Q&A: Bank feeds for cloud accounting

21 August 2018

What is a bank feed?

A bank feed is an automatic transmission of your bank statement data into your cloud accounting software. A bank feed facilitates the secure transfer of transaction data from your bank to your cloud accounting software.

Can I set up a bank feed direct from my bank?

Currently, only a limited number of banks facilitate direct feeds. Dependent on the bank’s procedures, the bank feed can be set up by entering your banking credentials online (which is very quick and easy to do) or by submitting a form in the post.

For those using Sage Business Cloud, bank feed data is provided by Yodlee, a third-party service. You will need to sign up for Yodlee and input your online banking credentials to the system (please note these details are not stored by Sage).

Is Yodlee secure?

Over 40 million consumers worldwide, 600 global financial institutions, and 8 of the top 10 U.S. banks trust Yodlee to deliver a bank feed service.

Yodlee protects data with strong security measures and regular security and compliance audits. It undergoes examinations by U.S. Banking regulators including the Federal Financial Institutions Council and the Office of the Controller of the Currency. Yodlee is certified as a Payment Cards Industry (PCI) Level 1 Service Provider and has EU Privacy Safe Harbor certification.

Yodlee uses your securely stored login details for only one purpose; to retrieve transactions from your online banking site, and nothing else. Please click here for further information about Yodlee.

What information can my accountant access?

We only have access to the information that would be included on a paper statement. We cannot make payments, transfers or withdrawals.

What are the benefits of bank feeds?

The main benefit of bank feeds is to simplify your accounting. Manual data entry processes are eliminated to give you time savings, error reduction, more accurate financials and a more up-to-date view of your cash-flow.

For further information about bank feeds or any other aspect of cloud accounting, please contact Donna Parkin on 0191 567 8611 or d.parkin@uhy-torgersens.

As one of the leading firms of accountants in the North East, with offices in Newcastle, Sunderland and Jarrow, we have the expertise to advise you on a wide range of tax related issues. If you would like to speak to one of our local experts, please contact us.