If you’re not sure how to approach bank reconciliation, this is just one of the ways Flow’s team of cloud accounting experts can help you. Firstly, don’t worry – this grand-sounding term is simply the name applied to checking that your personal accounting records match the balance on your banking statements. This is essential, as it can help you and your team ensure every transaction (including interest paid, fees owed, bank-to-bank transfers and discrepancies due to typography errors) is included in your records.
Traditionally, this process takes an enormous amount of time and legwork, involving the painstaking uploading of each and every transaction you conduct, no matter how big or small. Fortunately, the wizardry of FreeAgent allows you to perform bank reconciliations at the touch of a button, instantly uploading your statements into your cloud accounting system and keeping track of all of your income and outgoings.
FreeAgent’s “explain”function allows you to automatically transfer archived information – and schedule future uploads – all with the simple click of a mouse. Here are some of the marvellous benefits that FreeAgent bank reconciliation offers:
Automatic bank feeds – You only need to connect your bank account to FreeAgent once – and the software will do the rest. This saves an incredible amount of time in manual uploads of statements and transactions.
Clear categorisation – By categorising transactions into expenses and revenues, you can gain a bird’s eye of how your company’s finances perform over time. The sophisticated software can even recognise previous categorisations and apply it to future transactions. Amazing.
Improved accuracy – When conducting manual bank reconciliation, it’s very common to come across a discrepancy in the two balances. Locating the source of the error can be like trying to find a needle in a haystack. Having such reconciliation happen automatically eliminates errors. It’s like a safety net for your accounts.
Attractive presentation – All of your information is interpreted and displayed in polished, easy-to-understand graphs and charts, allowing you to grasp your financial situation in the blink of an eye.
Multiple account capability – FreeAgent supports the connection of multiple bank accounts, so you can keep all of your important data in one, localised place. It can even handle foreign currency accounts, as well, and supports hundreds of banks across the world.
The time and effort you’ll save when you connect your account to FreeAgent makes it an invaluable tool in understanding your finances and expanding your business. This is especially true when it comes to tax returns or checking weekly, monthly or yearly cash flow.
After launching an initial network of around 40 supported banks from the UK and the US in 2013, FreeAgent has since expanded its capability to encompass thousands of feeds from hundreds of establishments from around the world. Some of the more prominent banks which are compatible with FreeAgent include:
Barclays – If you hold a Barclays Business account, you’re eligible to set up bank feeds to automatically import your information on a daily basis. To learn more about how to set up such an arrangement, read Barclay’s introduction.
HSBC – FreeAgent is proud to announce that it has successfully negotiated a partnership with HSBC, meaning that FreeAgent is now fully compliant with the Hong Kong giant.
Lloyds – Lloyds offer a discounted monthly subscription to FreeAgent for Business Toolbox users, as well as a free trial so that you can see if you’re happy with the service before you commit. We’re sure you will be!
Other banks – FreeAgent currently supports over 4,000 bank feeds from hundreds of other establishments. However, recent changes to Natwest and Royal Bank of Scotland accounts mean that these institutions are unfortunately currently not compatible with FreeAgent software.
Making FreeAgent bank reconciliations Flow better
Reconciling your bank statement with your personal accounting system can be a laborious and infuriating job, which is why we advise letting FreeAgent do all the hard work for you. However, if you need a helping hand setting up these features, Flow’s team of cloud accounting experts can help.
At Flow, our highly-trained team of accountants are ready to guide you through FreeAgent’s innovative software. We can help you set up FreeAgent to match your business and personal goals, as well as offering assistance at every hurdle. We’re ready. Are you?