The Monday-Morning Statement Folder: Processing Financial PDFs at Scale

It’s not that difficult to work through the bank account statement of just one. Manual entry is possible in the event that only one PDF document is being processed.

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

The issue evolves. The issue changes. For bookkeeping and accounting companies improving the efficiency of bank statement conversion isn’t just about creating a document that is faster. It’s essential to devise a method that is effective even when the number of documents increases.

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Repetition is the Bottleneck

Imagine a company in accounting which receives monthly PDFs from multiple clients. One client utilizes Chase while the other uses Wells Fargo. Others send statements from Bank of America or Capital One.

The same process is repeated every when you open a PDF file and manually record every transaction.

A converter for bank statements can modify the workflow to ensure that it is no longer transcription but review. Docubrew removes transaction information from the document itself rather than estimating financial values and creates structured files that can be checked prior to their use. As the volume of documents increases the distinction between them becomes more crucial.

Batch Processing Changes the Equation

It might be beneficial to manually convert files on occasion. Accounting firms are faced with different challenges. Docubrew lets multiple statements be uploaded and processed in a single session, and the results that are available separately. Firms can now work through client files without having to manually build every transaction table.

If the accounting process requires CSV files, the user can change the bank statement’s format to CSV before moving forward.

Scanned paper documents aren’t necessarily excluded. Docubrew includes OCR for PDFs that have been scanned, which can be useful when clients’ historical records contain a mixture of native PDFs as well as scanned documents.

Create outputs for the Accounting Work Ahead

The conversion isn’t the final stage of the process. The transaction will usually need to be sent to somewhere.

Docubrew is able to export CSV as well as Excel. For a team that needs to move a bank statement to Quickbooks, QBO provides an available output option alongside the more general spreadsheet formats.

Businesses that regularly convert bank statement data into Quickbooks regularly may develop a procedure that is more consistent in the receipt of statements, the processing, as well as the processing and checking of the data, and the preparation of the necessary files for the accounting workflow.

The human review is still important. Although automation can reduce repetitive transcriptions, bookkeepers still have to verify financial data and finish the accounting tasks.

Data from Clients is a Workflow-related Decision Itself

The handling of sensitive client data is linked to greater volumes of document.

Docubrew offers two processing options. Windows desktop software converts files locally, and allows them to remain on the company’s 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 can choose the best option for their specific needs.

Scale the process Not the repetitive work

Growing bookkeeping practices should result in more financial documentation. This shouldn’t come as a result that automatically accepts more copy-and paste tasks.

If you’re dealing with 50 clients, will the procedure that worked for five clients be logical?

Through standardizing the way statements are read, converted, viewed and created to be used in accounting software, companies can create a workflow for recurring volume rather than making every PDF an original manual project.