The processing of a single statement is not a big problem. Manual entry is manageable with just one PDF file is being processed.

Then, you can multiply the task over many businesses, several bank accounts, and a variety of statement times.

The problem is not the same. Once, it was a simple job for a clerical worker, but now it’s an arduous process that consumes the time of employees and can lead to inaccurate data entry. It’s not only about improving the conversion speed of bank statements for accounting and bookkeeping firms. It’s about developing a process that works even when the demand for the service increases.

Image credit: docubrew.com

The bottleneck is repetition

Imagine an accounting firm receiving monthly PDFs from a variety of clients. One uses Chase, another Wells Fargo, while others provide reports via Bank of America, Capital One, Citi, or smaller firms.

Open each PDF file and manually enter each transaction.

A bank statement converter can shift that workflow from transcription toward review. Docubrew sifts out the transaction numbers directly from bank statements instead of estimating financial value. The result is a structured file that can be inspected before it’s used. This distinction becomes more valuable as the amount of data increases.

Batch Processing Changes the Equation

If you are dealing with occasional conversions, it may be reasonable to deal with files in a separate manner. Accounting firms have different requirements. Docubrew allows you to upload and process multiple statements in a single session. Results are available on a separate basis. So, a company can go through a large collection of client records without manually building each transaction table.

Users can convert bank statements to CSV format and then review the transaction details.

Scanned paper statement do not have to be excluded. Docubrew offers OCR for scanned PDFs. This is a great option when a client is dealing with both native PDFs as well as scans in their documents from the past.

Create an Output to help with the Accounting Work Ahead

The conversion process isn’t completed. The transaction will usually need to be sent somewhere.

Docubrew is able to export CSV and Excel. QBO offers an output format that is suitable for teams that need to transfer bank account statement to Quickbooks.

Companies that convert bank statement data to Quickbooks regularly can develop an approach that is more consistent with the receipt of statements, their processing, as well as the checking and extraction of the information, and the preparation of the necessary records for the accounting workflow.

Human oversight is crucial. Automating repetitive transcription is a possibility to be done, but bookkeepers still have to be responsible for checking the financial information and completing accounting work.

Data provided by clients is a Workflow Flow Decision in Itself

A greater volume of documents also means more sensitive information about customers.

Docubrew offers two processing approaches. Windows desktop programs perform conversions locally. Files can remain on the computer. The cloud option uses encrypted uploads, and Docubrew declares that converted and uploaded files are deleted automatically within 24 hours.

A business’s accounting department can pick the option that best suits the requirements of its internal handling.

Scale Processes, Not Repetitive Work

A booming bookkeeping business should be expecting more financial documents. It should not automatically accept more copy and paste.

It is essential to inquire what process was successful for five clients can still be applied to 50.

Standardizing the manner in which statements are received, analyzed and made available to accounting software will aid firms in creating a workflow designed to handle recurring volumes, rather than treating each PDF as an entirely new manual task.