Academy Chartered Accountants Limited
Chartered Accountant
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Accounting Services

BankLink

Not everybody is cut out to do their own accounting. In fact while we prefer businesses that do that, there are times when it is best if the business owners focus on their business - and leave the GST and accounting to professionals. That is where BankLink comes in.

BankLink is a wonderfully effective product, and interfaces with most banks and chartered accountant's systems. They have spent a lot of time refining it to require as little effort as possible.

Basically they present us each month with data from your bank. This is like your bank statement - but electronic. All it requires is for us to code each transaction. Many of these are automated - e.g. once we have told it the code for bank fees, we no longer have to enter these in. That's one of the many seemingly minor benefits our experience as chartered accountants offers - this simply would not work as well if we used different account numbers for every job. There are many other tools in the software that makes it fast and simple.

So all we have to do then is send you (via e-mail) a list of uncoded items, and you tell us what they are, plus any transactions that haven't gone through the bank account (cash, credit, personally paid, etc). We then code it (and often they can be memorised for future use), and your GST returns and monthly reporting can be produced from that. And at year-end, we feed it into our accounting system, enter various accrual entries and produce your accounts. It's magic.

Then we do the tax, etc. and send you the accounts for your signature. And we send you reminders of provisional and terminal payments due - just so there's no chance of accidentially forgetting - and incurring penalties and interest.

March is the best time of year to set this up. Basically you are best if set up by the start of the financial year.

And just to be clear, we don't charge extra for BankLink. That's included in our monthly accounting fee, as is all else.