The process of processing a single statement is not a big problem. When only one PDF file is being processed even manual entry is manageable.

Multiply this task with dozens of companies, multiple banks and various period of statements.

The issue has shifted. The issue changes. For accounting and bookkeeping firms the goal of improving the conversion rate of bank statements isn’t simply about making one document faster. It’s about developing the system that will work as the volume of transactions increases.

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The bottleneck is repetition.

Imagine an accounting firm receiving monthly PDFs of multiple clients. One is Chase and another Wells Fargo, while others transmit reports from Bank of America, Capital One, Citi, or smaller firms.

The process of opening each PDF and entering each transaction manually is a process of repeating the same mechanical work again and again.

A converter for bank statements will move the workflow away from the transcription process and instead towards reviewing. Docubrew removes transaction information from the actual statement rather than estimating the financial value, producing structured files which can be inspected prior to use. This distinction becomes more valuable as the amount of data increases.

Batch Processing Modifies the Equation

Processing files separately could be appropriate for occasionally needed conversions. Accounting firms have different requirements. Docubrew allows for multiple statements to be uploaded and processed in one batch, resulting in individual results. The firm is able to work with an array of documents supplied by clients without having to manually create each transaction table.

Users can transform their bank statements into CSV format and then review the transaction data.

Scanned paper statements also do not have to be excluded. Docubrew comes with OCR for scanned PDFs, which can be helpful if clients’ historical records contain a mixture of native PDFs and scanned files.

Produce output for the work of accounting to come.

The conversion isn’t the end of the procedure. The transactions generally must be carried out.

Docubrew can export 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.

Firms that regularly convert bank statements to Quickbooks can create a more consistent process around accepting statements as well as processing them, reviewing the extracted data and creating the proper data files to support the accounting workflow.

Human review is important. Automated transcription can reduce repeated transcription, however bookkeepers still have to check financial data and making sure that they are doing the accounting task in a timely manner.

Client data should be the subject of its own workflow decisions

Higher document volume also implies handling more sensitive client information.

Docubrew provides two different processing options. Windows desktop software converts files locally, and allows them to stay on the computer of the company. Docubrew says that cloud uploads are secure and the uploaded files as well as converted files will be deleted after 24 hours.

Accounting practices can choose the best method to meet their internal needs.

Scale the process but not the repetitive tasks

Increased bookkeeping practices will lead to more financial documents. This shouldn’t be a case that automatically accepts more copy-and paste work.

The most important thing to consider is if the approach that worked for five clients can work for 50.

Standardizing the way statements are reviewed, received and prepared for accounting software can aid companies in creating a process designed to manage regular volumes, instead of considering each PDF as a new manual project.