How online banking can help speed up accounting and bookkeeping tasks
If you’re already familiar with online banking basics, it’s time to learn about being more efficient with some of your day-to-day accounting or bookkeeping tasks. From integrating your bank accounts with your accounting software, to generating and sending invoices, online banking can help cut your admin and put time back in your day.
Providing access to your Westpac online accounts will mean that your accountant or bookkeeper can access the income, expenditure and tax information they may need directly, rather than you having to compile and provide it. This could be particularly handy when preparing business activity statements and end of year tax returns.
Naturally, you’ll want to keep your funds secure. When you set up third-party access to your business bank accounts you can choose the level of access, be that ‘view-only’, ‘make payments’ or something in between. Then, you can change the access settings at any time, so you’ll always be in control.
Learn how to share account access.
Through Westpac online banking you can set up and manage a bank feed to connect your eligible transaction accounts with your small business accounting software. This could help cut the time you spend on laborious manual data transfers from your business bank accounts to your accounting service – and make it easier to reconcile invoices with payments while monitoring your cash flow.4
Learn how to set up bank feeds. Then connect your accounts with a compatible third-party provider such as MYOB or Xero.
If you (or your accountant or bookkeeper) make regular payments at the same time – such as for salaries, instalments or monthly bill payments in bulk – you may find it quicker and easier if you learn how to pay in bulk through online banking.
You could then save yourself even more time by storing your payee details in online banking. All you need to do is create Excel spreadsheets for BPAY and Pay Anyone, save them as .csv files, then import them in seconds.
Learn how to do this in our Importing payee details guide.
If you’re still using Excel spreadsheets or Word cut-and-paste for your invoices, you may appreciate the time and money you can save with an online invoicing solution. According to the Australian Tax Office, e-invoicing reduces the cost of invoicing by around 70%.3
Through online banking2 you can use our handy Biz Invoice invoicing tool to generate, email and manage invoices from your smartphone, tablet, laptop or PC. This easy-to-use feature is complimentary with eligible accounts1, sends automatic payment reminders, and can help with invoice reconciliation.
If you’ve granted your accountant or bookkeeper access to your online banking, they will be able to view your invoices and reconciliation reports to compare them with your bank statements. This will assist in the preparation of your financial statements and returns, leaving you more time to spend on running and growing your business.
If you make the most of all that online banking has to offer, your banking, invoicing and accounting can be integrated, giving you better visibility of your business finances and helping you take better control. Better still, our online banking tools could help reduce your admin burden and save you valuable time.
1. To be eligible for Biz Invoice you must hold a Westpac Business One Low or High Plan transaction account or a foreign currency account (other than in Chinese Yuan RMB) and be registered for online banking.
2. Westpac’s products are subject to terms, conditions, fees and charges; and certain criteria may apply. Before making a decision, read the disclosure documents for your selected product or service, including the Product Disclosure Statement and T&Cs for Westpac business bank accounts, Foreign Currency Accounts, and online banking; and consider if the product is right for you.
4. Read the before making a decision about Bank Feeds. Not all accounts are eligible to be included in a feed, including loan accounts and accounts requiring multiple authorisations for transactions. Bank Feed must be set up with Third Party Service Provider before it can be connected in Westpac Live and you will need to check if your provider is registered with Westpac. Should there be any changes in your user access or network access levels, you may need to disconnect your Bank Feed(s) as any access changes will not impact bank feeds. The products and services offered by these Third Party Service Providers may be subject to terms and conditions and fees and charges; and Westpac does not guarantee or endorse the services or products.
The information in this article is general in nature and does not take your objectives, financial situation or needs into account. Consider its appropriateness to these factors; and we recommend you seek independent professional advice about your specific circumstances before making any decisions.
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