Bank Feeds
Bank feeds are live or daily automatic connections between your bank account and accounting software. They import transaction data directly into your books, saving time and reducing manual entry. Used…
Bank feeds are live or daily automatic connections between your bank account and accounting software. They import transaction data directly into your books, saving time and reducing manual entry.
Used correctly, bank feeds make reconciliation faster, improve accuracy, and give business owners real-time visibility into cash flow.
How Bank Feeds Work
- You link your bank account or credit card to your accounting software
- The software automatically imports new transactions daily
- You (or your bookkeeper) match or categorise those transactions
- Reconciliations, reports, and GST/BAS become easier and more accurate
Benefits of Using Bank Feeds
| Benefit | Why It Matters |
|---|---|
| Saves time | No more manual entry or importing CSVs |
| Improves accuracy | Fewer typos and missing transactions |
| Real-time financials | See your current cash position daily |
| Easier GST & BAS prep | Transactions are already coded and dated |
| Better audit trail | Source-linked records with system logs |
Popular Platforms That Support Bank Feeds
- Xero
- MYOB Business
- QuickBooks Online
- Saasu
- Reckon One
Most platforms support feeds from major Australian banks like CBA, NAB, ANZ, and Westpac, as well as neobanks and credit unions.
Security and Compliance
- Feeds are read-only, so no one can move funds via the software
- Data is encrypted and managed by approved third-party providers
- Some feeds use Open Banking APIs for secure direct connections
- ATO-compliant tools use these feeds to prefill GST, income, and BAS reports
How Ozobooks Helps
- Sets up secure bank feeds for your platform
- Maps your chart of accounts to match incoming transactions
- Trains your team on reconciliations and daily checks
- Flags duplicate or suspicious entries for review
- Helps prepare BAS using clean, auto-coded bank data
FAQ
Q1: Do I need to manually approve every transaction?
Yes — while feeds import data, it’s still your job to review and match each transaction properly.
Q2: Are bank feeds free?
Some software providers include them at no extra cost, while others charge per feed or per month.
Q3: What if a transaction is missing?
You can manually import or enter it — Ozobooks also helps fix broken feeds or sync errors.
Q4: Is this safe to use?
Yes — bank feeds use secure, read-only access and are standard across Australian accounting tools.