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Bank Feeds

NatWest bank feeds for Xero and Freeagent

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Thanks to the advice of (the helpful) members on here, I have dropped Kashflow from our list and am now looking at Xero and Freeagent for our new software (we are a professional services limited company looking to instruct new accountants). I am also going to look into Exact today at the recommendation of a member.

In the meantime can members confirm if Xero and Freeagent have NatWest fees for business accounts (or whether NatWest does not provide fees)?

Also have any accountant members come across any security breaches with cleints' bank feeds?

Many thanks.

Replies (14)

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By Matrix
21st Apr 2017 17:26

I assume you mean feeds. One of my clients has a NatWest feed into FreeAgent but it is quite slow. I have no idea about Xero but don't see why it would be any different, you could do a search on their frequently asked questions.

All my service company clients find FreeAgent sufficient, Xero would be too complicated for them. I also find it is limited when it comes to VAT since it is not designed by a UK company.

Edited to add that you have to set up a new account for dividends and corporation tax appears as an expense, so there is no profit before tax. So Xero is inferior to FreeAgent for simple P&L. And FreeAgent books the corporation tax automatically whereas you would have to get your accountant to book it for you in Xero.

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Replying to Matrix:
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By Limited Company
27th Apr 2017 12:33

Thanks Matrix. We are trying to decide on a new software before we change accountants and it is very good to know the point you make about VAT. I have always wondered if non-UK companies would have a good UK corporation tax and VAT interface. Many thanks.

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By PALacc
21st Apr 2017 23:06

NatWest feeds to xero are free using the Yodlee feeds. Using NatWest direct feed there is £monthly charge.

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boxfile
By spilly
22nd Apr 2017 00:14

Xero is a pain if you have a lot of data entries to make. It is not as easy to use
as FreeAgent, but my clients seem to like the invoice layout. We do have to prompt for bank feeds if they are not from the main account, don't know why, might just be Lloyds.
And as the previous poster said, Xero has a rubbish vat coding system - it's so bad that I don't know why HMRC hasn't stepped in and asked it to rectify the problems.

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Replying to spilly:
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By Limited Company
27th Apr 2017 12:36

Thank you too Spilly. Good to know. May I ask, for a professional services client (which is what we will be) do you recommend Freeagent? We are only looking at the big companies at the moment, Xero, Freeagent and Kashflow. So far a few members here have said we should drop Kashflow from the list, so I am not looking into it to seriously at the moment.

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Replying to Limited Company:
boxfile
By spilly
27th Apr 2017 20:30

Why don't you have a go on the free initial downloads that they offer?

Each has its own merits and moans, but it maybe that you find you prefer one enough to live with the niggles.

Our FreeAgent clients are mainly marketing and design based, our main Xero client has a low sales invoice volume but has problems logging the high volume of recharge expenses and purchases they incur.

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Replying to spilly:
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By yaakovgrant
27th Apr 2017 14:02

spilly wrote:

Xero is a pain if you have a lot of data entries to make.

Has anyone else found this, as I was about to start using Xero for a relatively big client (200 bank transactions a month) ?

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By garyturner
26th Apr 2017 11:07

Xero provides two bank feed methods for NatWest customers.

- A free feed provided by a third party provider (Yodlee) which is what most accounting software bank feeds rely on.

- A feed direct from NatWest which doesn't rely on a third party which makes it more reliable, but does carry a small monthly charge of £1.50

https://help.xero.com/uk/NatWestFeed

In addition to the free feeds in Xero, along with NatWest, Xero has direct feed agreements with Barclays, RBS, HSBC, Santander, and Metro Bank. Lloyds should be available as a direct feed later in 2017.

Gary Turner
Managing Director, Xero
@garyturner

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Replying to garyturner:
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By kiwilondon99
27th Apr 2017 11:09

Gary- does the above include just the headline Bank ie RBS +/-or its subs say including Coutts or Santander only or+/- say cater allen[subsidiary]

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By Kevin McCallum
26th Apr 2017 17:30

Just to make everyone aware, FreeAgent will be rolling out direct feeds from NatWest business banking accounts over the next few months for all users.

These will be able to replace the current indirect feeds referenced in one of the responses above.

There will be no charge for these feeds.

We have been working extremely hard with the NatWest and Royal Bank of Scotland team to develop these and other capabilities since we jointly announced our formal partnership in January of this year.

Kevin McCallum
Business Development Director
FreeAgent

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Replying to Kevin McCallum:
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By martinjrichards
27th Apr 2017 11:26

Hi Kevin, that's great that you are developing FreeAgent further. However, please don't replace the manual upload statement option entirely, many of my clients don't trust a system which links directly into their bank account.

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Replying to martinjrichards:
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By Kevin McCallum
28th Apr 2017 17:55

Hi Martin, rest assured we've no plans to remove that capability. Banking is such a core component of FreeAgent which we are continuing to actively develop and improve.

We do recognise different clients have different levels of comfort with automated feeds.

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Jim Clark, Lotus 49
By jimclark1967
26th Apr 2017 17:55

I use Xero Yodlee feeds for a Natwest business account and find it works well.

There is a built in 5 day delay as Natwest don't display the full transaction details online for the first few days so the delay prevents duplicate transactions being created in Xero.

This isn't a problem for our business but I imagine it would cause problems if you were running a busy sales ledger etc.

I don't know if the direct feeds have the delay. There's no way to find out without signing up!

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By kiwilondon99
27th Apr 2017 11:19

SAGE users ** any advice on route to take direct or yoddle, and how easy is the process for a small non technical clerical administrator [ client consideing feeds as a way to reduce input errors ] So thoughts + comments appreciated
[we used to have a sage board in the old days which took away alot of clutter here so apologies for this]

@ op
would be interested in your thoughts/opinions once exact reviewed ..

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