Processing a single bank account statement isn’t a major operational challenge. When only one PDF file is required the manual entry of data is possible.
Then multiply this number by numerous companies, several bank accounts and several period of statements.
The problem has been solved. The problem changes. This isn’t just about making it easier to convert bank statements for accounting and bookkeeping firms. It’s about developing a process that works even when the demand for the service increases.
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Repetition is the Bottleneck
Consider an accounting firm receiving monthly PDFs of multiple clients. One client utilizes Chase while the other uses Wells Fargo. Others send statements from Bank of America or Capital One.
The same process is repeated each time you open a PDF file and manually enter each transaction.
A convertor for bank statements can alter the flow of work so that it’s no longer the transcription process but the review. Docubrew uses the actual statement to find transaction numbers rather than estimating values. The result is a structured file which can be viewed prior to use. As document volumes increase the distinction between them becomes more important.
Batch Processing Modifies Equation
The handling of files in a separate manner is suitable for occasionally needed conversions. Accounting firms typically have a different situation. Docubrew allows multiple statements to be uploaded and processed in a single batch, resulting in individual results. Firms can then process a set of client documents without rebuilding every transaction table.
If the accounting workflow requires CSV files, then users are able to change bank statements to CSV and look over the transaction information prior to moving forward.
The same is true for scans of paper statements. Docubrew can OCR PDFs that have been scanned. This is helpful when the client’s history contains an assortment of native PDFs as well as the scanned versions of documents.
Make outputs for the work of accounting to come.
The process doesn’t stop with the conversion. The transaction is usually required to be sent to somewhere.
Docubrew exports CSV and Excel. QBO provides 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 a more consistent process around receiving statements, processing them, checking the extracted data, and preparing the appropriate files for the accounting workflow.
Human review remains vital. Automating repetitive transcription is a possibility to be achieved, but bookkeepers are still responsible for checking the financial information and finishing accounting work.
Client Data Deserves Its Own Workflow Choice
The handling of sensitive client data is also related to higher volumes of documents.
Docubrew provides two methods of processing. Windows desktop applications can convert locally. The files can be saved to the computer. Docubrew claims that cloud uploads documents that are encrypted. Additionally, all uploaded and converted documents are deleted immediately after 24 hours.
A business’s accounting department can pick the option that best suits its requirements for internal handling.
Scale Processes, Not Repetitive Work
Growing bookkeeping practices should lead to more financial documents. It shouldn’t be a matter of automatically accepting more copy and paste tasks.
It is crucial to inquire whether the process that was successful with five clients can be used for 50 clients.
By standardizing how statements are processed, converted, reviewed and prepared for accounting software, companies can develop a process for regular volumes rather than treating every PDF like an entirely new manual project.