The improvements within Sybiz 22 were developed to connect businesses where they need to. With its new and advanced Bank Feeds function, businesses can seamlessly connect their ERP system to their banks.
Through the Sybiz Vision Bank Feeds feature, reconciling your cashbooks to your bank statements can be achieved with just a few clicks.
What are Bank Feeds?
First off, let’s answer these questions: What are bank feeds? How do they work?
According to the Free Agent glossary, “A bank feed is a digital link between your bank account and accounting software, automatically important banking transactions into your accounting software.”
In terms of how it works, some ERP software providers have partnerships with banking institutions which allow for the integration.
There are also third-party platforms that help connect banks and payment providers to accounting systems. In the case of Sybiz 22, the system uses the account aggregation service, Yodlee.
How do Bank Feeds improve your business efficiency?
They automate consolidation
Gone are the days of manually typing in transactions from your bank statements or manually uploading documents from your online banking system. Now, your banking data flows in real-time from one system to the next.
They reduce risk of errors
With Sybiz 22, bookkeepers can automate many of their accounting processes, reducing manual input which is often the source of discrepancies and errors.
They allow for rule setting which can improve efficiency of your processes
Sometimes there are accounts or clients that require processes that differ from your usual accounting processes. In Sybiz 22, users can create rules according to those specific requirements and run them automatically on new banking transactions.
This function cuts down the extra time and effort that staff put in for these specifications, improving overall efficiency.
They give you better visibility and control over your cashflow
Because data is highly accessible in the cloud and is automatically updated, businesses have a better idea of their cashflow. From there, it’s easier to monitor, analyse, and forecast your financials for well-informed decision-making.
Watch the video below and skip to the “Bank Feeds” chapter for more details on this exciting feature from Sybiz 22. Sybiz also has a comprehensive list of the updates for this version here.
Have we answered all your questions regarding Sybiz 22 Bank Feeds? If you’ve got additional queries or are seeking some assistance, reach out to us at www.alphabiz.com.au/contact or call the office on 08 9277 2226.