It’s not hard to process an individual bank account statement. In the case of a single PDF file is being processed, even manual entry seems feasible.
You can now multiply this work over hundreds of businesses, many accounts, and numerous statement times.
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The issue has shifted. The problem is changing. For bookkeeping and accounting companies improving the efficiency of bank statement conversion isn’t simply about speeding up the process of converting one document. It’s essential to devise a method that is effective even when the number of documents increases.
The real bottleneck is repetition
Imagine an accounting company that receives PDFs each month from a variety of clients. One is Chase and another Wells Fargo, while others receive reports via Bank of America, Capital One, Citi, or smaller companies.
The same process is repeated every time you open a pdf and manually input every transaction.
A convertor for bank statements can modify the workflow to ensure that it is no longer transcription but review. Docubrew makes use of the actual statements to determine transaction numbers rather than estimating values. This produces structured files which can be viewed prior to use. As document volumes increase, this distinction becomes even more important.
Batch Processing Changes the Equation
It could be beneficial to convert files manually occasionally. Accounting firms have different requirements. Docubrew allows you to create and manage multiple accounts in one go. Results are provided on a separate basis. Firms can then work through a collection of client documents without creating each 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 statements aren’t completely excluded. Docubrew provides OCR for PDFs that have been scanned. This is useful when a client has multiple native PDFs and scans in their historical records.
Produce output to help with the accounting work that is ahead
The process doesn’t stop after the conversion. The majority of transactions must be processed.
Docubrew can export CSV and Excel. If you are a team member who needs to move bank statements into Quickbooks, QBO provides an alternative to output, in addition to the more standard spreadsheet formats.
Firms that frequently convert bank statements to Quickbooks can build a more regular process for receiving the statements as well as processing them, reviewing the information extracted, and preparing the appropriate data files to support the accounting workflow.
Human review still matters. While automation is able to reduce repetition of transcriptions, bookkeepers have to verify financial data and complete the accounting work.
Client data should be the subject of its own workflow decisions
A higher volume of documents also means that we have to handle more sensitive client data.
Docubrew offers two different processes. Windows desktop applications can convert locally. The converted files are stored on the computer. Docubrew states that the cloud option can upload documents that are encrypted. Additionally, all files uploaded and converted will be deleted in 24 hours.
Accounting practices may choose the most appropriate method for their internal requirements for handling.
Scale the Process, not the repetitive work
As bookkeeping practices grow the number of financial documents that must be anticipated. The practice shouldn’t be able to automatically accommodate more copy-and-paste.
It is essential to inquire if the same process that worked for five clients can still be used for 50 clients.
The way that statements are received, evaluated and prepared for accounting software can aid companies in creating a process that can handle regular volumes, instead of using each PDF as an individual manual project.
