The processing of a single statement is not a big challenge. In the case of a single PDF file is needed, even manual entry seems to be manageable.
Then, you can multiply the task over hundreds of companies, multiple bank accounts, and a variety of statement periods.
The issue evolves. The issue is evolving. It’s not all about making it easier to convert bank statements for accounting and bookkeeping companies. It’s crucial to design an approach that works when the number of documents increase.
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The problem is in repetition.
Imagine that an accounting company receives PDFs every month from multiple clients. One client sends statements from Chase, another Wells Fargo and others Bank of America, Capital One or Citi.
The process of opening each PDF and entering each transaction manually means repeating the same mechanical procedure over and over.
A bank statement converter can shift that workflow from transcription toward review. Docubrew removes transaction information from the statement itself instead of estimating financial values and creates structured files that can be checked before they’re used. This difference is becoming more significant as the volume of documents is increased.
Batch processing transforms the equation
It may make sense to manually convert files occasionally. Accounting firms usually face a different reality. Docubrew allows multiple statements to upload and be processed in a single batch, resulting in individual results. Firms can now process client documents without having to manually recreate every transaction table.
If the accounting workflow requires CSV files it is possible to change the bank statement into CSV prior to proceeding.
Similar to the scanned paper documents. Docubrew provides OCR for PDFs that have been scanned, which is helpful when your client’s historical records comprise documents that are native PDFs and scans.
Create an Output to complete the Accounting Work Ahead
The conversion isn’t the end of the procedure. The transaction must be transmitted somewhere.
Docubrew supports exporting CSV, Excel and QBO. QBO is an option for a team that needs to export a bank statement to Quickbooks. It’s also available in the general spreadsheet format.
Firms that regularly convert bank statements into Quickbooks can build an efficient process of receiving statements in the first place, processing them, and then checking the extracted data and preparing the correct file for the accounting workflow.
Human reviews are still crucial. Automating repetitive transcription can be achieved, but bookkeepers are still responsible for verifying financial information and also completing accounting tasks.
Information from clients is a Workflow Flow Decision in Itself
The handling of more sensitive client data is connected to increased volumes of documents.
Docubrew provides two different processing options. Windows desktop applications can convert locally. Files can remain on the computer. Docubrew claims that cloud uploads files that are encrypted. All uploaded and converted documents are automatically deleted within 24 hours.
An accounting practice can choose the approach that better fits the requirements of its internal handling.
Scale Processes and Not Repetitive Work
A growing bookkeeping practice should be expecting more financial documents. It shouldn’t be a matter of automatically accepting more copy-and paste work.
If you’re dealing with 50 customers, is the method that been successful for five clients be logical?
The way that statements are received, analyzed and made available to accounting software will aid firms in creating a workflow that is designed to handle recurring volumes, rather than using each PDF as an entirely new manual task.
