Processing one statement is not a big problem. Manual entry is manageable with just one PDF file is involved.
Now spread that work out across hundreds of companies, multiple bank accounts, and a variety of statement times.
The problem has been solved. What was once a simple clerical job becomes a repetitive procedure that eats up time and leads to more chances for inaccurate data entry. Better bank statement conversion doesn’t just mean making one document more efficient. It’s about developing the system that will work as the volume grows.
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The biggest bottleneck is repetition
Think about an accounting company receiving monthly PDFs of multiple clients. One client provides statements from Chase and another from Wells Fargo and others Bank of America, Capital One or Citi.
The same process is repeated every when you open a PDF, and manually add every transaction.
A bank statement converter can shift that workflow from transcription toward review. Docubrew can extract the figures of transactions directly from the bank statement instead of estimating financial value. This results in a well-organized file that can be reviewed prior to use. That distinction becomes increasingly valuable as document volume grows.
The process of batch processing alters the equation
It is possible to manually convert files infrequently. Accounting firms often confront a completely different scenario. Docubrew lets you transfer and process multiple financial statements in a single session. Results are made available on a separate basis. Firms are now able to work with client documents without manually rebuilding each transaction table.
If the accounting process requires CSV files users can change the bank statement into CSV prior to proceeding.
Scanned paper reports aren’t necessarily excluded. Docubrew provides OCR for PDFs that are scanned, which is useful if your client’s historical records comprise a mixture of native PDFs as well as scanned documents.
Create output to help with the accounting work that is ahead
The process doesn’t end with the conversion. Many transactions require to be processed.
Docubrew is able to export CSV, Excel and QBO. QBO is a choice for a team that needs to export a bank account to Quickbooks. It’s also available in the general spreadsheet format.
Firms that regularly convert bank statements to Quickbooks can build an efficient process of getting statements and processing them, examining the data extracted and creating the proper files for the accounting workflow.
Human oversight is vital. Automating repetitive transcription can be achieved, but bookkeepers have the responsibility of checking the financial information and completing accounting work.
Client Data Deserves Its Own Workflow This is a crucial decision
An increase in the volume of documents also implies more sensitive information regarding clients.
Docubrew offers two different processing methods. Windows desktop applications perform conversions locally. Files can remain on the computer. Docubrew states that cloud uploads are secure and uploaded files and converted files will be deleted after 24 hours.
Accounting practices could choose the best method to meet their own internal requirements.
Scale the process, not the repetitive work
As a bookkeeping practice grows the number of financial documents that must be anticipated. The practice should not automatically allow additional copy and paste tasks.
It is important to ask whether the same method that worked for five clients can still be used for 50 clients.
By standardizing the process of receiving or converting documents, then reviewing them and preparing accounting statements software, businesses can establish workflows that can be used for periodic amounts rather than treating every new PDF as an individual project.