Processing a single bank account statement isn’t a major operational difficulty. When only one PDF file is being processed it’s even a manual entry feasible.
Then, you can multiply the task over dozens of businesses, several banks, and several statement periods.
The problem has been solved. Was once a simple clerical task, but now it’s a lengthy process that consumes staff time and raises the risk of inconsistency in data entry. It’s not only about improving the conversion speed of bank statements for accounting and bookkeeping companies. It is about creating a system that works as the volume of transactions increases.
Image credit: docubrew.com
The biggest bottleneck is repetition
Imagine that a accounting firm receives monthly PDFs of several clients. One client provides statements from Chase One client is Wells Fargo, the other Wells Fargo and others Bank of America, Capital One or Citi.
The exact process repeats every time you open a PDF and manually enter each transaction.
A bank statement convertor will change the process away from transcription and towards review. Docubrew makes use of the actual statements to determine transaction numbers instead of estimating values. It creates structured files which can be viewed prior to use. That distinction becomes increasingly valuable as the volume of documents increases.
Batch Processing Changes the Equation
It could be beneficial to manually convert files occasionally. Accounting firms often face a different reality. Docubrew allows you to upload and process multiple statements in one go. Results are available on a separate basis. Firms can now manage client files without having to manually build every transaction table.
If the accounting workflow requires CSV files The user is able to transform the bank statements into CSV before beginning the process.
The same is true for scanned paper statements. Docubrew can OCR scan PDFs. This is very useful if the client’s history has the native PDFs and the scanned versions of documents.
Create an Output for the Accounting Work Ahead
It’s not the end of the procedure. The transaction usually needs to be sent somewhere.
Docubrew is able to export CSV and Excel. For a team that needs to move a bank statement to Quickbooks, QBO provides an available output option alongside the more general spreadsheet formats.
Businesses that convert regularly bank statements to Quickbooks can create a more regular process for receiving statements as well as processing them, reviewing the information extracted and preparing the necessary documents for the accounting workflow.
Human oversight is crucial. Automation can eliminate repeated transcription, however bookkeepers are still responsible for reviewing financial data and completing the accounting work in a timely manner.
Client data should be the subject of its own workflow decision
More documents means handling more sensitive client information.
Docubrew offers two processing methods. Windows desktop software converts files locally, and allows them to remain on the company’s computer. Docubrew claims that the cloud option allows upload of documents that are encrypted. Additionally, all uploaded and converted documents are deleted immediately after 24 hours.
An accounting practice can choose the strategy that is most appropriate to its needs for handling internal requirements.
Scale the process and not the repetitive work
An increasing bookkeeping practice must be expecting more financial documents. The practice should not automatically allow more copy and paste.
It is important to ask what process has been successful for five clients can still be applied to 50.
Standardizing the way statements are received, analyzed and created for accounting software could assist firms in developing a workflow designed to handle the recurring volume of documents, rather than making each PDF the beginning of a new manual project.