We have been recommending the Sage One bookkeeping and accountancy software to our clients for about a year. All new businesses need to keep up to date records of their incomings and outgoings. It is a legal requirement as well as being essential for tracking your cash flow and profits. The Sage One software is brilliant for doing this and has been specifically tailored to the needs of UK startup businesses. It’s really easy to use and because it is cloud based is fast to setup and easy to manage. The Sage One platform is now even better as they have introduced automated bank feeds.
An essential part of managing any business’s finances in doing bank reconciliations. This is basically going through you bank statement and checking that all of the money you think you should have is there and that nothing is missing. Traditionally this has either meant downloading a statement from the bank and then importing it into your accounts software or getting exports from both and laboriously going through spreadsheets trying to match transactions.
The new functionality from Sage allows you to set up an automated feed from your bank directly into your bookkeeping and accountancy software so that you can have a real-time picture of what cash you have on hand. As the feed imports the information from your bank it can also do some of the basic classification of transactions for you, saving you even more time. Sage estimate that using their bank feed will eliminate 80% of the manual entry normally associated with bank reconciliation.
The Sage One bank feed is powered by Yodlee and can connect to over 100,000 different types of online bank account worldwide. You can find information on how to get the feed up and running on the Sage One help pages.
The new bank feed feature is available for free to anyone who has the Sage One accounts and bookkeeping software. If you haven’t already got the software and would like a free 30 day trial you can order one through our website.