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What is BankLink and Why are So Many Accountants Using It?

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Your accountant can access your records easily via BankLink.
Your accountant can access your records easily via BankLink.

As we have freshly rolled out our new Reach Accounting course, as well as our new Xero Accounting coursein addition to our existing and ever so popular MYOB training course — we have been speaking to a number of different accountants across Australia to find out how they currently manage their clients’ bookkeeping needs.

What we’ve discovered during this R&D process is that an increasing number of accountants have told us that they use a service called BankLink, so we thought we’d take a closer look at BankLink to see how it works and what it means for the bookkeeper.

BankLink for Bookkeepers

BankLink is an accounting service that delivers bank transaction data from banks and financial institutions and directly to an accountant, which the accountant then uses to code their clients’ transactions.

For any uncoded data, there are number of online tools that allow an accountant to request additional information from their clients; the coded data is then used for GST, end-of-year tax reports, management reports and various other reports required for tax compliance.

In short, BankLink eliminates all of the data entry usually performed by a bookkeeper, and in June of 2013, BankLink was acquired by MYOB to further facilitate accountants as they manage their clients’ books.

For sole traders and very small businesses that have neither a bookkeeper, nor the time to manage the data entry side of their accounts, their accountant can now manage this for them easily and efficiently, without the added cost of employing an external bookkeeper.

One accountant, extolling the virtues of the BankLink software on the MYOB website calls Banklink his “extra employee; one that never makes mistakes, gets lots done and doesn’t cost much.”

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BankLink is being billed as the future of accounting; the inexpensive future of accounting, where people are being replaced by machines and pieces of software.

So what might that mean for the humble bookkeeper? We look at this in our next post.

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4 thoughts on “What is BankLink and Why are So Many Accountants Using It?

  1. […] this process, we’ve come across a number of accountants who are using BankLink, an accounting service we’ve written about previously, which streamlines and automates the data entry portion of managing a client’s […]

  2. […] released — the software you’ll learn to use in our MYOB training course — is because of the bank feeds feature. Take a look at the video below for a demonstration on how to set up bank feeds for a […]

  3. […] wrote a post last year about a service called Bank Link, which we discovered is being used by a large number of accountants to reduce the amount of data […]

  4. […] Bank Feeds are becoming increasingly common and if you are using Xero, it has never been so easy to automate them and make your data processing […]

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