Bankfeed

Bankfeed (Definition)

A bank feed is a secure, automatic connection between a companys bank account and its accounting software. It allows for the automatic import of bank transactions into the accounting system, streamlining the reconciliation process and improving accuracy.

Key features and benefits of bank feeds include:

1. Automatic import of transactions, saving time on manual data entry
2. Real-time or near real-time updates of bank account activity
3. Improved accuracy by reducing human error in transaction recording
4. Easier and faster bank reconciliation process
5. Better cash flow management through up-to-date financial information
6. Enhanced security compared to manual statement imports
7. Ability to categorize and match transactions automatically based on rules

Bank feeds have become an essential feature in modern accounting software, helping businesses maintain accurate and timely financial records with less effort.