It’s not a problem to prepare one bank statement. Manual entry is feasible when just one PDF file is involved.
Now multiply this task over numerous businesses, multiple accounts, and a variety of statement times.
The problem changes. What appeared to be a minor administrative task turns into a routine process that takes up staff time and creates more opportunities for inconsistent data entry. It’s not only about making it easier to convert bank statements for accounting and bookkeeping firms. It’s about establishing systems that work when the amount of documents is increased.
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The bottleneck is repetition
Imagine that an accounting firm receives PDFs every month from multiple clients. One client is sending statements from Chase one, another Wells Fargo and others Bank of America, Capital One or Citi.
Access each PDF file and manually enter every transaction manually.
A bank statement converter will move the workflow away from the transcription process and instead towards reviewing. Docubrew utilizes the actual statement to extract transaction numbers, instead of estimating values. The result is a structured file that can be inspected prior use. With the increase in document volume this distinction becomes more important.
Batch Processing Modifies Equation
For conversions that are not frequent, it may be reasonable to deal with files in a separate manner. Accounting firms often have a different situation. Docubrew allows for multiple documents to be stored and processed in a single run, with results available individually. The firm can work with a large number of documents submitted by clients, without having to manually recreate each transaction table.
If the accounting process requires CSV files users can convert the bank statement to CSV prior to proceeding.
Similar to scans of paper statements. Docubrew can OCR scan PDFs. This is very useful if the client’s history includes an assortment of native PDFs and scanning documents.
Create outputs for the accounting work ahead
The conversion doesn’t mean the end of the procedure. The transaction will usually need to be sent somewhere.
Docubrew can export CSV, Excel and QBO. For a team that needs to transfer bank statements into Quickbooks, QBO provides an available output option alongside the more common 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.
The human review is still crucial. Automated transcription can reduce repetitive transcription, but bookkeepers remain responsible for checking financial information and completing the accounting process in a timely manner.
Client Data Should Have Its Own Workflow This is a crucial decision
A greater number of documents also implies more sensitive information about customers.
Docubrew offers two ways for processing. Windows desktop software converts files locally, and lets them remain on the company’s computer. Docubrew claims that cloud uploads are secured and the uploaded files as well as converted files are automatically deleted after 24 hours.
Accounting practices could choose the best option for their specific needs.
The Process can be scaled, Not the repetitive work
Growing bookkeeping practices should produce more financial records. It shouldn’t be a matter that automatically accepts more copy-and paste tasks.
If you’re dealing with 50 customers, can the same process that been effective for just 5 clients work?
The way that statements are received, evaluated and prepared for accounting software can aid companies in creating a process that can handle recurring volumes, rather than considering each PDF as a new manual project.