It’s not difficult to process an individual bank account statement. When only one PDF file is needed it’s even a manual entry possible.

Multiply this task by many companies, numerous bank accounts and several statement times.

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The problem is solved. The problem changes. The improvement in bank statement conversion does not simply mean making one statement faster. It’s about creating a method that works even when the demand for the service increases.

The bottleneck is repetition.

Imagine that a firm in the field of accounting receives monthly PDFs of several clients. One client is sending statements from Chase and another from Wells Fargo and others Bank of America, Capital One or Citi.

The same process is repeated every time you open a PDF file and manually enter each transaction.

A converter for bank statements can change the workflow so that it is no longer transcription, but rather review. Docubrew uses the actual statement to find transaction numbers rather than estimating values. The result is a structured file which can be reviewed before use. This is a benefit as the number of documents grows.

Batch Processing Modifies Equation

The handling of files in a separate manner is appropriate for occasional conversions. Accounting firms are a different set of challenges. Docubrew allows multiple statements to upload and be processed in a single batch, with individual results. Firms can now process 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.

The same is true for scans of paper statements. Docubrew provides OCR for PDFs that have been scanned. This is useful in cases where a customer has both native PDFs as well as scans of their old records.

Create Output to complete the Accounting Work Ahead

The process does not end with the conversion. The transactions generally require a destination.

Docubrew supports exporting CSV, Excel and QBO. QBO is a choice for teams who need to export a bank statement to Quickbooks. It’s also available in the general spreadsheet format.

Businesses that convert bank statements into Quickbooks regularly can create a consistent process for receiving the reports, processing them and checking the extracted data. They can also make the necessary files to aid in the accounting workflow.

Human oversight is still important. Automation is able to eliminate repeated transcription, however bookkeepers must still be accountable for reviewing financial information and completing the accounting task in a timely manner.

Client data should be the subject of its own workflow decision

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

Docubrew offers two processing approaches. Windows desktop software converts files locally, and allows them to remain on the computer of the company. Cloud storage is encrypted uploads, and Docubrew states that the uploaded and converted files are automatically deleted within 24 hours.

A business’s accounting department can pick the strategy that is most appropriate to its needs for handling internal requirements.

Scale the process and not the repetitive work

As the bookkeeping practice expands it is expected that more financial documents will be anticipated. This shouldn’t be a case of automatically accepting more copy-and paste work.

The useful question is whether the method that was successful for five clients will still make sense for 50.

By establishing a standard for how statements are processed, converted, reviewed and formatted to be used in accounting software, companies can build a workflow designed for regular volumes rather than making every PDF an entirely new manual task.