Importing Bank
Statements into Xero 5 Benefits of Data Entry Automation This article is
A
s automation gets smarter, it’s beginning to take over more and more thankless workplace tasks. And automated bank statements are a welcome feature for several reasons. Perhaps more than any other form of admin, love it or loath it, entering your bank or credit card statement data manually into Xero is a laborious task. Here are five great reasons you should automate your statement entry. We’re also giving some advice on getting started in bank statement automation.
I was able to upload over a year’s worth of PDF statements given to me by a client and
1) Automation saves time and money Naturally, whether you’re a small
business or an accountant, you don’t relish the manual entry or transfer of bank statement information. It’s and timeconsuming. Time does have a monetary value, whether it’s hours of labour paid for or time that could be spent running the business. 2) Automation makes it easier to be tax compliant One of the great nuisances of taxes (apart from the paperwork itself), is the filing and maintaining of old documents. Accountants are often asked how long a business should keep old tax records and bank statements. The answer varies according to territory. In the UK it’s five years; in the United States it’s six, and
@AutoEntry
Brian Carolan, Product Specialist, AutoEntry From Dublin, Ireland, working with AutoEntry since before it’s launch 6 years ago. Having been involved in multiple functions within AutoEntry including product feature development, customer support management, training & education and product specialist. Helping AutoEntry grow and customers and teams get the best from AutoEntry.
so on. The very least is two years, wherever you are. Maintaining accounting records digitally and in the cloud makes it much easier to keep all the necessary paperwork close at hand. It also saves on the cost of storage, as far less storage is needed when records are paperless. And, of course, there’s the automation vs human error factor. Automation can reduce human error by up to 53%, according to a recent survey of hundreds of CFOs. As any tax auditor will tell you, errors can be costly! 3) Information is consolidated when you automate bank statements Much of admin and accounting
then get them.
80 / Issue 28
XU Magazine - the independent magazine for Xero users, by Xero users.
