Staying up to date with your bank accounts should be pretty high up on any business owner’s priority list.
Trust us, it’s better to know the ins and outs of your accounts over burying your head in the sand and hoping for the best.
It really doesn’t have to take much effort or time and using Xero bank feeds is a solid place to start! Within this blog we’ll cover what Xero bank feeds are and why you should be using them.
What’s a Xero Bank Feed?
Xero allows you to connect and view your bank account, credit card accounts and payment collection service accounts (such as Stripe and PayPal) directly in the platform.
Once connected to Xero, bank feeds automatically import transactions, so you don’t need to add them manually.
Your account activity will appear within Xero ready for you (or us if you’re a client!) to reconcile each day. Win, win!
Why should I use a bank feed?
Stay in the know
Having all your bank feeds in one central place means you can quickly stay up to date with your accounts. You’ll be able to see when payments have been made in and out of your accounts, as well as getting real-time balance information at your fingertips. Instant access will help give you peace of mind when you need it most.
Save time, gain convenience
Instead of signing in and out of numerous accounts, pulling your feeds into Xero means you only need to log into one place to view them all.
This might not sound like a huge bonus but imagine the time (and frustration!) you’ll save when you’re not needing to enter various passwords and complete several verifications.
It also makes things easier when you’re completing your month end reports, as everything you need to look over is readily available. If you don’t link up your bank feeds, you’ll need to manually import them into Xero each month, then do all the follow-on admin in one go.
Xero also flags any inconsistencies, changes, or events such as late payments using bank feeds. Funny how something so simple can help you take action quickly when needed, ensuring minimal disruption and repercussions to your business.
Allow us to better support you
We can assist you with daily bookkeeping, but without being able to see your up to date feeds, you’ll have to manually send us information every day.
This is unnecessary admin – you don’t have time to be sending us information each day! So if you want us to do super efficient bookkeeping daily, linking up your various account feeds to Xero means less hassle for you.
We’re also able to better support you on an ongoing basis, instead of at the end of each month once you’ve imported your statements.
Which bank accounts are compatible?
Most UK bank accounts (business, savings and personal) can be used with Xero bank feeds. Along with many credit card account providers and payment collection services, you can find a handy guide with more information over on the Xero site.
Is it secure?
Yes, you can rest assured that bank feeds are secure and safe to use. If you’re worried about security, we recently covered cloud accounting security and how it works in a blog. There’s also lots of information on the Xero site which may give you some extra peace of mind!
Need help with this process? Wanting to know more about Xero?
Whilst we can’t migrate your bank accounts into Xero for you, (as that would involve us having your bank account log-in information!), we can offer you guidance on the process. If you’re an existing client, get in touch or feel free to drop your client relationship director a shout – they’d be happy to organise a chat!
We’re Xero champions, if you’re thinking of taking the steps to move your accounting processes across to Xero and you’re looking for a team to support you, get in touch.