Bank Feeds Explained: Why They’re a Game-Changer for Bookkeeping

william8192
Oct 14
2 min read

If you've ever spent hours entering bank transactions by hand—or worse, missed one entirely—you'll appreciate the power of bank feeds. These automated connections are changing the way Canadian businesses handle bookkeeping.

Here’s how they work, and why they matter for your books.

What Are Bank Feeds?

Bank feeds are automatic connections between your bank account and your accounting software (like QuickBooks Online). Once connected, your transactions:

Import daily into your books
Are ready for quick categorization
Reduce errors from manual entry

It’s like having a real-time financial inbox that updates itself.

Why They Matter for Entrepreneurs

With bank feeds, you can:

See up-to-date cash flow without logging into your bank
Spend less time on data entry
Reconcile faster and more accurately
Catch duplicate or missing entries early

It’s one of the easiest ways to bring automation into your bookkeeping.

Supported Banks in Canada

QuickBooks Online supports most major Canadian institutions, including:

RBC, TD, BMO, Scotiabank, and CIBC
Yukon-based institutions like First Nations Bank of Canada
Credit unions and fintech platforms like Wise and PayPal

Some banks may require multi-factor login or periodic reauthorization.

Indigenous Business Tip

For Indigenous-led businesses or councils with multiple programs or funding streams, bank feeds reduce the risk of misallocating funds. They also support real-time oversight, which is valuable for Chief and Council or Board reporting.