Can You Trust Bank Feeds?
It’s common knowledge now that if you are using cloud accounting software, you have access to bank feeds i.e. your bank transactions are pulled into your accounting file from your bank institution on a daily basis via the magic of the “cloud”. This means that you have up to the minute updates on exactly what’s happening in your business accounts. This is a great thing – no doubt. It also means the amount of time you would otherwise spend on tedious data entry is considerably reduced – what’s not to like? Undoubtedly bank feeds have been a real boon for business owners and bookkeepers alike but lately, due to some recent events in our BAS Agent practice, I have started to wonder if we actually can or should trust bank feeds. Let me tell you what happened……
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