The process of processing a single statement isn’t a huge issue. Even manual entry may seem simple when just one PDF is required.
You can now multiply this work over many businesses, several accounts, and many statement periods.
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The issue is resolved. It was once a straightforward routine clerical job, but today it’s a long-winded process that takes up staff time and can lead to inconsistency in data entry. Improved bank statement conversion doesn’t just mean making one document more efficient. It’s about implementing a system that still works when volume increases.
Repetition Is the Real Bottleneck
Imagine an accounting company that receives PDFs each month from various clients. One is Chase One uses Wells Fargo, the other Wells Fargo, while others receive statements via Bank of America, Capital One, Citi, or smaller firms.
Access each PDF file and manually enter each transaction.
A bank statement converter could move the flow of work from transcription toward review. Docubrew extracts the transaction numbers from the document itself instead of estimating financial values, producing structured files that can be reviewed prior to use. This feature is more important as the amount of data is increased.
Batch processing can alter the equation
It could be beneficial to convert files manually at times. Accounting firms usually confront a completely different scenario. Docubrew allows multiple statements to be stored and processed in a single process, with the results being available in a separate way. Docubrew can work with many documents supplied by clients without having to manually create 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.
The same is true for scans of paper statements. Docubrew comes with OCR for PDFs that are scanned, which can be helpful if clients’ historical records contain documents that are native PDFs and scanned files.
Create Output to complete the Accounting Work Ahead
The conversion isn’t the final stage of the process. The transactions usually require a destination.
Docubrew can export CSV, Excel, and QBO. QBO offers an output format for teams that want to transfer a bank account statement into Quickbooks.
Organizations that convert bank statements into Quickbooks on a regular basis can create a consistent process for receiving the reports in the first place, processing them and examining the data that they have extracted. They can also create the documents needed to help the accounting process.
Human review is essential. Automated transcription can reduce repetitive transcription, but bookkeepers remain responsible for checking financial information and completing the accounting tasks correctly.
Client data deserves its own workflow decisions
A greater volume of documents also translates to more sensitive information about customers.
Docubrew provides two different processing options. Windows desktop software can convert files locally and allows them to stay on the company’s computer. Docubrew claims that the cloud option uploads documents encrypted and all files uploaded and converted are automatically deleted within 24 hours.
An accounting firm can select the strategy that is most appropriate to its needs for handling internal requirements.
Scale Processes, Not Repetitive Work
A growing bookkeeping practice should be expecting more financial documents. This shouldn’t be the case that automatically accepts more copy-and paste work.
It is essential to inquire if the same process that was successful for five clients is able to be applied to 50.
In standardizing the procedure of receiving or converting documents, then reviewing them and preparing statements for accounting software, companies can develop workflows that can be used for periodic amounts rather than treating every new PDF like a manual task.