We’ve been talking a lot lately about why bank feeds in your online accounting software are so awesome, how they can save you up to 10 hours a month in data entry, and how it makes reconciling your accounts so much easier.
Here’s a breakdown of bank feeds and why so many business owners love it. Bank feeds is a feature that really reduces the stress of running your business. It reads data from your bank and delivers it into your online accounting software, giving you back a serious amount of time.
Why choose bank feeds with MYOB? Here are some reasons:
- Less work on bookwork
Data is dropped in from your bank every day so there’s no mad scramble at the end of the month. When everything’s allocated you also have an accurate snapshot of your income, expenses and cash flow.
- You stay in control
Auto bank reconciliation reduces repetitive data entry and eliminates manual keying errors. You can even set up automatic matching rules for transactions which occur regularly for easier allocation.
With auto bank reconciliation, bank feeds are bank-authorised – so you never need to share your personal banking information. We keep your data secure and compliant with the stringent Payment Card Industry Data Security Standard.
We have spent the last 25 years building great relationships with over 130 banks, financial institutions and credit card providers to make sure you can easily and securely get your banking information into your software.
It’s our bank feed data process that gives our makes MYOB bank feeds the best.
Why? I’m glad you asked.
If you’re like me, your first concern about sending bank data would be around security. This is where MYOB’s many years in the industry really shines. Because of established relationships with the banks, all our bank feeds are direct. This means that they are the most secure available.
You never have to hand out your internet banking details, like you need to do with some other providers who then log in and ‘screen scrape’ the data without the permission of your financial institution.
MYOB also employs the same security measures required of banks when transmitting data. All our bank feeds are PCI DSS compliant (Payment Card Industry Data Security Standard), which is a security standard set by the major credit card companies. Secure? It’s as safe as your bank.
As an additional security measure, you need to authorise the release of your account information to MYOB and your financial institution also has to authorise it. You can revoke this access at any time. It may take a little more time initially to set up, as most banks still require a paper form with a wet-ink signature, but a few days is a small price to pay for peace of mind.
2. Best quality data
Going through MYOB means that your data goes through rigorous checking before it gets to you. Our data process applies a series of proprietary, data validation routines to all bank transactions that identify and correct any issues in the data.
Firstly the testing makes sure the data file from your bank actually contains your bank account transaction information. The most common error our data process picks up is an existing account not being included in the data file. Why? Because it’s caused by human error – bank staff receiving requests to add and delete feeds and flagging the wrong account.
Another common occurrence is finding technical errors that result in missing or duplicated regions within a data file. These are caused by computer system glitches or file corruption during transmission, and are easily found by checking and validating the structure of the file.
Finally, there are no nasty double ups or missing transactions because MYOB validates the closing balance of every account it receives. Any discrepancies are quickly dealt with by the bank’s technical support team, thanks in part to the great relationships MYOB has built up with them over the years.
Best of all, this data checking and validating all happens without you even noticing.
Knowing my data is accurate, I’ll take that any day.
3. Your software does the rest of the work
Finally, the bank data is fed into your MYOB online accounting software (whether that’s MYOB Essentials or AccountRight). It’s then automatically matched to existing transactions, or matched to transactions based on rules that you set up. You simply check to make sure it’s all correct (and approve if necessary). Then sit back, safe in the knowledge that your account information is correct and up-to-date and your banking information is perfectly safe.