It’s not hard to process one bank statement. In the case of a single PDF file is being processed the manual entry of data is feasible.
Divide this task into numerous companies, several account numbers and multiple statement times.
The problem is solved. What was once a simple routine clerical task becomes a repeated process that takes up staff time and opens up more opportunities for data entry that is inconsistent. For bookkeeping and accounting companies the goal of improving the conversion rate of bank statements isn’t simply about improving the speed of one document. It’s about creating a method that works even when the demand for the service increases.
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The bottleneck is in the repetition
Imagine an accounting company that receives PDFs every month from a variety of clients. One client sends statements from Chase one, another Wells Fargo and others Bank of America, Capital One or Citi.
The same procedure is repeated each time you open a PDF and manually enter each transaction.
A converter for bank statements can transform the process from transcription toward review. Docubrew makes use of the actual statements to extract transaction numbers, rather than estimating values. It creates structured files that can be inspected prior to use. This difference is becoming more significant when the number of documents increases.
Batch Processing Modifies the Equation
If you are dealing with occasional conversions, it may be reasonable to separate the files. Accounting firms typically face a different reality. Docubrew allows you to create and manage multiple accounts in a single session. Results are available on a separate basis. Firms can then work through a collection of client files without manually building each transaction table.
If the accounting process requires CSV files The user is able to transform the bank statements into CSV before moving forward.
The same is true for the scanned paper documents. Docubrew offers OCR for PDFs that are scanned, which can be helpful if a client’s historical records include an amalgamation of native PDFs and scanned files.
Create output to support the accounting work in the future.
The conversion process isn’t finished. The transaction usually needs to be sent somewhere.
Docubrew is able to export CSV as well as Excel. If you’re in a group that requires to transfer a bank statement to Quickbooks, QBO provides an alternative output option in addition to the more common spreadsheet formats.
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 still matters. Although automation can cut down on repetitive transcriptions, bookkeepers need to review financial data and complete the accounting work.
Client data should be the subject of its own workflow decisions
The handling of more sensitive client data is also linked to greater volumes of document.
Docubrew has two methods for processing. The Windows desktop software performs conversions locally, which allows files to remain on the firm’s system. Docubrew claims that cloud uploads files encrypted, and all transferred and uploaded documents are deleted automatically within 24 hours.
Accounting practices may choose the method that best suits their own internal requirements.
The Process can be scaled, not the Repetitive Work
As bookkeeping practices grow and more financial records are required, more of them should be anticipated. This shouldn’t be a case of requiring more copy and paste tasks.
It is vital to determine whether the same method that was successful for five clients can still be applied to 50.
By standardizing the process of receiving, converting, reviewing, and creating statements for accounting software, companies can create workflows for regular quantities rather than treating each new PDF like a manual project.