There’s really no point in having an accounting system if you aren’t keeping it up to date. Sure, sending invoices is pretty useful, and tracking expenses is a good way to make sure you get those deductions at tax time, but making sure your accounting matches reality is the best way to stay on top of your numbers.
Think of it this way: keeping your accounting system up to date is like maintaining your personal hygiene. If you let it slide for a couple of days, it’s not the end of the world, but pretty soon, people are going to start to notice. They may not say anything, but they’ll definitely know if you haven’t showered in a couple of days.
Financial hygiene works the same way. If you’re calling your customer to see when they’ll pay their invoice only to learn that they paid you a week ago, you’re going to have a bad time.
That’s why we’re excited to announce that we now offer automatic feeds directly from your bank to Billy. Never miss a transaction, always stay in the know, and keep your financial hygiene in check.
Proactive Financial Hygiene
Getting in the habit of matching your bank transactions to those in your accounting system is the best way to make sure you stay on top of your business relationships. When you receive a payment from your client, it’ll show up in your bank feed. The magic of Billy’s reconciliation system allows you to quickly and easily match that payment with the associated invoice. Just watch:
Activity from your bank streams in on the left, entries in your accounting system are on the right, and you match them up in the middle. Also, once you match the invoice with the bank payment, it’ll be marked as paid in Billy.
It works the same way with bills too. Matching an unpaid bill with a corresponding bank entry will mark that bill as paid in Billy even if you forgot to do it yourself.
One of the hardest parts about reconciling a bank account (and why it’s usually so eye-wateringly difficult) is dealing with incomplete information. Often times, you’ll come across a bank statement item that isn’t in Billy.
Since this is bound to happen a lot, we’ve made it easy to add these entries to Billy on the fly. Check out what happens below when a wild cell phone bill pops up on the bank statement without an associated entry in Billy.
Automatic bank feeds are available in all paid tiers of Billy. Thanks to the help of our new banking partner, Billy is able to connect to over 9,000 banks in the United States, Canada, and several other countries around the world.
Ready to get started? Click here to start your 14-day free trial:
Already have a Billy account? Check out this quick guide on setting up automatic bank feeds.