Bank Feeds

Introduction

Bank feeds are data connections that allow you to automatically download incoming and outgoing transactions from your bank account to your accounting software.

You can then work with this data by matching bank transactions to your accounting activities to help you reconcile accounts.

Typical Problems

Before feeds were introduced, you had to manually type transactions from a bank statement into your accounting software or upload a file manually from your online banking system. Both manual processes are time-consuming and error-prone.

As this is a recent technology, it is yet to be fully adopted across the banking sector and some ageing accounting solutions are unable to link directly to Bank Feeds.

Once a bank is linked, it often only pulls the information daily, not allowing you to have a truly live banking system, which can hinder reporting and decision-making.

Solutions

Using a true cloud solution, you can connect your system directly with your bank of choice through an existing feed or use internal customisation to create a feed without the need for a software provider to configure this for you. With this, you can schedule the synchronisation multiple times a day to give you up to date information.

Benefits/ROI

The feeds simplify bank reconciliation, ensuring your accounts are accurate and up to date, while vastly reducing manual data entry and saving you time.

Even if your selected bank does not have a feed available; you can use the customisation to create direct data links avoiding expensive and time-consuming development.

You can also create new transactions as needed and make automated rules that track and update bank activity in your software in more detailed ways, making you much more organised and efficient.