Open a lengthy bank statement and you’ll find many more pages than the transaction ledger. Account notes, summaries, explanations and disclosures could be a part of the information an accountant needs.
Processing all data is not required if the project is to move information from transactions to an accounting software or spreadsheet. To develop a more focused workflow, you must identify the pages that are useful prior to creating the output.
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It’s not a sign of more data.
Think about a company reviewing several months of bank activity. The monthly PDFs may contain at least 10 pages but only a portion of the document has the necessary transaction tables to record the financial transactions.
One solution is to manually copy those tables, however this may be slow and may lead to typing mistakes. Businesses can instead convert bank statements to Excel while limiting the conversion to relevant pages.
Docubrew’s page preview lets a user to look over and decide on what information to take into consideration. Cover sheets, disclosures, and other pages not needed are able to be removed.
You are more in control when you preview first
Automated systems work best when they can be controlled by the user.
Instead of using a blind process to process a whole document, Docubrew lets users preview statements before beginning the conversion. The software utilizes the original statement to extract figures, rather than trying to estimate financial values.
This preview allows you to make sure that the correct pages have been chosen, as well as to check the extracted information before downloading.
This is a basic but crucial checkpoint when it concerns financial documents.
The Export’s Shape should be determined by the destination
The next thing to consider is what you will do with the transactions.
Excel excel is perfect for bookkeepers that need to organize or examine the data. If the data is being transferred into a different software, CSV may fit the workflow better. Docubrew is also able to output QBO.
Someone who needs to convert bank statement to CSV for example could create a CSV rather than making an Excel workbook first and manually changing formats afterward.
Docubrew output can be utilised in conjunction with accounting platforms such as QuickBooks, Xero and FreshBooks and spreadsheets.
Scanned paper statements can be used to be seamlessly integrated into the workflow
The conversion can be done with any PDF file, not only those that have been digitally made.
Businesses sometimes have older statements that are only available as scans of paper. Docubrew includes OCR for PDF documents that have been scanned, allowing those statements to be processed as well.
This can be useful during project bookkeeping that has historical significance, where the latest records are digital but earlier accounts were scanned using paper. Instead of creating two separate workflows, the documents can be processed in the same process of conversion and then analyzed prior to export.
Processing Locally or in the Cloud
The final output of financial documents is just as important as how they are managed.
Docubrew’s Windows Desktop application converts documents locally to the client’s system. Cloud processing is accessible to users who prefer browser-based processes. Docubrew says that uploaded documents are secure and uploaded documents and converted documents will be deleted automatically within 24 hours.
Converting a bank statement into Excel doesn’t have to mean feeding every page of the PDF file and hoping that it will be useful.
Start by looking through the pages that have the information you need. Examine what’s being extracted. Choose the format to complete the next task in accounting.
It is possible to design a more efficient financial workflow by consciously processing less rather than processing more.