information as well as completing accounting tasks.
Client Data Should Have Its Own Workflow Choice
Higher document volume also means handling more sensitive client data.
Docubrew provides two processing methods. The Windows desktop application handles conversions locally, which allows files to remain on the firm’s computer. Docubrew states that the cloud option uploads files encrypted, and all files uploaded and converted will be deleted in 24 hours.
An accounting firm can select the approach that better fits its internal handling requirements.
Scale-based Processes, not Repetitive Work
The increasing use of bookkeeping procedures should lead to more financial documents. This shouldn’t mean that it automatically allows increased copy-and-paste.
It is vital to determine if the same process that has been successful for five clients can be used for 50 clients.
Through standardizing the process of receiving and converting, reviewing, and creating statements for accounting software, companies can develop a workflow for recurring quantities rather than treating each new PDF as a manual task.