It’s not that difficult to work through one bank statement. Even manual entry may seem simple when just one PDF is involved.
Then, multiply this task across numerous businesses, multiple accounts, and many statements.
The problem has been solved. The problem is changing. It’s not all about speeding up the conversion of bank statements for accounting and bookkeeping companies. It is essential to create a process which works even when the amount of documents increase.
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The real bottleneck is repetition
Imagine that an accounting company receives monthly PDFs from several clients. One client is sending statements from Chase one, another Wells Fargo and others Bank of America, Capital One or Citi.
Open each PDF, and manually entering each transaction is a process of repeating the same mechanical operation over and over.
A bank statement converter will change the process away from transcription to review. Docubrew takes the transaction data directly from the bank statement, instead of using estimates for financial values. It’s an organized file that is able to be reviewed prior to use. This distinction becomes more valuable as the volume of documents increase.
Batch Processing Changes the Equation
A separate handling of files is reasonable for occasional conversions. Accounting firms usually face a different reality. Docubrew lets you create and manage multiple accounts in one run. The results are accessible in separate reports. The company can process an array of documents supplied by clients without having to manually create each transaction table.
If the accounting process requires CSV files The user is able to change the bank statement into CSV before moving forward.
It’s the same for scans of paper statements. Docubrew can OCR PDFs that have been scanned. This is helpful when the client’s history has the native PDFs and scanned documents.
Develop Outputs to the Accounting Work Ahead
The process doesn’t end after the conversion. The transaction must be sent to somewhere.
Docubrew can export CSV as well as Excel. If you are a team member who needs to transfer bank statements to Quickbooks, QBO provides an alternative to output, in addition to the more general spreadsheet formats.
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 reviews are crucial. Automating repetitive transcription is a possibility to be achieved, but bookkeepers remain responsible for making sure that financial data is accurate and completing accounting work.
Client data deserves its own workflow decision
Higher document volume also means handling more sensitive client data.
Docubrew offers two processing approaches. Windows desktop software converts files locally and lets them remain on the computer of the company. Docubrew claims that the cloud option uploads files encrypted, and all uploaded and converted documents are deleted immediately after 24 hours.
Accounting practices could choose the best option for their specific needs.
Scale the Process, not the repetitive work
A growing bookkeeping practice will be expecting more financial documents. This shouldn’t come as a result of automatically accepting more copy and paste work.
It is vital to determine what process has been successful for five clients is able to be used for 50 clients.
Standardizing the method by which statements are reviewed, received and created for accounting software could aid firms in creating a workflow designed to manage the recurring volume of documents, rather than making each PDF the beginning of a new manual project.