Processing just one bank statement isn’t too much of a problem. Even manual entry might seem manageable when only one PDF is required.

This task can be multiplied over hundreds of businesses, many accounts, and a variety of statement intervals.

The issue evolves. Once, it was a simple clerical task, but now it’s a lengthy process that consumes staff time and increases the chances of inconsistency in data entry. Improved bank statement conversion doesn’t simply mean making one statement more efficient. It’s about creating a method that still works when demand for the service increases.

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The problem is in repetition.

Take a look at an accounting firm that receives monthly PDFs of multiple clients. One client utilizes Chase one, and the other Wells Fargo. Others send statements from Bank of America or Capital One.

The same process is repeated every when you open a PDF, and manually add each transaction.

A bank statement converter can shift that workflow from transcription toward review. Docubrew takes the transaction data directly from the bank statement, instead of estimating financial values. It’s an organized file that can be inspected before it’s used. This is a benefit as the volume of documents grows.

The process of batch processing alters the equation

A separate handling of files is appropriate for occasionally needed conversions. Accounting firms often have to deal by a totally different situation. Docubrew lets you process multiple statements in a single session. The results are accessible separately. The company can process an abundance of documents provided by clients without needing to manually recreate every transaction table.

Users can transform their bank statements into CSV format and then read the transaction details.

It’s the same for scans of paper statements. Docubrew offers OCR for PDFs that have been scanned. This can be useful when a client has multiple native PDFs and scans within their records from the past.

Create Output for the Accounting Work Ahead

The conversion process isn’t finished. The transaction is usually required to be sent to somewhere.

Docubrew is able to export CSV, Excel and QBO. QBO provides an output format that is suitable for teams that want to transfer a bank statement to Quickbooks.

Firms that frequently convert bank statements to Quickbooks can build an easier process of getting statements as well as processing them, reviewing the extracted information and creating the proper file for the accounting workflow.

Human oversight is still important. Although automation can reduce repetition of transcriptions, bookkeepers have to check financial data and finish the accounting tasks.

Client data deserves its own workflow decisions

A higher volume of documents also implies more sensitive information regarding clients.

Docubrew has two methods of processing. Windows desktop software converts files locally, and lets them remain on the computer of the company. Docubrew says that cloud uploads are secured and the uploaded files as well as converted files are automatically deleted after 24 hours.

Accounting practices can select the most effective method for their internal requirements for handling.

Scale the process, not the repetitive work

Growing bookkeeping practices should result in more financial documentation. The practice should not automatically allow more copy and paste.

It is essential to inquire if the same process that has been successful for five clients is able to be applied to 50.

Standardizing the manner in which statements are received, reviewed and prepared for accounting software can aid firms in creating a workflow that is designed to handle periodic volumes, rather than using each PDF as an individual manual project.