Bookkeeping. One less thing for you to worry about
One of the biggest issues when it comes to taking control of our finances is keeping track of the day-to-day transactions. We all start the year determined that ‘this time’ we’ll stay on top and in control of our finances, but once we fall off the day-to-day-tracking-band wagon and it’s increasingly difficult to get back on.
TAXO’D is designed to make recording your transactions as quick and simple as possible. But until now, you were still required to enter each transaction in manually…
Introducing: BankSync
Now you can connect your UK bank account and feed your transactions directly into TAXO’D. All your bookkeeping and categorisation is automatically taken care of, saving you days in time, which was once wasted on manually entering your business transactions.
Banksync allows you to stay on top and in control of your finances without ever missing another expense again. All you need to do is to check and confirm your business transactions versus your personal transactions, and TAXO’D takes care of the rest.
Let’s give you the whirlwind overview of BankSync.
Before we continue, we must mention that:
TAXO’D is registered by the big boys, a.k.a The FCA
So you can be sure that your data is safe and TAXO’D has passed all regulation checks to be able to safely provide you with the very awesome BankSync feature.
Connecting your bank with BankSync
You’ll find BankSync in the new Power-Ups screen in your control panel. Like so…
Connecting your bank account is super simple, fast and secure.
All you need to do is to select your bank account which you use solely, or predominately for your business, and which tax year or years you want to import.
Do we support you? Hell yeah we do!
Here’s a list of the banks we currently accept:
Barclays | Monzo | Starling bank | Santander | Lloyds bank | HSBC | RBS | Halifax | Bank fo scotland | Natwest | Ulster bank | First direct | M&S bank | Nationwide | DanskeBank | American Express | TSB | The Co-operative bank | Lloyds bank business | Metro bank
Choosing which tax year to import will be determined by which year(s) you need to file a tax return for. We’ve made this nice and simple for you so that your imports are based on your accounting period or tax year. In this case, this runs from 6th April one year to 5th April the following.
Looksee…
For example, if you need to file your tax return for the previous tax year (eg.2017/18), you’ll want to import bank feeds from 2017/18 and for the current tax year 2018/19.
Once you’ve hit connect, you’ll be taken through a secure process with your banking provider and redirected back to TAXO’D once you’ve take the necessary steps.
This is just to get you set up quickly. You can always import more tax years at any time.
It will take you less then a minute to import two years worth of transactions, but in this time TAXO’D has alreaady auto-categorised your transactions for you!
Here’s what the results will look like after your import has finshed depending on how many years you’ve chosen to import.
Processing your transactions
Assuming that you connect you bank account that you use predominately for your business, TAXO’D saves you a whole lot of time by automatically marking all new transactions as business.
Marking Personal/Business via the web
If you choose to use TAXO’D via the web to do your ‘marking’, all you need to do is mark any non-business transactions as personal. You can do that by hovering over the transactions and checking personal as required.
Marking Personal on mobile
However, on your mobile to mark a business transaction as personal, all you need to do is swipe right on the transaction and swipe it right again on the same transactions to mark it back as business.
Marking it as Business on mobile
Another way to process your personal transactions is to use the new multi-select option.
You can do this by hovering over a transaction and check the tick box on any transaction in the expenses and income drawers and by selecting any other transactions that you want to mark as personal.
On mobile, swipe left on any transaction to select your first record then, tap on any other transactions that you want to mark as personal
When you do this, you’ll see two options in the top bar. Apply an action or mark as personal. Choose mark all to mark all of these as personal. And you’ll see the indicator turn green.
You can find out more about actions+ in this article.
You can switch on/off other accounts
Using two accounts for your business
Note: Only connect bank accounts or sub-accounts that are relevant to your business. Connecting non-business related accounts will fill your history feeds with unnecessary transactions.
