In 2010 we were big advocates of Banklink, but as time has gone by we have moved onto Xero.
Banklink processes for an end result
Banklink provided a way for us to get bank statement feeds directly into a basic accounting program installed on our computers. In turn we were able to produce a coding report that we had to email to clients. They printed the reports and then had to scan and email or fax them back to us. We then had to enter this information into the accounting software.
As you can see there were a lot of steps involved, this not only takes time but leaves everyone open to make mistakes.
With Xero the bank feeds are automatically imported directly into Xero. Multiple users can be set up to access the xero file. It also has the ability to limit what information each user is able to see. For example, we can set up the business owner, bookkeeper and accountant to have full access to the package. You may have staff so we can set them up to only have access to their own payroll to enter time sheets or apply for holiday leave. You may then want your sales staff to have access to quotes and invoices.
Xero is a full accounting package that can be tailored to suits the needs of your business.
So do we still think BankLink is the right choice for our bookkeeping practice? No. Xero has come such a long way, and we have seen how much it has evolved over the last few years.