What’s a bank feed?

How a bank feed works

A bank feed is a secure connection between your chosen bank account and accounting software (such as Xero, MYOB or QuickBooks – you’ll need to check with your bank to see if your software provider is supported), created using Application Programming Interfaces (APIs) and Secure File Transfer Protocol (SFTP).

Once set up, the feed automatically sends transaction information from your bank account to your accounting software, helping provide you with an up-to-date view of your business finances in the one place.  

How can a bank feed help with business efficiency?

Bank feeds are useful for businesses of all sizes to streamline financial processes and provide accurate and timely insights.

• They reduce the need for manual bookkeeping and calculations, by allowing data to flow easily and seamlessly from your bank into your accounting software. You can then use all the features in your accounting software – such as creating invoices, generating reports, tracking expenses and reconciling transactions with sales data.
• Having all your financial information in one place provides greater visibility and control over your cash flow to help improve cash flow forecasting.
• Easier bookkeeping can help make tax time easier and more accurate – you can leverage the features in your accounting software to manage your receipts and track GST.

Are bank feeds safe?

Bank feeds established using APIs provide a secure way for others (such as accounting providers, your accountant or employees) to access your business transaction information without requiring you to share your online banking log on details.

They leverage the latest, mandated security standards – outdating practices such as ‘screen scraping’ (where third parties would log on to your online banking on your behalf). Information sent via bank feeds is multi layered encrypted (meaning your data can’t be read until it’s in your accounting software), and you have full control over your feed – you can stop it at any time through your bank or accounting software.  

Learn how to set up a bank feed with NetBank or CommBiz.