It’s not a problem to prepare the bank account statement of just one. Manual entry is manageable with just one PDF file is being processed.
Now spread that work out across numerous businesses, a number of bank accounts, and a variety of statements.
The problem is not the same. The problem changes. A better bank statement conversion doesn’t just mean making one document quicker. It’s about establishing a procedure that still works when demand for the service increases.
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The bottleneck is in the repetition
Imagine that a accounting firm receives monthly PDFs of several clients. One client sends statements from Chase one, another Wells Fargo and others Bank of America, Capital One or Citi.
The exact process repeats each when you open a PDF, and manually record each transaction.
A bank statement converter could shift that workflow from transcription to reviewing. Docubrew extracts transaction figures from the actual statement rather than estimating financial values, producing structured files that can be reviewed prior to use. This feature is more important as the volume of documents is increased.
Batch Processing Modifies Equation
If you are dealing with occasional conversions infrequently, it might be sensible to handle files individually. Accounting firms typically confront a completely different scenario. Docubrew permits multiple statements to be uploaded and processed in a single session, and the results being available in a separate way. The firm is able to work with an abundance of documents provided by clients without needing to manually build every transaction table.
Users can change their bank statements to CSV format and then read the details of transactions.
Scanned paper statements are not automatically excluded. Docubrew can OCR the PDFs scanned by scanners. This is useful when the client’s history contains a mix of native PDFs and scanning documents.
Produce output for the work of accounting to come.
The conversion process is not complete. Most transactions need to be processed.
Docubrew supports exporting CSV, Excel and QBO. QBO has an output format that is suitable for teams that require to transfer a bank account statement into Quickbooks.
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 oversight is vital. Automating repetitive transcription can be achieved, but bookkeepers have the responsibility of verifying financial information as well as completing accounting tasks.
Client Data Should Be a Part of Its Own Workflow This is a crucial decision
The handling of more sensitive client information is also linked to greater volumes of document.
Docubrew offers two different processing methods. Windows desktop programs perform conversions locally. The files can be saved to the computer. Docubrew states that cloud uploads files that are encrypted. All uploaded and converted documents are deleted immediately after 24 hours.
An accounting firm can select the approach that better fits the requirements of its internal handling.
Scale the process Not the repetitive work
The increasing use of bookkeeping procedures should result in more financial documentation. This shouldn’t come as a result of automatically accepting more copy-and paste work.
It is vital to determine if the same process that has been successful for five clients could be used for 50 clients.
By standardizing the process of receiving, converting, reviewing, and creating statements for accounting software, firms can design an automated workflow for the production of recurring numbers rather than treating every new PDF like an individual project.
