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Blog: A CAS professional’s guide to addressing broken bank feeds - tips and techniques

September 13, 2024

Presented by Fyle

Bank feeds are a cornerstone of modern accounting. They enable real-time updates, streamline reconciliations, and reduce manual data entry. For Client Accounting Services (CAS) professionals, the reliability of these feeds is paramount.

But what happens when the feeds break? How do you navigate the challenges and ensure your financial data remains accurate and up-to-date?

This guide explores common causes for broken bank feeds, practical solutions, and advanced techniques to keep your accounting workflows smooth and efficient.

Understanding the Causes of Broken Bank Feeds

Bank feeds can break for various reasons, and identifying the root cause is the first step in resolving the issue. Here are some common triggers:

  1. Bank Security Updates: Financial institutions frequently update their security protocols. These changes can disrupt the connection between your accounting software and the bank.
  2. Outdated Software: If your accounting software is not up-to-date, it may struggle to maintain a connection with the bank’s system.
  3. API Changes: Banks occasionally modify their Application Programming Interfaces (APIs), leading to temporary feed interruptions.
  4. User Credentials: Incorrect or outdated login credentials can prevent bank feeds from functioning correctly.
  5. Multi-Factor Authentication (MFA): The increasing use of MFA for bank logins can cause issues if your accounting software isn’t compatible with these security measures.

Tips for Resolving Broken Bank Feeds

  1. Verify Credentials: Always ensure that your login credentials are current. This includes updating passwords regularly and checking for any required MFA steps.
  2. Check Software Updates: Regularly updating your accounting software is crucial. Developers often release patches that address compatibility issues with bank feeds.
  3. Manual Refresh: Sometimes, manually refreshing the bank feed within your software can resolve temporary connectivity issues. This can often be done through the software's bank feeds section.
  4. Reconnect the Feed: If a simple refresh doesn’t work, you may need to disconnect and then reconnect the bank feed. This process involves re-authenticating with your bank and re-establishing the connection.
  5. Contact Support: If all else fails, reaching out to your software provider's support team can provide insights into more complex issues. They might have specific advice or be able to escalate the problem if it’s a known issue.

Techniques for Preventing Future Issues

  • Use a Dedicated Browser for Bank Access: For security and efficiency, use a dedicated browser with minimal extensions or plugins when setting up and maintaining bank feeds.
  • Enable Automatic Updates: Ensure that your accounting software is set to update automatically. This minimizes the risk of encountering issues due to outdated software.
  • Scheduled Reconciliations: Implement a regular reconciliation schedule. This will help you catch any feed issues early, making it easier to resolve them without significant disruptions.
  • Regular Backup: Regularly back up your financial data. If a feed issue corrupts data, having a recent backup can save hours of work.
  • Invest in Reliable Software: Choosing robust, well-supported accounting software can prevent many of the issues associated with bank feeds. Reliable providers offer better support and are quicker to resolve compatibility issues.

Advanced Techniques for Complex Scenarios

  1. API Monitoring: For CAS professionals managing multiple clients, consider using an API monitoring tool. These tools alert you to any disruptions in real-time, allowing you to address issues before they affect your workflow.
  2. Custom Scripts: If you have a tech-savvy team, consider developing custom scripts to monitor and maintain bank feeds. These can automate some of the manual checks and balances, reducing the likelihood of downtime.
  3. Third-Party Integrations: Utilize third-party tools that offer enhanced bank feed integrations. Some platforms specialize in managing bank feeds and can serve as a more stable intermediary between your accounting software and financial institutions.

Conclusion: Staying Ahead of Bank Feed Disruptions

Maintaining smooth and reliable bank feeds is essential in the fast-paced world of Client Accounting Services. Understanding the causes of broken feeds and applying the right techniques can minimize disruptions and ensure that your financial data remains accurate and up-to-date.

However, even with the best practices in place, manual processes can still be prone to error and inefficiency. This is where automation tools like Fyle come into play.

Fyle is an expense management software that minimizes your dependency on bank feeds by integrating directly with credit card networks like Visa, Mastercard, and American Express. You’re notified of credit card transactions in real time via text messages. You just need to reply with a picture of the receipt, and it’ll automatically reconcile the expense for you!

Fyle also lets you collect receipts via text and other everyday apps like Slack, Gmail, and Outlook, eliminating the need to learn/use any new application.

Ready to reduce dependency on your bank feeds and streamline your expense management? Learn more.