It’s not a problem to prepare the bank account statement of just one. With only one PDF document is needed it’s even a manual entry manageable.
Now, multiply that task across hundreds of companies, multiple bank accounts, and a variety of statements.
The problem has been solved. Was once a simple job for a clerical worker, but now it’s an arduous process that consumes staff time and increases the chances of inaccurate data entry. For bookkeeping and accounting companies the goal of improving the conversion rate of bank statements isn’t simply about improving the speed of one document. It is about creating the system that will work as volume increases.
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The problem is in repetition.
Imagine an accounting company which receives monthly PDFs from a variety of clients. One client sends the statements of Chase one, another Wells Fargo and others Bank of America, Capital One or Citi.
Download each PDF file, then manually enter each transaction manually.
A converter for bank statements can modify the workflow to ensure that it’s not transcription, but rather review. Docubrew makes use of the actual statements to obtain transaction data, rather than estimating values. The result is a structured file which can be reviewed before use. As document volumes increase the distinction between them becomes more vital.
Batch Processing Changes the Equation
The handling of files in a separate manner is suitable for occasionally needed conversions. Accounting firms generally have a different situation. Docubrew permits multiple statements to be uploaded and processed in a single session, and the results being available in a separate way. Firms are now able to work with client files without having to manually build every transaction table.
If the accounting process requires CSV files users can change the bank statement’s format to CSV before proceeding.
Scanned paper reports aren’t necessarily excluded. Docubrew offers OCR for scanned pdfs. This is a great option in cases where a customer has a mixture native PDFs and scans within their records from the past.
Create Outputs to complete the Accounting Work Ahead
The process of conversion isn’t finished. The transactions generally have to be routed somewhere.
Docubrew can export CSV, Excel, and QBO. For a team that needs to transfer bank statements into Quickbooks, QBO provides an export option that is available alongside the standard 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 oversight is crucial. While automation may reduce the amount of repetitive transcription, bookkeepers need to review financial data and complete accounting work.
Client Data Deserves Its Own Workflow This is a crucial decision
The handling of more sensitive client information is also associated with higher document volumes.
Docubrew has two methods for processing. Windows desktop programs perform conversions locally. The files can be saved to the computer. Docubrew says that cloud uploads are encrypted and the uploaded files as well as converted files will be automatically deleted after 24 hours.
Accounting practices are able to choose the best method to meet their internal requirements for handling.
Scale the process Not the repetitive work
A booming bookkeeping business should expect more financial documents. It shouldn’t automatically accept proportionally more copy-and-paste.
It is vital to determine whether the same method that was successful for five clients is able to be applied to 50.
Through standardizing the process of receiving the documents, converting them, reviewing them, and preparing financial statements using accounting software, businesses can establish workflows for regular amounts rather than treating every new PDF like a manual project.