A bank feed is an automatic, real-time connection between your bank account and your accounting software that imports transactions directly, eliminating manual data entry.
Bank feeds revolutionised bookkeeping by eliminating the need to manually enter or import bank transactions. When you connect your bank account to Xero via a bank feed, transactions flow in automatically - typically within 24 hours of appearing in your bank account. This means your accounting software always has the latest transaction data without you lifting a finger. The key benefits are accuracy (no manual data entry errors), timeliness (near real-time data) and efficiency (your bookkeeper or AI can categorise transactions as they arrive rather than in bulk at month-end). Most major banks support direct feeds to Xero. Where direct feeds are not available, Xero uses aggregation services like Yodlee. SortBooks takes bank feeds to the next level by automatically categorising every incoming transaction using AI, matching payments to invoices and flagging anything unusual. The combination of bank feeds and AI categorisation means your books can be maintained with minimal manual intervention.
SortBooks automates the bookkeeping processes related to bank feed by connecting to your Xero account and using AI to categorise transactions, reconcile bank feeds and generate accurate reports. Instead of manually managing bank feed, SortBooks handles it automatically with 97%+ accuracy - saving you hours every week and ensuring your books are always up to date and compliant.
Bank reconciliation is the process of matching your accounting records to your bank statement to ensure they agree. It identifies discrepancies, errors and missing transactions.
Transaction categorisation is the process of assigning each financial transaction to the correct account in your chart of accounts. It is the core activity of bookkeeping.
Xero is a cloud-based accounting platform designed for small businesses. It provides invoicing, bank reconciliation, payroll, reporting and integrations with over 1,000 third-party apps.
Bookkeeping automation uses technology to perform repetitive bookkeeping tasks without manual intervention, including transaction categorisation, reconciliation and report generation.
SortBooks handles all the complexity automatically. Just connect Xero and let AI manage your books.