Zoho Books Gets Even Easier to Use With Automatic Bank Feeds

We’re always looking for ways to simplify life for our customers. We are thrilled to announce a major update to our accounting software, Zoho Books: You are now able to connect your bank and credit card accounts securely and automatically download transactions right into Zoho Books.

Reduce manual data entry
Let me illustrate with this with a simple example. You’ve bought a flight ticket using your credit card. To keep track of this in your accounting system, you’d need to manually classify this as a Travel Expense and enter multiple information including the amount, date, reference number, the airline from whom the ticket was purchased etc. This is tedious and can lead to mistakes. Even after going through this you are still not done – you still need to reconcile this with your bank statement. This is just one transaction. Imagine doing this for hundreds of transactions and the time wasted quickly adds up. We all have got better things to do!
But when you opt to receive automatic bank feeds, Zoho Books pulls in transactions from your bank accounts and all you’ll need to do is classify this as ‘TravelExpense’.

Auto-classification of Transactions with bank rules
Furthermore, Zoho Books allows you to specify how you want to classify the bank and credit card transactions, taking this closer to zero data entry. Continuing with the same example, you can tell Zoho Books to classify all purchases that in the description have ‘Southwest Airlines’ as “Travel Expense”. Voila! Absolutely nothing to enter and completely error free again.

We Support THOUSANDS of Banks 
Currently we support several thousands of banks that we are able to receive feeds via Yodlee. However, these do not include banks that require multi factor authentication. We will include these banks in our upcoming product upgrades. Yodlee is the world’s leading provider of online banking solutions and banks world over use Yodlee to automate aggregation of account data.
So what if your bank is not there in the list of automatic feeds? Don’t worry, we also allow you to import a CSV file bank statement. You still can gain massively from auto-categorization and avoid data entry. You just need to upload the statement yourself instead of Zoho Books doing it for you.

To learn more about this, visit our tour page.

This has been a top-requested feature from you, our customers. We can’t wait to have you try it out and let us know what you think.


9 Replies to Zoho Books Gets Even Easier to Use With Automatic Bank Feeds

  1. @Damion
    We understand your concerns and i'm sure it would have crossed everyone's mind at some point. Please be assured that we've taken security very seriously and our team has worked hard to ensure users data is secure. Zoho Books does not store any of your bank login credentials. In the background, the credentials will be used by Yodlee to gather your bank statement data. The statement data is then passed into Zoho Books via channels using 256-bit SSL encryption for secure communications. Also, Yodlee is a major provider of online banking solutions and they serve millions of customers worldwide. There are many leading financial institutions using Yodlee-powered solutions. At Zoho, we are very particular about our customer's https://www.zoho.com/security.html" rel="nofollow">data security and we've ensured from our end that your data is protected. @Evan
    Thank you :) . You can always check if the particular bank name is listed in the drop-down menu, when creating the bank account in Zoho Books. If you do not find the name, just drop us a mail to support[at]zohobooks[dot]com and we'll get back to you.

  2. What protections do we have for the usernames and passwords of our online banking via your system.
    Your user agreement indemnifies you from any responsibility.
    What measures have you taken to ensure that hackers will be kept away from this extremely sensitive data.
    With the user name and password you could withdraw money, change the password locking the owner out of the account, change the address.
    It would be nice if banks would offer a secondary read-only login for this purpose.

  3. @Carsten
    With the current level of integration between Zoho Books and Zoho CRM, Accounts and Contacts saved in Zoho CRM can be imported into Zoho Books. You can also set to have it updated automatically. Integration with Zoho Creator is not possible right now. We're working on the Zoho Books API and it should be available soon. If you need any assistance with importing data, do send us a mail to support[at]zohobooks[dot]com@Dan
    Thank you for your feedback. We'd be supporting Canadian Banks shortly and will keep you posted on this.@Nathan
    We definitely agree with you. It is one of the biggest banks and we are very keen on having Wells Fargo on our list. We'll let you know as soon as we support bank feeds for it.

  4. Hi, I can't find any mention of API's for Zoho Books.
    How can this product be integrated with Zoho CRM and Zoho Creator?Cheers,

  5. Great addition but......I don't see a single Canadian bank listed and I can confirm that all of the largest Canadian banks support bank feeds. Any idea if they will be added in the near future?

  6. Hi Aniel,
    Glad you liked it :). While setting up your bank account in Zoho Books, the drop-down menu will list all the banks which support bank feeds at the moment. If you already have a bank account in Zoho Books, you can check if feeds are available for your bank and configure it to receive feeds.

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