Do you find yourself spending too much time trying to keep your books up to date? Are you tired of inputting your transactions manually? Cloud accounting software is a solution that reduces your time and effort.
The key is to set-up bank feeds in your cloud accounting software. This allows for bank statement lines to flow directly into the software. The major banks in Canada have this option available. As well, some local Windsor credit unions (Libro, Desjardins and Meridian) currently have the ability to set-up a bank feed in Xero. If the bank feeds are unavailable, a monthly csv file may be available for download through your bank or credit union. The only downfall to using csv files is that your records will not be in real-time.
In addition to bank accounts, bank feeds can be used to set-up credit card transactions, lines of credit and mortgages. You can also set-up bank rules that can literally reconcile transactions with one click. Additionally, some cloud accounting programs offer suggestions as to how to code your transactions based on previous transactions that you have already coded. There are also ways to batch code entries with some cloud accounting applications.
Want to know more?