How excited would you be if I told you that you could save up to 10 hours a month on data entry? And how much more would you love it if I told you that this time saving function is most likely alread...
Updated 11 years ago
Version 7.0
Blog Post
Hi Steven_CDS,
So pleased you've found the blog and taken time to comment. Jason's already responded to you I notice, but wanted to just add a little to his comments.
I'm sorry to hear you're not taking up bank feeds, because we definitely think they're the way forward for getting banking information into your sofware. We're thrilled that BankLink (who manage the bank feed) has now become part of the MYOB family. They've spent 25 years building up great relationships with over 100 financial institutions, to make sure clients can easily get banking information into their software.
You're right, there is a sign up process for bank feeds that isn't required for exporting and importing QIF files, but, to be honest, the time spent registering a bank account (i.e. printing a form, signing it then sending it) is far less taxing than logging into your internet banking, downloading a QIF file and then importing it into your software, checking that the dates are right and there's no overlap with previous imports, thereby creating duplications.
Bank feeds does all that work for you. In fact, what you'd like included in the Get Statement feature is exactly what bank feeds does, only without you needing to actually do any of the work. QIF files were great, until companies like BankLink made it easier and safer to get that information into your software.
As Jason mentioned, more and more financial institutions are supporting bank feeds.
Some of the attraction of bank feeds for banks is that once they've set BankLink up with access to the data, there's very little ongoing developing and testing they need to do, unlike with creating export files. It's BankLink who turns this data into a bank feed, taking care of the developing and testing.
So, the banks don't have to do as much work, you don't have to do as much work, and BankLink ensures your bank data is accurate and secure. It's a win all round.
I could go on about how great bank feeds are and why rules are so great, but maybe I'm a little biased because I'm a massive fan of automating processes and for me, bank feeds are the automation of the Get Statement process. Plus, this respoonse is getting to be very long.
Thanks again for reading and commenting on the blog.
Cheers,
Merrin