Auto Bank Feeds
05 Jul 2021
Let AJS’s Bank Feeds work for you while you sleep…..
What? That’s preposterous. This is the real world, where real day-to-day things need to happen, like banking and reconciliations, like knowing where your business is headed, like knowing how much money you have in the bank.
Can you pay your employees? Can you cover expenses? Do you have excess cash flow? Or are you in the red?
So many pressing questions – it feels like there is a lot for bookkeepers to keep track of. There is also always a lot of red tape to wade through just to get to the simplest of answers. Log in here, put credentials in there, ensure everything is safe and secure, all to find the answer to one specific transaction – were we paid?
Recognising the difficulty and waste of time doing these transactions, the team at AJS has created Auto Bank Feeds. No longer massive amounts of red tape to wade through, no longer months and months of transactions to pour over, simple, effective, efficient and secure, making it easy to locate that one transaction you were searching for.
With AJS’s Auto Bank Feeds you can securely log onto your online banking platform through the AJS system. It is important to note that you must notify your bank that you are integrating your online banking platform with your practice management software and will require a “read only” profile.
You can also connect manually to your banking system via the AJS system manually to download your bank statement. Or you can schedule the statement to download during the early hours of the morning and arrive at your desk to know the exact monetary situation of your business.
And you will know all this because you will receive a notification and/or email that the statement has been downloaded and is ready to view. This notification will appear on your home screen and resembles a “WhatsApp” message icon – i.e. “1 new message”. That way you never miss a thing! Best of all, the statement will be ready to view as an attachment – no need to log into any other system, just our AJS system. A one-stop-shop really.
With both methods – manual or scheduled – you are able to set a specific pre-selected date range. That way, you only see the necessary (and possibly latest) transactions as opposed to everything from the previous month.
Once the statement has been downloaded, AJS will match any transactions based on time, date and narration and highlight them for you, making it easy to locate specific transactions of specific clients.
What’s more, you have the option to tick those transactions in bulk or individually, making reconciling a breeze. Potential matches can be rejected and ticked off at a later stage, allowing you to remain in complete control of your bank recon.
The spreadsheet of downloaded statement transactions can be imported to batches, so there is no manual capturing or transposing of numbers because you are using the bank statement as your source data.
This is not more complicated and works in exactly the same way as a straightforward bank statement. It is specific and shows you only what you need to see at any given time, allowing for easy searchability of transactions.
And one more fantastic thing – you will have a running balance of your bank recon visible on your recon screen, which you are able to compare to the running transaction history – almost like having a “ready to view” side by side comparison. That way you can always ensure that you are reconciling to the correct balance. Everything square and accounted for.
Bookkeeping is finally made simple!
Our mission
AJS has made it their mission with their Version 4 update to save you time while ensuring that your practice always remains on top of everything.
And with the addition of this rather fancy Version 4 update feature to our current services offerings, we believe that not only will your accounting department remain on top of things, but they will also remain in the know at all times. Especially where it counts – with your money.
We can say with absolute confidence that AJS’s Auto Bank Feeds will not only make a big difference to how your business is run but it will also have a tremendously positive impact on the bookkeepers and accounting departments, reducing the time and effort it takes for them to complete even the simplest tasks.
AJS is excited to reveal all our amazing updates (to an already incredible system). Be sure to tune in each week where we will be letting you in on some of our most exciting features.
See also:
(This article is provided for informational purposes only and not for the purpose of providing legal advice. For more information on the topic, please contact the author/s or the relevant provider.)
Alicia Koch
Alicia Koch is an admitted attorney with over 10 years PQE. She has worked in law firms, has had her own legal consulting company and has been an in-house legal... Read more about Alicia Koch
