We’ve talked before about the differences between QuickBooks Desktop and QuickBooks Online (QBO). One of the biggest differences between the two systems is related to bank feeds in Quickbooks Online. Bank feeds automatically download activity in QBO and they can even categorize transactions from connected accounts. This means you no longer have to manually enter many of your transaction details.
If you’ve been using QuickBooks Desktop (or another solution) for some time, you may be apprehensive about switching over to QBO. You feel that your bookkeeping has been running relatively smoothly even without bank feeds – so why bother with all the hassle of switching?
In our opinion, one of the key benefits of using QBO is the bank feeds. Bank feeds are an amazing way to streamline your processes and to get more up to date and accurate data. Once you make the switch, you’ll wonder how you ever did without it.
Bank feeds in Quickbooks Online make your life easier
Bank feeds will streamline your bookkeeping processes and save you an invaluable amount of time and frustration. They work by automatically syncing transactions going in and out of your bank or credit card accounts and match them with any previously entered corresponding transactions. This means less time spent inputting data manually and reconciling your accounts later on.
Especially if you have a high volume of transactions, bank feeds can save you from hours of being hunched over your keyboard , freeing you up to focus on the parts of your business you really enjoy.
Bank feeds mean you have more data at your fingertips
Cash flow is a big concern for any business. You want to know you have the cash in your accounts to cover your bills, pay your employees, and finish your projects. But you can’t do this if your data isn’t accurate or up to date. With bank feeds, you’ll have access to the most up to date and accurate data possible, so you can tackle each day with confidence.
Bank feeds help us help you
In QBO, you can invite your bookkeeper (that’s us!) to have access to your file in real-time. We’re then able to access all the information in your bank feeds directly instead of needing to request it from you. When we have access to the full story of your business’ accounts, we’re better able to spot any red flags, keep things on track, and help you sustainably grow your business into the future.
Switching to a new system can feel daunting, but we’re here to help! We’ve successfully moved many clients over from QuickBooks Desktop to QBO and have seen firsthand what a difference it made for them and their business. Learn more about how we can help.