What is bank feed?

A bank feed is an automated connection between a bank account and accounting software that imports transactions directly, reducing manual data entry and enabling more timely bookkeeping. For professional service firms, bank feeds accelerate the accounting process and improve accuracy.

Key characteristics

• Automated transaction import

• Connects the bank to the accounting software

• Reduces manual entry

• Improves accuracy

• Enables timely bookkeeping

• Still requires categorization

Why it matters for professional service firms

Manual transaction entry is slow and error-prone. Bank feeds automate the first step, allowing focus on categorization and review rather than data entry. Professional service firms should connect all bank and credit card accounts to their accounting software.

Real-world example

Rachel manually entered 180 transactions monthly, taking 5 hours. Bank feed implementation: connected checking, savings, and 2 credit cards. Transactions are imported automatically daily. Time reduced from 5 hours entry to 1.5 hours review and categorization. Bonus: real-time visibility into cash position, rather than waiting until month-end.