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Bank feed software

Bank feed software

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Hi everyone

I am looking for a cloud based software system that can effectively give me a bank feed i.e. so that we can perform extraction of bank transactions, to a CSV file.  I was aware of bankstream a few years back who offered this, but they seem to have been acquired by Quickbooks.

We would be doing this weekly, and the reason that I do not wish to simply export the transactions myself direct from the bank, is due to time constraints on me personally, as it would mean that I would have to extract the transactions myself or alternatively give login details to someone else, which I do not wish to do.

I do not want a cloud bookkeeping system as we use Xero and Quickbooks for this purpose.  The purpose of this is so that someone can have effectively read only access on some bank accounts and then use these transactions which they export to enter in to a non cloud based system.  Due to the complexity of the business, in this instance it is not beneficial to switch to a cloud based bookkeeping system.

Many thanks, Paul

Replies (7)

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By ohgoodgodno
06th Aug 2018 14:12

if you are already using xero or quickbooks, why not just use the bank feeds that are already built into them?

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Paul
By pdh666
06th Aug 2018 14:43

Well I could do that, just seemed a bit of a waste to pay for a subscription just for this purpose

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By Matrix
06th Aug 2018 19:20

Have a look at QuickFile as the bank feeds are free I believe.

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Replying to Matrix:
Paul
By pdh666
08th Aug 2018 15:17

Thanks Matrix :)

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By Michael.Hall
09th Aug 2018 11:17

I use QuickFile for a number of my smaller clients - the Bank Feed facility costs an additional £15+VAT p.a., on top of the basic subscription of £45+VAT.

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By lh3f9764bg1g
09th Aug 2018 11:17

Isn't Quickfile £15 + VAT per year for the bankfeeds? I'm assuming that would be for every client? You should check out Wave . . . . . that genuinely seems to be free and there's invoice scanning to boot.

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By Charlie Carne
09th Aug 2018 14:06

I'm a little unclear as to your needs, but do you mean that you use Xero and QBO for a number of clients and, for those clients, you use the inbuilt bank feed? If so, then I presume your question relates to a different client for whom you don't want to use QBO or Xero, as they already use desktop software that suits their particular, complex needs, in which case the QBO/Xero clients are a red herring in your question.

You don't say what bank the client uses, but Barclays offers a read-only portal (https://esyncdirect.co.uk) for accountants whereby they can log in and extract a CSV file. The advantage of this is that you can give logins to any of your staff that you want and they can log in and see whichever clients you choose, with no ability to make payments, so it's the same as using a third party solution that generates a csv file. HSBC also allows secondary users that can be granted read-only access and multiple clients can be linked to a single login for each of your staff, if you wish.

The only reasons to use a third party tool are if your bank does not offer read-only user access, or if you want to do more than extract a CSV file (eg if you want the software to extract the data AND offer to code it for you). But, as you only asked for csv extraction, read-only user login at the bank seems to me to be the quickest (and certainly cheapest) solution.

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