Is it worth having Automatic Bank Feeds in a very small company?

Support
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Hi, This is the first time I use the forum and I’ve only been using QF for 4 months. My questions is:if I am putting all my bank transactions manually, is there any point in me renewing the Automatic Bank Feeds? This is a very small company and it takes very very little to do it manually. Thanks again

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Hi @Triana

This will depend on how much you use the bank feeds and whether you think it is worth renewing them.

I’m afraid that I’m unable to give much more of an answer because this is something that you would have to judge rather than something I can give a definitive answer to.

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HI, QF Sian, Thank you so much for your reply. I have never used the bank feeds. I simply key put in the monthly banks statement information manualy. I just wonder if I am missing out on something important or if, on the contrary, I am simplifying my life by not using it. Any clarification would be really appreciated.

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If you have internet banking you should be able to manually download your transactions as a csv file and import that into QF. A bit moer work than an automatic feed but a big saving on manual input.

I import our banking in this way and find it quicker than manual input once you get to five or six transactions.

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I’ve never bothered with bank feeds, but I have a simpler bank account than many businesses as my sales are all retail - I don’t receive BACS payments, I just have one bulk deposit each day from my card sales, payments I make to my suppliers which I tend to log from the purchases list rather than the bank tagging side, and occasional other transactions for payroll, VAT and similar which are easy enough to enter by hand.

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Thank you, Folk London, I also wonder if there is a security issue with bank feeds.
Best Regards

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Thank you, Ian. From the replies I am gathering that I will OK without renewing the subscription to bank feed.

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This used to be more of an issue with the old Yodlee feeds where you actually had to give your internet banking login details to Yodlee to let them screen scrape, but with the newer Open Banking feeds this is less of an issue as the credentials go direct from you to the bank and the bank grants QuickFile a special read-only access token to use with their API.

1 Like
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Also to add to this, to gain this level of access we need to jump through a few hoops, including being FCA registered.

And the token they do give us is only valid for 90 days.

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Just to add my opinion, it really depends on you and how quickly you maintain your accounting records.

I for example, also don’t have a lot of transactions, however because of my work load it can be a month or so before I get round to reconciling my book keeping, so for me automatic bank feed is a great tool because I don’t have to spend any time inputting the transactions manually that have taken place during the time ive left it.

If your the sort of person who reconciles there book keeping on a weekly basis and doesn’t have to many entries then automatic bank feeds in my opinion might not be worthwhile.

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Thank you very much, FolkLondon, for your advise.
Kind Regards

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Thank you, Ian, for your support.

Kind Regards

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Thank you, Mathew, This is all new to me, since I am not a book keeper/accountant.

Best Wishes

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Thank you, SX Guy, Yes, I do the book keeping on a weekly bases and there aren’t many entries. I will continue working without the bank feeds for a while without and see how it goes. All your help, is really appreciated

Kind regards

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