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 already in your software, but you’re not taking full advantage of it? (Really? Chocolates and flowers for me? Oh, you shouldn’t have…)
Anyway, if you’re not making the most of bank feeds, then frankly – you’re working too hard.
So what’s so good about bank feeds? Well, in my opinion, one of the best things about bank feeds is that you can set up rules to do the data entry for you.
And why is this awesome? (Apart from *doing the work for you*?)
Well, take me, for example. I’m thrilled enough when I remember to pay my mobile bill, hence my dependence on my phone company’s direct debit service. (They never forget to get my bill paid!)
Sadly for me, this meant when I used to track my phone expenses, I didn’t always remember to enter the payment into my software. Now, with bank feeds, I could just set up an allocation rule in LiveAccounts and when the transaction for my phone bill came in from the bank, it’d be automatically recorded (and correctly allocated to my phone expenses) for me in LiveAccounts.
I could set and forget (much like I do with the actual payment of the bill).
Setting up one rule (like in the image below) would mean I could potentially never stress about recording my phone payment again. Ever.
In my books, that’s a winner!
Best of all, there’s no limit to what you can set as a rule – so go nuts if you want.
Then dream about how good it will feel the day every transaction that comes in from your bank via your bank feed is automatically allocated for you via a rule. Leaving you to sit back in the knowledge your account information is correct, up-to-date and already reconciled… or maybe that’s just me.
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