Krystal Clear Accounting Budget 2024 Newsletter – OCT 2024
You can’t fail to have heard all the hype about
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You can’t fail to have heard all the hype about
Every limited company in the UK must have a registered
You can’t fail to have heard all the hype about
I listened to a recording recently of Sir David Brailsford.
I know its not totally easy out their at the
In my experience, business scorecards are widely misunderstood and, as
In short, bank feeds create a digital link between your business bank account and your accounting software, such as Xero or QuickBooks.
This means bank transactions are automatically downloaded into the accounting software. This simple piece of automation, completely removes the need to manually input every bank receipt and payment into the accounting software.
Having bank feeds in place, saves a HUGE amount of time bookkeeping. That’s because it completely removes the need to manually input bank transactions into the accounting software.
Saving time bookkeeping isn’t the only benefit for the business….
Bank feeds automate, what was previously, a time-consuming task of entering all the bank transactions into the accounting software.
This saves the business a HUGE amount of time (& money) spent on bookkeeping.
With bank transactions being downloaded from the bank every day, it means it’s quicker and easier to keep the bank balance in the accounting software up-to date.
With the accounting software up-to date, the bank is updated daily which gives you a clearer, real-time view of your business’s cash flow.
This makes it easier for you to plan your cashflow, and take action to improve it.
There is always the risk of errors being made when data is being manually inputted into the accounting system. It is often time-consuming to find and correct any errors. Also, if an error is large then the Profit & loss and Balance Sheet reports will be inaccurate and potentially misleading.
Automating the bank transaction entry previously manual process, reduces the risk of errors being made and ensures that the bookkeeping records and reports are accurate.
Ensure that your bank account is set up for online banking. This feature is typically available from all major banks.
Log into your Xero account and navigate to the banking section. Select ‘Add Bank Account’ and follow the prompts to search for your bank.
After adding your bank account details, you’ll see an option to set up bank feeds. Click ‘Agree’ to the terms, then securely log into your online banking portal through Xero to authorize the connection.
Yes.
Firstly, having bank feeds in place ONLY means bank transactions are downloaded into the accounting system. They do NOT give anyone else access to the business bank account.
Secondly, XERO has various security measures in place to give you a piece of mind that your financial data is safe and secure:
In short, having bank feeds really saves businesses time and money on their bookkeeping.
They automate and eliminate what is otherwise a time consuming and error prone manual process.
Bank feeds is just one of the ways technology can be used to help business owners improve the financial side of their business.