Banklink Index | Prev | Next  

Banklink - Your Questions Answered

Why use Banklink Notes

Hassle free: McMasters' does your bookkeeping and BAS for you.

No need to hire a bookkeeper: your books are done electronically by McMasters' so you don't have to hire an external bookkeeper.

Simpler tax returns: The year end tax return preparation process is quicker and simpler as we'll effectively be doing your tax each quarter.

What does Banklink Notes cost?

Banklink Notes is free for our clients. McMasters' is charged a small fee by Banklink based on the number of transactions. We absorb this fee as we believe the efficiency gains far outweigh the costs.

Using Banklink Notes effectively

All business transactions, and only business transactions, should be recorded in:

a business bank account,
a business loan, if applicable, and/or
a business credit card.

Provided all, or nearly all, business transactions are recorded in this way, Banklink Notes will work very efficiently as we will capture all relevant business transactions and import them into Banklink Notes.

A note on credit cards

The business credit card does not have to be in the name of the business. A personal card is fine as it will be easier to obtain and usually will have lower fees. The trick is to use the card exclusively for business transactions. Private transactions, such as purchases of clothing or groceries, should be paid for using a second card that is used exclusively for private purposes.

Banklink Notes is currently compatible with cards issued by CBA, ANZ, Adelaide Bank and St George Bank. Westpac and NAB credit cards are not supported at the moment.

For a list of financial institutions supplying Banklink, please click here.

Do you want to learn more?

Have a look at these introductory training modules prepared in-house by Yafeng Cai, one of our young accountants who also has a degree in IT from Melbourne University and is involved in training McMasters' clients to use Banklink Notes.

Module 1 An introduction to Banklink Notes
Module 2 Banklink Notes Instalment Tutorial
Module 3 Banklink Notes Use Tutorial

You can also visit the Banklink Notes website at www.banklink.com.au.

Banklink Index | Prev | Next