February 28, 2018
Auto bill pay, automatic car washes, online grocery shopping.
I’m all for services and conveniences that make our lives easier.
And if it’s something that makes your bookkeeping faster, ultimately allowing you to get back to serving your clients faster then I’m super all in.
Bookkeeping is all about keeping track of your revenue and expenses.
Where are you earning money? Where are you spending it? All of that has to be tracked.
And it’s easiest to track it through your bank account. Revenue comes in, expenses go out.
Basic.
But how do you get all that info from your bank account into your bookkeeping software?
The fastest and most efficient way is to connect your bank account to your software and download the transactions automatically.
Here’s why.
Setting up your transactions so that they automatically download into your accounting software saves time.
All you have to do is go to the banking section of your software and start categorizing the transactions.
It’s so much quicker.
Without connecting to your bank account you’re stuck manually adding individual transactions and I can assure you, it’s a time-consuming process.
And here’s to hoping that you remembered them all. I know I sure wouldn’t.
Connect your bank account to your bookkeeping software to save time, and get back to serving your clients faster.
Ever have a transaction show up in your bank account and you’re scratching your head wondering what it was and where it came from?
If you’re relying on remembering your business transactions I can almost guarantee you’ll forget something.
Or maybe you’re planning on reviewing your bank statement and manually entering items from there, a much better plan but still prone to the occasional fat finger.
Connecting your bank account not only gives you more accurate data but it gives you more detailed data.
Most banks provide additional data on your transactions automatically, such as vendor and location. Items you might not think of adding when manually entering your transactions.
Get more accurate and complete data by connecting your bank account to your bookkeeping software.
And really isn’t owning your own business complicated enough?
Connecting your bank account just makes things simpler and easier.
The transactions are right there for you.
No need to go to your bank’s website or pull out your bank statement, or try to track down all those receipts you’ve been dutifully saving.
You get your transactions, as they occur, downloaded right into your bookkeeping software.
What could be simpler and easier than that?
So, how do we even go about getting this done?
Most software is pretty intuitive and guides you right through the process. But just in case here are some helpful tutorials to get you started.
QBO - https://quickbooks.intuit.com/tutorials/lessons/connect-to-bank-account/
Xero - https://help.xero.com/us/Payments_BankAccounts_AddEditAccount
Wave - https://support.waveapps.com/hc/en-us/articles/208624076-How-to-Connect-a-Bank-Account-to-Wave
Freshbooks - https://support.freshbooks.com/hc/en-us/articles/232009268#addbank
Want to know more details about these bookkeeping software options? I’ve done all the research for you. Get my Bookkeeping software comparison guide here.
And P.S. accounting software has bank-level security so linking to your bank account is safe and secure.
If you have trouble getting your transactions sorted out let me know here. I love to troubleshoot.
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Bookkeeping software is awesome.
Well, maybe it’s only awesome if you’re a huge nerd like me.
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But sometimes having so many connections can be overwhelming.
Especially when you consider how many times you’ll see the same transactions.
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The Roomba that spreads dog poop all over the house. The cell phone that pocket dials your ex. The autocorrect that makes your convo with your mother-in-law super awkward.
But on the whole, technology has improved our lives immensely.
When it comes to your business the technology options are endless.
Email service providers, funnels, ads, schedulers, bookkeeping software…all tech options to make our lives more convenient.
So how do you troubleshoot when something goes wrong?
Here are a few things that can go wrong when you download your transactions into your bookkeeping software and how you can fix them.
Ah, the pure joy when your bank reconciliation matches.
The complete satisfaction when every single transaction is categorized.
No?
Just me then?
Even if you’re not as ridiculously Nerdy and number-crunchy as me there are still several reasons to love bookkeeping.
Or at the very least to love what it provides.
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