The Benefits of Using Bank Feeds
Ping! Another message from your accountant reminding you to send your business bank statements! For small business owners and entrepreneurs, administrative tasks like this can quickly pile up! At Tact we use bank feeds to automatically receive our clients bank statements, saving them time for the more important things in life!
What is a Bank Feed?
A bank feed is a connection between your bank account and accounting software. Every day, bank transactions will automatically be sent to your accountant program. No need for manual data entry!
Save Time
Without a bank feed, you or your accounting will have to manually enter each transaction from your bank statement into your accounting software. This could cost hours of administrative work each month. This is valuable time that could have been spent on growing your business and meeting the needs of your customers. Certain accounting applications allow you to upload bank transactions which can reduce the time of manual data entry. At Tact, we make use of an application to send our clients bank transactions automatically to their accounting administration.
Reduce Mistakes
Manually entering or even uploading bank transactions to an accounting software can lead to errors! Transactions can be entered with the wrong amount, wrong dates or with no descriptions. This can have serious consequences if your financial records will be reviewed or audited externally. With bank feeds you significantly reduce the chances of these errors occurring in the first place.
Up-to-date Overview
Last but not least, bank feeds means that you can have a near real time overview of your business account balance, cash-flow and payments. This places you in a position to be on top of your business finances and make quick decisions.
