Processing a single bank statement isn’t a huge operational problem. Manual entry is feasible when only one PDF document is being processed.
Now spread that work out across numerous businesses, a number of bank accounts, as well as multiple statement intervals.
The issue has shifted. Was once a simple routine clerical job, but today it’s a lengthy process which consumes time of staff and can lead to unreliable data entry. This isn’t just about speeding up the conversion of bank statements for bookkeeping and accounting companies. It’s about implementing a system that works even when the demand for the service increases.
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Repetition is the Bottleneck
Imagine an accounting company which receives monthly PDFs from a variety of clients. One client sends statements from Chase and another from Wells Fargo and others Bank of America, Capital One or Citi.
The process of opening each PDF and manually entering each transaction involves repeating the exact mechanical process over and over again.
A bank statement converter can change the workflow of transcription to review. Docubrew extracts the transaction figures directly from bank statements, instead of estimating the financial value. It’s an organized file that is able to be scrutinized prior to being used. This is a benefit as document volume grows.
Batch Processing Modifies Equation
In the case of occasional conversions infrequently, it might be sensible to separate the files. Accounting firms usually encounter a different set of challenges. Docubrew lets you process multiple statements in a single session. The results are accessible in separate reports. Firms can then work through a collection of client files without manually rebuilding every transaction table.
Users can convert their bank statements into CSV format and then read the transaction details.
Scanned paper documents aren’t automatically excluded either. Docubrew provides OCR for scanned pdfs. This can be helpful when a client has an assortment of native PDFs and scans in their historical records.
Create Outputs for the Accounting Work Ahead
It’s not the end of the process. The transaction must be transmitted somewhere.
Docubrew supports exporting CSV, Excel and QBO. QBO is an option for teams who need to transfer a bank statement into Quickbooks. Also, it is available in general spreadsheet format.
Firms that regularly convert bank statements to Quickbooks can build a more consistent process around receiving statements, processing them, checking the extracted data, and preparing the appropriate files for the accounting workflow.
Human review is important. Automation could eliminate repetition in transcription, but bookkeepers must still be accountable for reviewing financial information and completing the accounting work correctly.
Client Data Should Be a Part of Its Own Workflow The Client Data Deserves Its Own Workflow
The handling of more sensitive client data is also related to higher volumes of documents.
Docubrew provides two processing methods. Windows desktop software converts files locally and allows them to be stored on the computer of the company. Docubrew declares that cloud-based uploads are secure and the uploaded files as well as transformed files will be automatically deleted after 24 hours.
Accounting practices are able to choose the most appropriate method for their internal handling needs.
Scale Processes, Not Repetitive Work
As bookkeeping practices grow, more financial documents should be expected. This shouldn’t be a case that automatically accepts more copy-and paste work.
The useful question is whether the procedure which worked for five clients will still work for 50.
Standardizing the method by which statements are reviewed, received and made available to accounting software will aid companies in creating a process designed to manage periodic volumes, rather than making each PDF a new manual project.