Xero adds 1500 more Bank Feeds

Aug 17, 2011 by

Image of a Barclays PINsentry Dynamic Passcode...

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If you haven’t come across it yet the Bank Feed feature in Xero is second to none.  It might not sound much to you but trust me as a bookkeeper it saves me so much time and it also gives clients a real time overview of their accounts.

I spent a lot of time the other year looking for a new business bank, I looked at charges, online banking, customer service etc but one of the deciding factors for me was that at the time HSBC was the only UK bank to offer a bank feed into Xero.  It was the icing on the cake, and I would be happy to introduce any of you to the lovely Sandy who takes care of my business account at a branch many miles away from me, as she came highly recommended to me and has never let me down.

In the case of clients who banked with other banks I have had to download statements and import them into Xero (okay its an easy process to import, just depends on your bank how simple their download procedure is) but its even nicer to not have to do that and just have your bank transactions automatically appear in your accounts system!

The last batch of feeds launched earlier in the year gave access to several more UK banks but this latest release has incorporated the more complicated bank feeds, most specifically for my clients the Barclays Business PINsentry online banking access.

Let me be clear, this feed merely imports information into Xero for you, it doesn’t allow you to make payments etc, but thanks to the excellent apps available from some banks such as HSBC this can be done quickly and easily on the move from your phone now anyway.  As you can see I really like the HSBC app.

What’s so special about a bank feed though? Well apart from the obvious time saving of not having to import information to complete your accounts it’s saving you the time logging onto a different system to see what’s happening in the bank every day.  As a business owner you need to be on top of the finances, and the Xero dashboard does that for you.

Because of the very simple bank reconciliation system you can simply log on to Xero, match transactions off on the bank statement and hey presto, your receivable or payable invoice is marked paid and moved to the relevant section in the accounts, that’s all at the click of one button.  No need to open each individual invoice, mark it paid then go back to the bank to reconcile it.  Are you getting the idea of how much time you can save now?

Setting up the bank feed is the trickiest bit of the whole process as some banks have so many different options it can get confusing.  Some banks however are a breeze to set up.  If you are stuck then Xero support will guide you through, just click on the Help button in Xero and raise a ticket.

An important point to note for Barclays Business PINsentry users is that you will need to refresh the feed manually and have your card and PINsentry reader to hand to input the codes each time.  A small price to pay for the time saving it gives you.  (Note: I don’t have to do this on Natwest Business, HSBC Business or Nationwide which are all accounts that I have experience of).

Bearing in mind that Xero has the mobile app Xero Touch as well meaning that you can now invoice or submit expense claims on the move the functionality of this clever bit of cloud software just gets better and better.

So tell me, does your current accounting system offer all this? Can you log in and see at a glance who owes you, who you owe and what your bank balance is today? And if not, why not? You should know.  If you’d like an introduction to an Accountant who talks the Xero language and wants to help you get control of your finances then get in touch today, I’d be happy to point you in the right direction, after all making you more efficient and your life easier is what HLS Business Solutions is all about!

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1 Comment

  1. this is actually the second time i read the blog, great article as always! best regards!
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