The process of processing a single statement isn’t a huge challenge. Manual entry can be handled in the event that only one PDF document is being processed.

Now, multiply that task across dozens of businesses, several banks, and several statement periods.

The problem has been solved. What appeared to be a minor routine clerical task becomes a repeated work flow that drains staff time and creates more opportunities for inconsistent data entry. For accounting and bookkeeping firms improving the efficiency of bank statement conversion isn’t about just creating a document that is faster. It is about creating the system that will work as the volume of transactions increases.

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The real bottleneck is repetition

Imagine that an accounting firm receives PDFs every month from multiple clients. One client is Chase while the other uses Wells Fargo. Others send statements from Bank of America or Capital One.

The process of opening each PDF and manually entering each transaction requires repeating the same manual operation over and over.

A bank statement convertor could alter the workflow so that it’s no longer transcription, but rather review. Docubrew extracts the transaction numbers from the statements themselves rather than estimating financial values which creates structured documents which can be inspected prior to use. That distinction becomes increasingly valuable when the amount of documents is increasing.

The process of batch processing alters the equation

For occasional conversions It is possible to handle files individually. Accounting firms often have to deal by a totally different situation. Docubrew lets multiple statements be uploaded and processed in a single operation, with the results available individually. The company can process an array of documents provided by clients without needing the task of manually re-creating each transaction table.

If the accounting workflow calls for CSV files users can change the bank statement’s format to CSV prior to moving forward.

Scanned paper statements can’t be automatically excluded either. Docubrew can OCR scanned PDFs. This is very useful if the client’s history has a mix of native PDFs and scannable documents.

Create outputs to support the accounting work in the future.

The process does not end when the conversion is completed. The transactions usually must be carried out.

Docubrew exports 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.

Companies that frequently convert bank statements to Quickbooks can develop an easier process of receiving the statements, processing them, checking the extracted information and preparing the correct data files to support the accounting workflow.

Human review remains crucial. While automation is able to reduce the amount of repetitive transcription, bookkeepers need to review financial data and complete the accounting task.

Data from Clients is a Workflow Flow Decision in Itself

A greater volume of documents can also mean more sensitive information regarding clients.

Docubrew offers two ways for processing. Windows desktop applications can convert locally. The converted files are stored on the computer. Docubrew says that cloud uploads are encrypted and the uploaded files as well as converted files are automatically deleted after 24 hours.

Accounting practices could choose the method that best suits their particular needs.

The Process can be scaled, not the repetitive work

The increasing use of bookkeeping procedures should result in more financial documentation. This shouldn’t be the case of requiring more copy and paste tasks.

It is vital to determine whether the process that worked for five clients could be applied to 50.

The way that statements are reviewed, received and created for accounting software could aid companies in creating a process designed to handle periodic volumes, rather than making each PDF a new manual project.