Connecting Bank Account With Accounting Software- Bank Feeds Explained

Connecting your bank account to accounting software allows you to save banking transactions in your accounting software. You can use it for programs like QuickBooks, Quicken, Microsoft Money, and Microsoft Excel. The demerit of these softwares is that users run into problems such as QuickBooks error 3120, Quickens not downloading transactions, etc. The bank transactions page in your application is called bank feeds. Processing bank and credit card statements and displaying bank feeds may appear to be a simple chore, but it requires a lot of functioning components.

Are you unable to download your banking transaction in QB due to QuickBooks error 3120? Reach out to an expert and they will fix the error for you.

What is bank feeds?

Bank feeds are links that allow your accounting software to download incoming and outgoing transactions from your bank account automatically. You can then use this information to reconcile accounts by comparing bank transactions to accounting operations. The feeds make bank reconciliation easier, ensuring that your accounts are correct and up to date while decreasing human data entry and saving time.

How do bank feeds work?

Bank feeds are ideal for any company wanting to improve productivity. It's possible that your software provider has direct data links with your preferred bank. Alternatively, the feeds could be given through a third-party platform that links directly with banks and payment providers to automate and modify transaction data. The platform connects your bank account and accounting software and feeds the data after gathering the data. The platform gathers data from banks by transferring the list of transactions from customers' online banking portals onto the platform's screen. It cleans up the list, eliminates duplicates, and exports it as a feed to your online accounting programme.

Is bank feeds safe?

Most accounting softwares are equipped with industry-leading security and accurate connectivity to banks and payment providers, bank feeds keep users data safe. The third-party site needs to maintain your login credentials in order to give you access to your bank, which it does in a very secure manner. Your accounting software supplier never sees or stores your banking credentials to keep your information safe, and it can't access them either. The platform logs into your banking website on your behalf, collects your bank statement information and sends it to your program after you submit these credentials.

How do bank feeds make business efficient?

You had to manually type transactions from a bank statement into your accounting software or upload a file from your online banking system before feeds were launched. However, both of these manual techniques are time-consuming and prone to errors. With data flowing smoothly and seamlessly from banks into accounting software, bank feeds enable you to automate substantial sections of human bookkeeping work. This helps your organisation boost efficiency and productivity by saving you time while inputting and reconciling transactions. Automatically matching bank transactions with pending sales invoices or bills, for example, can save hours of manual data input time when reconciling accounts.

So this is all about bank feed and how it can be beneficial for users. If you are someone who uses these softwares and have run into errors associated with it, such as QuickBooks error 3120, Quickens not downloading transactions, etc, contact our experts at +1-(855)-955-1942, and they will guide you on how to fix it.