Processing a single bank statement isn’t a huge operational challenge. Even manual entry might seem feasible when just one PDF file is involved.
Then multiply this number by many companies, numerous banks and various period of statements.
The problem has changed. It was once a straightforward administrative task, now it’s a long-winded process that consumes staff time and can lead to unreliable data entry. The improvement in bank statement conversion does not just mean making one document faster. It’s about establishing the system that will work as the amount of documents is increased.
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The bottleneck is repetition.
Imagine an accounting company that receives PDFs each month from several clients. One is Chase and another Wells Fargo, while others receive reports via Bank of America, Capital One, Citi, or smaller institutions.
Opening each PDF and manually entering each transaction requires repeating the same manual work again and again.
A bank statement converter can shift that workflow from transcription toward review. Docubrew makes use of the actual statements to obtain transaction data, instead of estimating values. This produces structured files that can be inspected prior use. This is a benefit as the amount of data grows.
Batch Processing Modifies the Equation
For conversions that are not frequent, it may be reasonable to manage files separately. Accounting firms often encounter a different set of challenges. Docubrew lets multiple documents to upload and be processed in one batch, with distinct results. Firms can now work through client files without having to manually build each transaction table.
If the accounting workflow needs CSV files, then users can change bank statements to CSV and then review the transaction data before moving forward.
Scanned paper documents aren’t completely excluded. Docubrew can OCR scan PDFs. This is helpful when the history of a client includes an assortment of native PDFs as well as scanned documents.
Create Output for the Accounting Work Ahead
The process doesn’t end with the conversion. The transactions usually need to go somewhere.
Docubrew exports CSV, Excel, and QBO. If you’re in a group that requires to move bank statements to Quickbooks, QBO provides an alternative to output, in addition to the more standard spreadsheet formats.
Businesses that regularly convert bank statement data to Quickbooks frequently can create a process more consistent around the receipt of the statements, their processing, as well as the processing and checking of the data, and the preparation of the necessary data files to support the accounting workflow.
Human oversight is crucial. Automation can eliminate repetition in transcription, but bookkeepers remain responsible for checking financial information and completing the accounting process correctly.
Client Data Deserves Its Own Workflow This is a crucial decision
A greater number of documents can also mean more sensitive information about clients.
Docubrew offers two processing techniques. Windows desktop programs perform conversions locally. The converted files are stored on the computer. Cloud-based options include encrypted uploads and Docubrew declares that the uploaded and converted files are deleted immediately after 24 hours.
Accounting practices could choose the approach that best fits their specific needs.
Scale Processes and Not Repetitive Work
A growing bookkeeping practice should lead to more financial documents. It shouldn’t be a matter of requiring more copy and paste tasks.
If you have 50 clients is the method that worked for five clients work?
In standardizing the procedure of receiving or converting documents, then reviewing them and preparing financial statements using accounting software, companies can develop workflows for regular quantities rather than treating each new PDF as a manual task.