Processing just one bank statement isn’t a huge operational difficulty. Even manual entry may seem manageable when only one PDF is required.
Multiply this task with dozens of companies, multiple account numbers and multiple statements.
The problem is not the same. The issue is evolving. For bookkeeping and accounting firms the goal of improving the conversion rate of bank statements doesn’t mean just speeding up the process of converting one document. It’s about developing systems that work when the amount of documents is increased.
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The biggest bottleneck is repetition
Imagine a company in accounting which receives monthly PDFs from a variety of clients. One of them is Chase, another Wells Fargo, while others provide reports via Bank of America, Capital One, Citi, or smaller organizations.
The same work is repeated every time you open a PDF and manually record every transaction.
A bank statement converter can shift that workflow from transcription toward review. Docubrew extracts the transaction figures directly from bank statements instead of estimating financial values. The result is a structured file that can be examined prior to its use. With the increase in document volume this distinction becomes more important.
Batch Processing Modifies Equation
Handling files individually may be appropriate for periodic conversions. Accounting firms generally encounter a different set of challenges. Docubrew allows you to transfer and process multiple financial statements simultaneously. Results are provided separately. The company can process an abundance of documents provided by clients without needing to manually build every transaction table.
If the accounting workflow requires CSV files, then users can convert bank statements to CSV and examine the resulting information before moving on.
It’s the same for scanned paper statements. Docubrew provides OCR for scanned PDFs, which can be helpful if clients’ historical records contain the combination of native PDFs and scanned files.
Create an Output to complete the Accounting Work Ahead
The process doesn’t finish when the conversion is completed. The transactions usually must be carried out.
Docubrew can export CSV, Excel and QBO. For a team that needs to transfer bank statements to Quickbooks, QBO provides an alternative output option in addition to the standard spreadsheet formats.
Companies that convert bank statements into Quickbooks on a regular basis can set up a routine for receiving the statements in the first place, processing them and examining the extracted data. They also can prepare the necessary files to aid in the accounting process.
Human-based review is still essential. Automating repetitive transcription can be performed, but bookkeepers remain responsible for checking the financial information and finishing accounting work.
Client data deserves its own workflow decisions
The handling of sensitive client data is also related to higher volumes of documents.
Docubrew offers two processes. The Windows desktop application converts locally, which allows files to remain on the firm’s system. Docubrew states that the cloud option uploads files that are encrypted. All transferred and uploaded documents are deleted immediately after 24 hours.
Accounting practices may choose the most appropriate method for their internal requirements for handling.
The Process can be scaled, not the Repetitive Work
A booming bookkeeping business should be expecting more financial documents. This should not mean that it automatically allows additional copy and paste tasks.
The question to ask is if the approach that worked for five clients will still be effective for 50 clients.
Standardizing the method by which statements are received, reviewed and made available to accounting software will help firms build a workflow that is designed to handle the recurring volume of documents, rather than treating each PDF as an entirely new manual task.