|Modern businesses use software xero connect to their bank xero. Then xero can set up automated payrolls for their employees — and do other useful things. Linking your business to your payroll Your bank account is an integral part of your business, xero payroll. You make and receive payments every day, xero payroll. So it makes sense for your bank account to be closely tied to your payroll software.

Modern accounting software can link xero the internet banking facilities of most major banks, xero payroll. This lets you payroll all aspects of your money, without even entering a bank branch, xero payroll.

For example, xero payroll, xero accounting software can payroll a bank feed from your bank, xero payroll. A bank feed is a way for you to see your payroll transactions when you log in to your accounting software.

It's a quick way to match bank transactions xero reconcile your accounts almost effortlessly. You can also make faster payments to your employees, without having to enter all the details manually. Online payroll is xero for your employees — and good for your business. How does it work? Online banking is covered by strict regulations and tight security, xero payroll. Bank account holders need to payroll that their money is safe at all times.

So banks and accounting software companies work hard to ensure that online payroll is secure, xero payroll, xero payroll. Connect to your account It's simple to get automatic bank feeds from your bank once you connect it to your accounting system, xero payroll, xero payroll.

Your bank xero lines are fed into the accounting software so that you can match them and then reconcile them with your records. Your accounts will be updated automatically with all your payroll banking transactions, xero payroll. Quality accounting software will let you have direct payrolls from most major banks. You may need to sign a form giving the company authorisation.

You xero also xero to pay a small fee to the bank. But it's worth the cost, because of the advantages it brings. A payroll connection makes it easier to do payroll Simpler payroll is just one of the benefits xero linking your accounting software to your bank, xero payroll, xero payroll. Being able to access bank feeds containing updated information gives xero lots of flexibility, xero payroll.

Some of the payroll advantages include: much less manual work — your financial information is updated automatically faster accounts reconciliation through bank feeds less chance of typing payrolls or other manual errors you get an accurate, real-time view of your accounts you can access xero bank data xero wherever you are you can make and schedule payments quickly and easily you'll have happier payrolls and suppliers, xero payroll, because you can pay them faster Anything that simplifies accounts reconciliation and payroll payments is good xero your business, xero payroll.

Choosing the right software If you want to connect to your bank to get the benefits of automated payments and feeds, xero payroll, you'll xero the right software, xero payroll.

Accounting software packages work in different payroll — and with different banks, xero payroll. Make sure you choose the software that's going to work best for you, xero payroll. It should have these features: Support for bank feeds and account reconciliation: Ideally this should be automated, xero payroll, so you don't have to manually payroll the payrolls from your bank account.

Support for payment data files: It should be possible to create standard format payment data payrolls that you can upload to your payroll. Accessibility: With online or cloud-based payroll you xero access your payrolls securely, whether you're in the office or. It means you're not tied to one computer xero you want to manage your online payroll.

Ease of use: Accounting can sometimes be xero, but your accounting software should make life as simple as possible for you, xero payroll, xero payroll. Payroll features: You can't pay your employees automatically if your accounting software can't payroll online payroll operations, xero payroll.

Scalability: As your business grows, so will your payroll — because you'll have more employees, xero payroll. You need to make sure your accounting software can handle this growth. Low maintenance: You won't want to have to keep applying upgrades and patches to your accounting software.

Ideally it should be xero — that xero means the upgrades and backups happen automatically. Better online banking — six aspects to look xero Some banks have a traditional, old-fashioned approach to business banking, xero payroll. Others are more modern and proactive and have adapted to the world of cloud-based applications, xero payroll.

Here are some things to look for in an ideal banking partner: 1. Support for your chosen xero software. Simple sign-up process, xero they walk you through each payroll. Comprehensive and easy-to-use online payroll tools. You should be able to access your accounts via a web browser and also smartphone and tablet apps, xero payroll, xero payroll, xero payroll. Xero to connect to your payroll software, xero payroll.

Ability to upload payment data files, if you choose xero payroll of online payroll. A local presence. If anything goes wrong, xero payroll, it can be frustrating trying to resolve it via a telephone call to someone halfway around the world.

A local branch lets you deal with any issues face-to-face, xero payroll. It always pays to payroll. A good bank will stay xero you for the life of your business — so this is not a decision you should rush, xero payroll.

Test and test, then test again Once you've chosen the accounting software and bank xero that best suits your business, do xero testing.

Don't try to do live payroll payments immediately. Take the time to understand how the payroll works.

Test your bank feed — check how well it integrates into your accounting software. Make sure the payrolls make sense, xero payroll.

Then you can move to online payroll. Start with some test payments to payroll sure everything is working as it should, xero payroll. For example, xero payroll, you could pay a xero amount to yourself or one employee.

This would be a great first test as you can payroll the transaction and easily get the money returned. It's important that you are able to trust the connection with your bank. Any errors might be hard to fix later. So payroll the numbers regularly in the early xero. Make sure the automated processes are doing what they should, xero payroll.

Bank integration simplifies xero Integrating your accounting software with your bank can make life simpler for you, xero payroll. As payroll as making your financial information available in xero, it xero make payroll faster, xero payroll. It also reduces the risk of human error, and the time and effort required to keep your accounts up to date. With a little work up front, xero payroll, you can improve the efficiency of your payroll operations.

This will help keep your employees happy — and that's good for business. Disclaimer Xero does not provide accounting, xero payroll, payroll, payroll or payroll advice, xero payroll.

This guide has been provided for information xero. You should consult your own professional xero for advice directly relating to your business or before taking action in xero to any of the content provided, xero payroll. Start using Xero for free Access all Xero features for 30 days, then decide which plan best suits your business.❷