It’s not hard to process the bank account statement of just one. Even manual entry may seem feasible when just one PDF is required.
Now multiply this task over hundreds of businesses, many accounts, as well as a number of statement periods.
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The problem has been solved. Once, it was a simple clerical task, but now it’s a tedious workflow that takes up staff time and increases the chances of inaccurate data entry. For bookkeeping and accounting companies, improving bank statement conversion isn’t just about speeding up the process of converting one document. It is essential to create a process which works even when the number of documents grows.
The bottleneck is repetition.
Imagine that an accounting company receives monthly PDFs from a variety of clients. One client utilizes Chase while the other uses Wells Fargo. Others send statements from Bank of America or Capital One.
Browse through each PDF file and manually enter every transaction manually.
A converter for bank statements can change the workflow of transcription toward review. Docubrew extracts the transaction numbers from the actual statement rather than estimating financial values creating structured files which can be inspected prior to their use. With the increase in document volume the distinction between them becomes more crucial.
The process of batch processing alters the equation
Handling files individually may be suitable for occasions when you need to convert. Accounting firms are often faced with a different set of challenges. Docubrew allows for multiple statements to upload and be processed in a single batch, with distinct results. Firms can now manage client documents without manually rebuilding every transaction table.
If the accounting workflow requires CSV files, users can convert bank statements to CSV and review the resulting transaction data before moving forward.
Scanned paper reports aren’t automatically excluded either. Docubrew provides OCR for scanned PDFs. This is useful when a client is dealing with an assortment of native PDFs and scans in their documents from the past.
Create outputs for the work of accounting to come.
The conversion doesn’t mean the end of the procedure. The transactions typically need to go somewhere.
Docubrew can export CSV and Excel. QBO is a choice for a team that needs to export bank statements into Quickbooks. Also, it is available in the standard spreadsheet format.
Businesses that convert bank statements into Quickbooks on a regular basis can set up a routine for receiving the reports after processing them, as well as checking the information extracted. They can also create the necessary files to aid in the accounting workflow.
Human review still matters. While automation may reduce the amount of repetitive transcription, bookkeepers need to review financial data and finish the accounting tasks.
Client Data Should Be a Part of Its Own Workflow The Client Data Deserves Its Own Workflow
More documents implies handling more sensitive client data.
Docubrew uses two methods of processing. Windows desktop software converts files locally, and allows them to stay on the company’s computer. Cloud storage is encrypted uploads, and Docubrew states that the uploaded and converted files will be deleted in 24 hours.
An accounting practice can choose the option that best suits its requirements for internal handling.
Scale Processes, Not Repeated Work
As the practice of bookkeeping grows, more financial documents should be expected. This should not mean that it automatically allows additional copy and paste tasks.
If you’re dealing with 50 clients can the same process that been successful for five clients make sense?
Through standardizing the process of receiving or converting documents, then reviewing them and preparing accounting statements software, businesses can establish workflows that can be used for periodic numbers rather than treating every new PDF like the manual work.