Bookkeeping is more than just BANK FEEDS

When automation of the accounting software allows for banks to ‘feed’ transactions into the software - this streamlines work flows.

It creates EFFICIENCY and AUTOMATION

Connecting your bank to the accounting software is now the norm rather than the exception.

But - does that mean the end of bookkeeping?

NO ! Far from it. We are just getting started with the 'cool stuff'.

Bookkeeping is a process and Bank Feeds form a part of this process.

Time and time again I see clients in my office who have subscribed to a piece of software and linked the bank feeds. Perhaps they may have even started to ‘code’ some of these transactions.

Then ….that’s it ! Bookkeeping over ? No.. not at all.

Here the real bookkeeping begins - BEHIND the bank information.

Record Keeping - documents, receipts, Tax Invoices - these are required by law to substantiate deductions.

How are they stored? How do they come into the business ? How are they matched up to bank feeds?

Business Flow of information - How does the information derived from the bank feeds get verified so we understand ‘what’ it is e.g. an expense or a personal purchase ? Who is the decider?

Computers can feed in lists of information and recall how the information was dealt with last time - but who is making the judgement call?

Here is where an external bookkeeper can help you make the magic happen - they can use tools like Receipt Bank to ' get in between ' the paperwork and the bank feed to store documents and code transactions - its a smart use of the technology available to your business. Hey and that's us - the bookkeepers in the YOU part of the picture - its a triple win for business!

Whether you complete your own bookkeeping or contract some to do it for you - harness the power of automation that bank feeds provide but whatever you do - remember to consider the bookkeeping process underlying this information.