Direct Bank Feeds: An Easier Way to Manage Your Cash Flow
11 March 2016
Everyone has heard the phrase 'time is money', but business owners tend to know better than anyone how this simple phrase can easily become the overarching premise of their daily business activities.
So what if there was an easy way that you could manage cash flow and reduce time spent on financial admin, giving you more time to focus on income producing activities and business growth?
Setting up direct feeds between your existing business accounts and accounting software can do just that.
What is a direct bank feed?
A direct data feed that sends your daily transaction details straight to your accounting software. With a Bankwest direct data feed, once you’ve completed the easy set-up, the updates are automatically sent through every day. And because it's automatic, the risk of data error from manual entry is significantly reduced.
How can direct bank feeds benefit your business?
Having direct feeds set up can give you ongoing clarity of your cash flow, as they allow you to track daily all your 'comings and goings'.
Making this small change in your daily processes and procedures could mean a big result in time and cost efficiencies for your business.
If you're using MYOB® or Xero™ as your accounting software provider, setting up direct bank feeds from your Bankwest Business Account can help to eliminate the need for time consuming manual data entry and give you increased transparency of your cash flow position at all times.
With no cost to set up or receive ongoing direct bank feeds from Bankwest, other benefits to your business may include:
- A streamlined reconciliation process
- Less manual data entry
- Greater insight into your cash flow through near real time entry of revenue and costs
- More time to spend growing your business
How it works
Bankwest works with Xero™ and MYOB® to allow direct feeds from your eligible Bankwest accounts. Once set up, your banking transactions will download to your accounting software automatically. Depending on your preferences, it can even allocate them to the right account, or match them to the right invoice or expense, potentially saving you considerable time and effort.
Setting up your direct feed from Bankwest
To get started on setting up direct feeds with your account, follow these simple instructions:
There are no set up fees or ongoing costs involved^.
If you’d like more information about direct bank feeds available from Bankwest, please click here.
^ Other than costs associated with use of the software from Xero and MYOB.
Xero is a trademark of Xero Limited. MYOB is an internationally registered trademark of MYOB Technology Pty Ltd.