Processing one document is not a huge issue. Manual entry is easy when only one PDF is needed.
Now multiply this task over dozens or businesses, multiple accounts, and many statements.
The issue has shifted. The issue is evolving. For bookkeeping and accounting firms in the field of improving bank statement conversion isn’t about just creating a document that is faster. It’s crucial to design an approach that works when the amount of documents is increasing.
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The bottleneck is repetition.
Imagine that an accounting company receives monthly PDFs of several clients. One client is sending statements from Chase and another from Wells Fargo and others Bank of America, Capital One or Citi.
The process of opening each PDF and manually entering each transaction means repeating the same mechanical procedure over and over.
A bank statement converter can shift that workflow from transcription toward review. Docubrew utilizes the actual statement to find transaction numbers rather than estimating values. This creates structured files that can be inspected prior use. This feature is increasingly important as document volume grows.
Batch Processing Modifies Equation
If you are dealing with occasional conversions It is possible to separate the files. Accounting firms often have a different situation. Docubrew permits multiple statements to be loaded and processed in one single run, with results available individually. Firms are now able to work with client documents without manually rebuilding each transaction table.
If the accounting workflow requires CSV files, users can convert bank statements to CSV and look over the transaction information prior to moving forward.
This is also true for scans of paper statements. Docubrew provides OCR for PDFs scanned. This can be useful when a client has an assortment of native PDFs and scans in their historical records.
Develop Outputs to the Accounting Work Ahead
The conversion isn’t the end of the procedure. The transaction must be sent to somewhere.
Docubrew can export CSV, Excel, and QBO. QBO has an output format that is suitable for teams that require to transfer a bank account statement into Quickbooks.
Firms that regularly convert bank statements to Quickbooks can build an easier process of receiving the statements and processing them, examining the extracted data and creating the proper documents for the accounting workflow.
Human review still matters. Automating repetitive transcription is a possibility to be done, but bookkeepers are still responsible for checking the financial information as well as completing accounting tasks.
Client Data is a Rightful Ownership Workflow Choice
The handling of sensitive client data is related to higher volumes of documents.
Docubrew provides two methods of processing. Windows desktop software converts files locally and lets them remain on the company’s computer. Docubrew states that the cloud option uploads files that are encrypted. All transferred and uploaded documents are automatically deleted within 24 hours.
Accounting practices can select the most appropriate method for their internal management needs.
The Process can be scaled, not the Repeated Work
An increasing bookkeeping practice must expect to see more financial documentation. It shouldn’t automatically be able to accept the need for more copy-and-pasting.
The question to ask is if the approach that has worked with five clients will be effective for 50 clients.
By standardizing the process of receiving, converting, reviewing, and preparing financial statements using accounting software, companies can create workflows that can be used for periodic quantities rather than treating each new PDF as the manual work.