The processing of a single bank statement isn’t a major operational problem. Manual entry is possible when only one PDF document is involved.
Then, you can multiply the task over many businesses, several banks, and several statement times.
The problem has changed. The problem is changing. A better bank statement conversion doesn’t only mean that you can make one document more efficient. It’s crucial to design a process which works even when the amount of documents grows.
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The bottleneck is repetition
Imagine that a firm in the field of accounting receives monthly PDFs from a variety of clients. One client is Chase while the other uses Wells Fargo. Others send statements from Bank of America or Capital One.
Open each PDF file and manually enter every transaction.
A convertor for bank statements could alter the workflow so that it’s not the transcription process but the review. Docubrew uses the actual statement to extract transaction numbers, instead of estimating values. It creates structured files which can be viewed prior to use. This is a benefit as the amount of data grows.
The process of batch processing alters the equation
It could be beneficial to manually convert files infrequently. Accounting firms typically have to contend by a totally different situation. Docubrew allows multiple statements to be loaded and processed in one single run, with results available individually. Firms can now work through client records without having to manually rebuild every transaction table.
If the accounting workflow calls for CSV files it is possible to change the bank statement into CSV before beginning the process.
Scanned paper reports aren’t automatically excluded either. Docubrew provides OCR for PDFs scanned. This is useful in cases where a customer has both native PDFs as well as scans in their documents from the past.
Create Outputs for Accounting Work Ahead
It’s not the end of the procedure. A majority of transactions have to be processed.
Docubrew exports CSV, Excel, and QBO. For a team that needs to move a bank statement to Quickbooks, QBO provides an available output option alongside the more general spreadsheet formats.
Companies that convert bank statement information to Quickbooks frequently will be able to develop an approach that is more consistent with the receipt of statements, their processing, as well as the processing and checking of the data, and the preparation of the necessary files for the accounting workflow.
Human oversight is essential. Automating repetitive transcription is a possibility to be accomplished, however 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 data is also associated with higher document volumes.
Docubrew offers two ways for processing. Windows desktop software performs conversions locally. The files can be saved to the computer. Docubrew claims that the cloud option allows upload of documents encrypted and all uploaded and converted documents are automatically deleted within 24 hours.
Accounting practices may choose the best option for their own internal requirements.
The Process can be scaled, not the repetitive work
As a bookkeeping practice grows, more financial documents should be anticipated. It should not automatically accept the need for more copy-and-pasting.
If you’re dealing with 50 clients is the method that worked for five clients work?
Standardizing the way statements are received, evaluated and prepared for accounting software can assist firms in developing a workflow that is designed to handle regular volumes, instead of making each PDF an entirely new manual task.