Bank Feed sometimes not unlimited! Check terms & conditions
Using a cloud based bookkeeping system does make your life easier. One benefit is that it allows bank transactions to be automatically sent from your bank directly into your software – this is called a bank feed. This eliminates the need for tedious data entry and all but removes the risk of errors.
However if you generate considerable bank transactions each month you should take note whether or not your software has a fair use policy. Some cloud based software does not automatically offer unlimited bank feeds.
MYOB for example have a monthly transaction threshold ranging from 25 (for starter software) up to 300 (for their top of the range product). If users exceed this transaction limit per month they will then be charged per transaction above the threshold.
Don’t get caught out, check the terms and conditions of your subscription to make sure that you are using the right subscription level for your business.
Contact CrossCorp today if you have any questions or need help with your bookkeeping!