What are Bank Feeds
This brilliant software innovation helps businesses become much more efficient by vastly reducing manual reconciliation work.
The technology allows data to flow effortlessly between bank accounts and accounting software, helping make administration easy and less time consuming and ultimately saving time, so you can focus on growing revenue and profits.
This is relevant for businesses of all sizes but especially for small businesses that spend a large portion of their time on manual reconciliations. Bank feeds are designed to automate large sections of manual bookkeeping, which helps make finance professionals much more agile and responsive to business needs.
They can also help you integrate financial data into core processes, creating dynamic, up-to-date reporting and analysis to support business decisions.
How Bank Feeds Work
Bank feeds are suited to all businesses looking for efficiency gains.
Your software provider may have direct data connections with your bank of choice. Alternatively, the feeds might be delivered via a third-party platform that connects directly with banks and payment providers to automate and transform transaction data, such as Yodlee.
After collecting the information, the platform connects your bank account and accounting software and feeds the data into obtain data from banks, the platform aggregates it by copying the list of transactions on the screen of users’ online banking portals.
It cleans up the list, removes duplicates and sends it to your online accounting software as a feed.
Are bank Feeds Safe and Secure
Bank feeds keep your data safe with industry-leading security and accurate connections to banks and payment providers.
To enable access to your bank, the third-party platform needs to store your login credentials, which it does in a highly secure system.
To protect your details, at no point does your accounting software provider have sight of your banking credentials or store them, and it can’t access them either.
After you set up bank feeds with your online banking details, the platform logs into your banking website on your behalf, retrieves your bank statement information and transfers it to your software.
Efficiency using Bank Feeds
Before feeds were introduced, you had to manually type transactions from a bank statement into your accounting software manually or upload a file manually from your online banking system.
But both manual processes are time consuming and error prone.
Bank feeds enable you to automate large portions of manual bookkeeping work with data flowing effortlessly and seamlessly from banks into accounting software. This saves you time on entering and reconciling transactions, helping your business increase efficiency and productivity by automatically matching bank transactions with sales invoices awaiting collection or bills awaiting payment, for example, can cut hours of manual data entry required to reconcile accounts.
Adding automatic rules can make you even more efficient for example, you can set rules to match transactions from certain suppliers automatically – such as a credit card transaction from a rail firm, categorising it as travel.
Such rules also make your data more secure, reliable, up to date and less error prone and by integrating data into core processes, bank feeds can help you create more timely, dynamic, and future-oriented reporting and analysis to support business decisions.
If you need help or want more information on bank feeds, please contact us:
Call 07795 425032