The processing of a single bank statement isn’t too much of a problem. Manual entry is feasible when only one PDF document is being processed.
Then multiply this number by many companies, numerous bank accounts, and a variety of statements.
The issue has evolved. What looked like a minor work clerical activity becomes a repetitive workflow that consumes staff time, and also creates possibilities for inconsistency in data entry. A better bank statement conversion doesn’t just mean making one document quicker. It’s about establishing a procedure that can still work when the volume of transactions increases.
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The bottleneck is repetition
Imagine that a accounting firm receives PDFs every month from multiple clients. One client has Chase while the other uses Wells Fargo. Others send statements from Bank of America or Capital One.
Open each PDF file and manually enter each transaction manually.
A bank statement converter can shift that workflow from transcription toward review. Docubrew sifts out the transaction numbers directly from the bank statement instead of using estimates for financial values. It’s a structured file that can be examined prior to its use. As document volumes increase the distinction between them becomes more important.
The process of batch processing alters the equation
In the case of occasional conversions It is possible to handle files individually. Accounting firms often encounter a different set of challenges. Docubrew allows for multiple documents to be uploaded and processed in a single session, and the results that are available separately. The company can thus work through a collection of client documents without manually creating every transaction table.
If the accounting process requires CSV files, the user can transform the bank statements into CSV before proceeding.
This is also true for scanned paper statements. Docubrew can OCR scanned PDFs. This is very useful if the client’s history has a mix of native PDFs as well as scanned documents.
Create Outputs for the Accounting Work Ahead
The process doesn’t stop after the conversion. The transaction will usually need to be delivered to a destination.
Docubrew can export CSV, Excel and QBO. QBO provides an output format that is suitable for teams that need to transfer a bank statement into Quickbooks.
Companies that regularly convert bank statement into Quickbooks regularly can establish a standard process for receiving the statements in the first place, processing them and examining the data that they have extracted. They can also make the required files to facilitate the accounting workflow.
Human review still matters. Automating repetitive transcription can be performed, but bookkeepers are still responsible for checking the financial information and completing accounting work.
Client data should be the subject of its own workflow decision
The handling of more sensitive client information is also linked to greater volumes of document.
Docubrew offers two ways for processing. Windows desktop applications perform conversions locally. The converted files are stored on the computer. The cloud option uses encrypted uploads and Docubrew states that converted and uploaded files are deleted automatically within 24 hours.
A business’s accounting department can pick the approach that better fits its internal handling requirements.
Scale the Process, Not the Repeated Work
As a bookkeeping practice grows, more financial documents should be anticipated. This shouldn’t be a case of automatically accepting more copy-and paste tasks.
It is crucial to inquire if the same process that has been successful for five clients is able to be applied to 50.
Through standardizing the way statements are read, converted, viewed and prepared to be used in accounting software, companies can develop a process to be recurring rather than considering every PDF as a brand-new manual project.