It’s not difficult to process the bank account statement of just one. Even manual entry might seem manageable when only one PDF is required.
Then, you can multiply the task over many businesses, several banks, and several statements.
Image credit: docubrew.com
The situation has changed. What was once a simple routine clerical task becomes a repeated work flow that drains staff time and creates more opportunities for inconsistent data entry. It’s not just about increasing the speed of conversion of bank statements for accounting and bookkeeping companies. It is about creating systems that work when volume increases.
The biggest bottleneck is repetition
Imagine an accounting firm receiving monthly PDFs from multiple clients. One client sends the statements of Chase One client is Wells Fargo, the other Wells Fargo and others Bank of America, Capital One or Citi.
The same procedure is repeated every time you open a PDF, and manually enter each transaction.
A converter for bank statements can modify the workflow to ensure that it’s not recording but a review. Docubrew utilizes the actual statement to determine transaction numbers instead of estimating values. This produces structured files which can be reviewed before use. With the increase in document volume this distinction becomes more important.
Batch Processing Modifies Equation
It is possible to manually convert files on occasion. Accounting firms have different requirements. Docubrew allows multiple statements to upload and be processed in one batch, with different results. Firms are now able to work with client records without having to manually rebuild every transaction table.
If the accounting workflow requires CSV files, users can convert bank statements to CSV and review the resulting transaction data before moving forward.
Scanned paper documents can’t be excluded automatically. Docubrew offers OCR for PDFs scanned. This is useful when a client has a mixture native PDFs and scans within their records from the past.
Create an Output to complete the Accounting Work Ahead
The conversion process isn’t complete. The transaction will usually need to be delivered to a destination.
Docubrew exports CSV and Excel. If you’re a member of a team who wants to transfer a bank statement into Quickbooks, QBO provides an available output option alongside the more general spreadsheet formats.
Businesses that convert bank statements data into Quickbooks frequently will be able to develop an approach that is more consistent with the receipt of the statements, their processing, the examination and extraction of information, and the preparation of the needed records for the accounting workflow.
Human review remains crucial. Although automation can cut down on repetition of transcriptions, bookkeepers have to check financial data and finish the accounting tasks.
Client data is entitled to its own workflow decisions
The handling of sensitive client data is related to higher volumes of documents.
Docubrew offers two ways of processing. The Windows desktop application converts locally, allowing files remain on the company’s computer. Cloud storage is encrypted uploads, and Docubrew states that files uploaded and converted will be deleted in 24 hours.
Accounting practices can select the option that best suits its needs for handling internal requirements.
The Process can be scaled, not the Repetitive Work
Growing bookkeeping practices should produce more financial records. It should not automatically accept the need for more copy-and-pasting.
The useful question is whether the method that worked for five clients can work for 50.
Through standardizing the process of receiving and converting, reviewing, and preparing accounting statements software, businesses can establish workflows for regular numbers rather than treating every new PDF as a manual task.