Processing a single statement is not a big task. Manual entry is manageable when only one PDF is required.
You can now multiply this work over dozens or businesses, multiple accounts, and many statement intervals.
The problem has changed. The issue changes. Improved bank statement conversion doesn’t only mean that you can make one document quicker. It’s crucial to design an approach that works when the volume of documents increase.
Image credit: docubrew.com
The biggest bottleneck is repetition
Think about an accounting company receiving monthly PDFs from several clients. One client sends statements from Chase, another Wells Fargo and others Bank of America, Capital One or Citi.
Open each PDF file and manually enter every transaction.
A converter for bank statements could alter the workflow so that it is no longer transcription, but rather review. Docubrew makes use of the actual statements to find transaction numbers instead of estimating values. It creates structured files that can be inspected prior use. This distinction is becoming more valuable as the number of documents grows.
Batch Processing Changes the Equation
The handling of files in a separate manner is acceptable for occasionally needed conversions. Accounting firms typically have to contend by a totally different situation. Docubrew allows multiple statements to be uploaded and processed in one batch, resulting in individual results. Docubrew can work with an array of documents provided by clients without needing to manually recreate every transaction table.
Users can convert their bank statements into CSV format and then review the transaction details.
This is also true for scans of paper statements. Docubrew provides OCR for PDFs that have been scanned. This is a great option when a client is dealing with a mixture native PDFs and scans in their historical records.
Create Output to help with the Accounting Work Ahead
The conversion isn’t the final stage of the process. A majority of transactions have to be processed.
Docubrew is able to export CSV and Excel. For a team that needs to move a bank statement to Quickbooks, QBO provides an available output option alongside the more general spreadsheet formats.
Companies that regularly convert bank statement into Quickbooks on a regular basis can set up a routine for receiving the statements in the first place, processing them and examining the extracted data. They also can prepare the documents needed to help the accounting workflow.
Human oversight is crucial. Automating repetitive transcription is a possibility to be achieved, but bookkeepers remain responsible for reviewing financial data and completing accounting work.
Data provided by clients is a Workflow Decision in Itself
The handling of more sensitive client data is also associated with higher document volumes.
Docubrew has two methods for processing. Windows desktop software converts files locally, and allows them to stay on the company’s computer. Docubrew states that cloud uploads are encrypted and the uploaded files as well as converted files are automatically deleted after 24 hours.
Accounting practices may choose the most effective method for their internal management needs.
Scale the process, not the repetitive work
The increasing use of bookkeeping procedures should produce more financial records. It shouldn’t automatically allow for more copy-and-paste.
It is crucial to inquire what process was successful for five clients can still be used for 50 clients.
By standardizedizing the process of receiving, converting, reviewing, and preparing statements for accounting software, companies can create workflows for regular quantities rather than treating each new PDF like a manual project.