Processing one statement is not a big issue. Manual entry is simple when just one PDF is required.
Then, multiply this task across hundreds of businesses, many accounts, and a variety of statement periods.
The situation has changed. The issue changes. It’s not just about improving the conversion speed of bank statements for accounting and bookkeeping companies. It is about creating an efficient system as the amount of documents is increased.
Image credit: docubrew.com
The bottleneck is repetition.
Imagine that a accounting firm receives PDFs every month from multiple clients. One client is Chase and another Wells Fargo, while others transmit statements via Bank of America, Capital One, Citi, or smaller companies.
The same process is repeated every when you open a PDF, and manually enter every transaction.
A bank statement converter can shift that workflow from transcription toward review. Docubrew makes use of the actual statements to obtain transaction data, rather than estimating values. The result is a structured file that can be inspected prior use. This feature is increasingly important as the volume of documents increases.
Batch Processing Changes the Equation
If you are dealing with occasional conversions It is possible to separate the files. Accounting firms usually have to deal with a different set of challenges. Docubrew allows you to transfer and process multiple financial statements in one go. Results are available on a separate basis. Firms can now work through client documents without having to manually recreate every transaction table.
Customers can change their bank statements to CSV format, and then look over the transaction details.
It’s the same for the scanned paper documents. Docubrew offers OCR for PDFs scanned. This is useful when a client is dealing with both native PDFs as well as scans in their documents from the past.
Create Outputs to help with the Accounting Work Ahead
The conversion process isn’t finished. Most transactions must be carried out.
Docubrew can export CSV and Excel. QBO is an option for a team to export a bank statement into Quickbooks. Also, it is available in the general spreadsheet format.
Companies that frequently convert bank statements into Quickbooks can build a more regular process for getting statements and processing them, examining the information extracted and preparing the necessary documents for the accounting workflow.
Human oversight is still important. Automating repetitive transcription is a possibility to be done, but bookkeepers are still responsible for reviewing financial data and completing accounting work.
The data from the clients is a Workflow Decision Itself
The increased volume of documents also implies handling more sensitive client data.
Docubrew offers two processing approaches. Windows desktop software converts files locally and lets them remain on the company’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 are able to choose the most effective method for their internal requirements for handling.
Scale the Process, Not the repetitive work
The increasing use of bookkeeping procedures should result in more financial documents. It should not automatically accept additional copy and paste tasks.
It is vital to determine what process has been successful for five clients can be used for 50 clients.
Through standardizing the process of receiving the documents, converting them, reviewing them, and preparing accounting statements software, firms can design workflows that can be used for periodic volumes rather than treating every new PDF like an individual project.