The processing of a single statement isn’t a huge problem. Manual entry is feasible with just one PDF file is involved.
Divide this task into numerous companies, several bank accounts, and a variety of statement times.
The problem is solved. Once, it was a simple routine clerical job, but today it’s a lengthy process that consumes staff time and raises the risk of inaccurate data entry. It’s not all about speeding up the conversion of bank statements for bookkeeping and accounting companies. It is about creating the system that will work as the volume grows.
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The problem is in repetition.
Think about an accounting company receiving monthly PDFs of multiple clients. One client is sending statements from Chase and another from Wells Fargo and others Bank of America, Capital One or Citi.
In the process of opening every PDF and entering each transaction manually means repeating the same mechanical procedure over and over.
A converter for bank statements will shift the workflow away from transcription to more of a review. Docubrew analyzes the actual bank statement to extract transaction numbers, instead of estimating values. This creates structured files that can be inspected prior to use. This feature is more important as the amount of data increases.
Batch Processing Modifies the Equation
It could be beneficial to manually convert files infrequently. Accounting firms usually have to deal by a totally different situation. Docubrew lets you upload and process multiple statements simultaneously. Results are available separately. The company can thus manage a variety of client documents without manually creating every transaction table.
If the accounting workflow requires CSV files it is possible to convert the bank statement to CSV prior to proceeding.
This is also true for scans of paper statements. Docubrew provides OCR for PDFs scanned. This can be helpful in cases where a customer has multiple native PDFs and scans of their old records.
Create an Output to help with the Accounting Work Ahead
The process doesn’t stop after the conversion. A majority of transactions have to be processed.
Docubrew exports CSV and Excel. If you’re a member of a team who wants to move a bank statement to Quickbooks, QBO provides an alternative output option in addition to 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.
Human reviews are crucial. Automation could eliminate repeated transcription, however bookkeepers must still be accountable for reviewing financial data and making sure that they are doing the accounting process properly.
Client Data Should Have Its Own Workflow Decision
The handling of more sensitive client data is associated with higher document volumes.
Docubrew provides two different methods of processing. Windows desktop applications can convert locally. The files can be saved to the computer. The cloud option uses encrypted uploads, and Docubrew states that uploaded and converted files are deleted automatically within 24 hours.
Accounting practices can select the method that best fits its requirements for internal handling.
Scale Processes, Not Repetitive Work
A growing bookkeeping practice will expect more financial documents. This should not mean that it automatically allows more copy and paste work.
It is essential to inquire if the same process that worked for five clients can still be applied to 50.
The way that statements are received, evaluated and created for accounting software could assist firms in developing a workflow that can handle recurring volumes, rather than considering each PDF as an individual manual project.