An introduction to Banklink

What is Banklink?

Banklink is a bookkeeping program which helps to streamline the accounting workload by eliminating the errors of manual data entry, speeding up the bookkeeping process and helping you keep track of your business performance.

Banklink is based on your bank accounts. You simply nominate which bank accounts you want to be included, then each month Banklink downloads the bank statement into the Banklink program. Baker Affleck will then email the bank statement file to you. All you do then is enter codes for each transaction and narrations if necessary and then send the file back to your accountant. Your accountant then uses the information to complete such work as Business Activity Statements, taxation planning, end of year financial statements and taxation and much more.

Banklink works with all the major banks as well as credit card companies, building societies, fund managers, credit unions and rural suppliers. So no matter what account you use for your business Banklink is available to you as a bookkeeping program.

Why Should You Use Banklink?

One of the main benefits of using Banklink is that the data comes directly from your bank statements so it is always correct. Spending hours inputting data into MYOB or completing manual cashbooks is a thing of the past as each transaction in your bank account is already integrated into the program.

Banklink also has a memorisation feature, which allows you to memorise a transaction based on its bank statement narration. Once a transaction is memorised, every transaction in the future that has the same narration will be automatically coded for you, thus reducing the amount of time for your monthly bookkeeping. This feature is perfect if you receive income from a customer on a regular basis or make payments to the same supplier on more than one occasion.

Banklink also has the ability to produce various reports including profit and loss reports for any period, Business Activity Statements if you’d like to complete your own Business Activity Statements, cash flow reports and various graphs. These are perfect for determining how your business is performing from month to month or year to year.

A further feature is the ability to add payees to the program. This allows businesses with different employees to keep track of their individual wages, superannuation and pay as you go withholding reporting requirements.

Banklink is a simple, user-friendly, cost effective bookkeeping tool for small to medium sized businesses, whether you are a sole trader, or run your business through a company or trust.

If you would like more information on Banklink please feel free to contact your accountant or refer to the website: www.banklink.com.au