It’s not difficult to process a single bank account statement. If only one PDF file is involved, even manual entry seems to be manageable.
Now multiply this task over numerous businesses, multiple accounts, and a variety of statement periods.
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The problem is now solved. The problem changes. A better bank statement conversion doesn’t just mean making a single document quicker. It is about creating an efficient system as the amount of documents is increased.
The bottleneck is repetition.
Imagine that an accounting company receives monthly PDFs of several clients. One client provides statements from Chase and another from Wells Fargo and others Bank of America, Capital One or Citi.
Download each PDF file, then manually enter each transaction.
A converter for bank statements will transform the process away transcription and towards review. Docubrew utilizes the actual statement to obtain transaction data, instead of estimating values. This creates structured files which can be viewed prior to use. This is a benefit as the volume of documents increases.
Batch Processing Modifies Equation
It might be beneficial to convert files manually at times. Accounting firms often confront a completely different scenario. Docubrew allows you to transfer and process multiple financial statements in one run. The results are accessible separately. Firms can now manage client records without having to manually rebuild each 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.
Scanned paper statements can’t be necessarily excluded. Docubrew includes OCR for PDFs scanned which is useful if the client’s records from the past include an amalgamation of native PDFs and scanned files.
Create outputs for the Accounting Work Ahead
The conversion doesn’t mean the end of the procedure. Most transactions need to go somewhere.
Docubrew exports CSV, Excel, and QBO. QBO has an output format that is suitable for teams who need to transfer a bank statement to Quickbooks.
Companies that regularly convert bank statement into Quickbooks on a regular basis will have a regular process for receiving the reports, processing them and checking the extracted data. They can also create the documents needed to help the accounting process.
Human-based review is still essential. While automation is able to reduce repetitive transcriptions, bookkeepers need to review financial data and complete the accounting task.
Client Data is a Rightful Ownership Workflow The Client Data Deserves Its Own Workflow
An increase in the volume of documents also means more sensitive information regarding clients.
Docubrew provides two methods of processing. The Windows desktop application converts locally, allowing files to remain on the firm’s computer. Docubrew declares that cloud-based uploads are protected and the uploaded files as well as converted files are automatically deleted after 24 hours.
Accounting practices can select the best method to meet their internal needs.
Scale the Process, Not the Repetitive Work
As bookkeeping practices grow and more financial records are required, more of them should be expected. This shouldn’t mean that it automatically allows the more copy and paste work.
If you’re dealing with 50 clients does the process that has been successful for five clients make sense?
Through standardizing the way statements are accepted, processed, analyzed, and prepared for accounting software, firms can design a workflow for regular volumes rather than treating each PDF as a brand-new manual project.