One of the greatest advancements in cloud technology has been the addition of real time bank feeds. These feeds allow your accounting software to connect to your bank and creditors so that information can be reviewed as it occurs. Why is this so significant? First, this allows the business owner to make decisions based upon data that is current. That can make a big difference if you’re contemplating a large purchase or hiring another employee. Previously, the owner had a ballpark idea or could ask the accounting staff if there are any checks ready to deposit. In addition, you’re accounts can be reconciled daily with real time bank feeds so you know exactly what you have. Some bank are now offering multiple pushes of transactions per day while others send them to your software overnight. Either way, it sure beats waiting to reconcile your bank statement at the end of the month. There’s no more “end of month” tasks to do for you or your staff to give you the reporting that you need(other than payroll). How much time does that save you?
Real time data not only allows you to make business decisions on a timely basis, but it gives you an advantage over your competition! Many businesses aren’t using this technology yet. This will give you the data to make quicker decisions and beat your competition! Plus, you’re not tied to a desktop to view your information. If you’re in the field or at a job site, you can review that purchase order and make that decision confidently. If you’re interested in learning more, contact [email protected]