Processing a single statement isn’t a major challenge. With only one PDF document is involved it’s even a manual entry to be manageable.
Multiply this task with hundreds of businesses, many banks and various statements.
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The situation changes. Once, it was a simple administrative task, now it’s an arduous process that takes up staff time and can lead to inconsistent data entry. The improvement in bank statement conversion does not just mean making a single document more efficient. It’s essential to devise the process that can be used even when the number of documents increases.
The bottleneck is repetition.
Imagine that an accounting company receives monthly PDFs from several clients. One client is Chase, the other Wells Fargo. Others send statements from Bank of America or Capital One.
The same procedure is repeated each time you open a PDF and manually enter every transaction.
A bank statement convertor can modify the workflow to ensure that it’s no longer transcription but review. Docubrew extracts the transaction figures directly from the bank statement instead of estimating financial values. The result is a structured file that can be scrutinized prior to being used. As document volumes increase the distinction between them becomes more important.
Batch processing changes the equation
A separate handling of files is suitable for periodic conversions. Accounting firms are often faced by a totally different situation. Docubrew allows for multiple statements to be uploaded and processed in a single batch, with different results. Firms are now able to work with client documents without having to manually recreate every 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 documents aren’t completely excluded. Docubrew provides OCR for PDFs that have been scanned. This is useful for clients who have multiple native PDFs and scans in their historical records.
Create outputs for the Accounting Work Ahead
The process of conversion isn’t completed. The transaction will usually need to be sent to somewhere.
Docubrew allows export of CSV, Excel and QBO. QBO is an option for teams who need to transfer a bank statement to Quickbooks. Also, it is available in general spreadsheet format.
Companies that convert bank statements into Quickbooks on a regular basis can create a consistent process for receiving the statements, processing them and checking the extracted data. They can also make the necessary files to aid in the accounting workflow.
Human reviews are still crucial. Automating repetitive transcription is a possibility to be done, but bookkeepers are still responsible for checking the financial information and finishing accounting work.
Client Data is a Rightful Ownership Workflow Choice
The handling of more sensitive client information is also associated with higher document volumes.
Docubrew offers two different processes. Windows desktop applications can convert locally. The files can be saved to the computer. Docubrew declares that cloud-based uploads are encrypted and uploaded files and converted files will be deleted after 24 hours.
Accounting practices are able to choose the most effective method for their internal management needs.
Scale the process and not the repetitive work
A growing bookkeeping practice will expect to see more financial documentation. It shouldn’t automatically allow for increased copy-and-paste.
The most important thing to consider is whether the method that worked with five clients will be effective for 50 clients.
By standardizedizing the process of receiving or converting documents, then reviewing them and preparing accounting statements software, companies can create an automated workflow for the production of recurring quantities rather than treating each new PDF like a manual project.