How Automated Bank Feeds Work & Why You Never Need to Do Bookkeeping Again?

February 10, 2016

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Are you the kind of person who is not much into bookkeeping and accounting? Well, there are many business owners that think the same and they are more focused on their core creative business ideas than anything else. However, with the advent of new internet technologies things have become easier and simpler for business owners and entrepreneurs who are not really focused on keeping information about their business finance. There are various companies that have come up with their own programs and software that allow you to import account transactions into their system from your bank and other financial institutions making it easier for you to get the information whenever you want.

It is quite understandable that business owners and entrepreneurs are more focused over their core business issues and therefore they never pay enough attention towards the accounts and banking transactions that happen in a day. However, business owners often need this information at a later stage when they are filing information about their business expenditure and tax returns. With automated bank feeds entrepreneurs never have to worry about keeping information about their business transactions because these feeds create behind the scene journals for every accounting transaction. Xero bank feeds also help business owners with double entry bookkeeping as it creates a separate transaction for every debit and credit entry in the general ledger. The bank feeds work very much like regular accounting and therefore it uses the same equation approach which is Assets = Liabilities + Equity.

The bank feed also works well to generate various types of financial reports for the users. Hence, users can take a clear view of the performance reports, cash reports, detail reports and position reports. Xero also uses a single account for recording all sales taxes and helps you to calculate your sales tax obligation based on the accounting transactions for that sales period.

If you’re in London, you can also make use of Tax Twerk that can help you to file tax returns if you’re not too sure or if you’re too busy with your core business projects. Tax Twerk can provide you with free consultation and save your time with personal self assessment tax return as per your convenience. They also provide complete VIP accounting package where they handle bookkeeping, accounting and tax related work done for you online while you can focus on your business and other priorities in life.