As part of our ongoing efforts to streamline accounting processes we are automating how we receive your financial information. This will also save some of the time you spend preparing information for us by giving us direct access to your bank statements in a useful format that we can more easily work with.
In order for our system to receive the bank statement information we will need the appropriately authorised person/s to sign and return a bank feed authority form for each of the bank accounts. It is important to note that this does not give us access to your bank account or the ability to make transactions from your account, it simply provides us with your bank statements.
Let’s break down how it works and why it’s secure.
Bank feeds are a secure way for your bank to automatically send a copy of your transaction details — such as dates, amounts, and payee names — directly into accounting software such as MYOB or Xero.
It’s like receiving an automatic bank statement every day.
Importantly:
• No payments can be made through a bank feed.
• No one — including us as your accountant — can access or operate your bank account through it.
Read-only connection – The feed only sends data from your bank to Xero or MYOB. It cannot be used to move, withdraw, or transfer money.
Bank-level encryption – Both Xero and MYOB use the same encryption and security standards as online banking. The data is transmitted safely and securely under strict agreements with New Zealand’s major banks.
You stay in control – You authorise the bank feed setup directly with your bank. You can pause or cancel it at any time through your bank.
Login details remain private – Your internet banking credentials are never shared with Xero, MYOB, or your accountant. The connection is made securely through your bank’s authorisation process.
If you’d like to read more about how each provider keeps your data secure, here are their official pages:
Xero: Click here
MYOB: Click here
If you have any questions or need assistance with the bank feed authority forms, please don’t hesitate to reach out.
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