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Business Banking
Bank Link
What is Banklink?
Banklink is a free service that has been set-up to provide your electronic "bank "transaction data to your accountant once a month, anywhere in Australia.
Delivering your monthly statement data electronically to your accountant significantly reduces the time it takes for your accountant to prepare tax information and accounting advice for your business.
It also provides your accountant with information in the most efficient and cost effective way, and enables them to produce most of the reports they need to analyse your business.
What are the Benefits of Banklink?
- Accountants can use it to manage the GST requirements, such as the quarterly reporting procedure.
- BankLink significantly reduces the time taken by accountants to prepare tax information and accounting advice for their customers.
- Accuracy of statement information is significantly increased due to the absence of human error via manual data entry.
- Timely and accurate reporting information produced by your accountant allows you to manage your business more effectively, by monitoring your costs more closely and better understanding current cash flows, taxation liabilities and so on.
How does Banklink Operate?
Every month, your accounting practice receives your Greater Building Society account data from BankLink. (Usually on the first or second working day of the month).
Your statement information is stored in electronic format for your accountant to produce reports.
How to Register for Banklink
If your business would like to take advantage of the BankLink service, you will need to inform your accountant.
If your accountant is taking advantage of the BankLink facility, then you should obtain a signed BankLink Client Authority for your business.
The BankLink Client Authority form is an authority form you sign permitting the Greater Building Society to release transaction data to BankLink for ultimate delivery.