Reduce data entry and increase accuracy with automatic bank feeds
How much time do your admin staff waste every month manually entering your bank transactions? Wouldn’t you prefer them to spend the time working on, well, pretty much anything else?
The good news is you can now save hours every month by using the brand new bank feeds feature, introduced in the 2015.4 release of EXO. MYOB have partnered with BankLink to bring you automatic bank feeds.
This new feature allows you to link your bank accounts and automatically import and match transactions in EXO, reducing data entry and saving time. With the click of a button your bank transactions are matched to your accounts, so you can complete the reconciliation process. You simply check to make sure it’s all correct, and approve if necessary – it’s that easy!
You can also set up automatic matching rules for transactions which occur regularly – such as fuel purchases or lease payments. Your days of manually entering your bank statements will be officially over!
Not only is this feature a fantastic time saver, it takes the human error aspect out of data entry, improving the accuracy of the information you’re working with. You have instant access to a complete, up-to-date view of your business – what could be better?
How secure are bank feeds?
If your first concern about sending bank data would be around security, then not to worry. This is where BankLink’s many years in the industry really shines. Because of their established relationships with the banks, all the feeds are direct. So, the bank feeds are the most secure available. You never have to hand out your internet banking details, like you need to do with some other providers.
BankLink also employs the same security measures required of banks when transmitting data, and complies with the PCI DSS (Payment Card Industry Data Security Standard), which is a security standard set by the major credit card companies. As an additional security measure, you need to authorise the release of your account information to BankLink, and your financial institution also has to authorise it. And you can revoke this access at any time. Secure? It’s as safe as your bank.
How can I access this fantastic new feature?
Bank feeds doesn’t cost anything to use, you simply need to upgrade to the latest version of MYOB EXO. Contact us today organise your upgrade, and to start reducing data entry and saving time with Bank feeds.
Contact Us: 07 5479 1877