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5 Ways Businesses Benefit from Online Banking

        Money | Online Banking

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Importing Data Into Accounting Software
Let the computer crunch the numbers for you.
Let the computer crunch the numbers for you.
Tom Grill/Photographer's Choice RF/Getty Images

Many small businesses already use QuickBooks or other types of accounting software to help them manage their finances. One of the great advantages of online banking is that many banks allow you to interface the information from your online bank account with this software. Note that this often comes with additional fees, but you might find the benefits worth the extra costs.

For instance, the process of reconciliation, or comparing the transactions in your business's accounting system with the transactions in your bank account, is made easier. You can set QuickBooks to download your account information automatically on a regular basis (even daily).

What's more is that QuickBooks allows you to import information from multiple accounts and even multiple banks. You may also be able to pay bills and transfer funds between accounts directly through your QuickBooks software rather than through your online bank account. Some versions of QuickBooks allow you to designate other users with customizable levels of access, which can allow small business owners to delegate some accounting duties.


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