Bookkeeping for one features
Our aims to build you the most beautiful and easy to use software possible
When designing BK1, we asked ourselves "if magic were possible, what would this software do?".
The answer was simple, if magic were possible, then small businesses would not need accounting software, their monthly or quarterly reports would simply appear.
We aim to make BK1 as invisible to you as possible. When we are done, the software will be so beautiful to look at and elegant to use that you hardly know it's there.
To prepare your monthly, quarterly or annual accounts , you drag & drop PDF bank statements into BK1. The transactions are read from the statements using our advanced optical character recognition software and saved to BK1 on your computer.
As data is read from your PDF bank statements to BK1, the transaction descriptions are matched against our extensive database and assigned to chart of account categories. This means takes about three mouse clicks to convert a PDF bank statement into a profit & loss, cash flow or BAS report for your business.
Stunningly beautiful user interface.
The Bookkeeping for one system is designed to provide all the features you need, with no features you don't. We make these features available through the most beautiful user interface we can create.
Transactions are imported directly from PDF bank statements
This is the feature that sets BK1 apart from other bookkeeping software packages: we import transactions directly from PDF bank statements, not text file exports from the bank, which can cause problems when it comes time to reconcile the account against the bank statement.
We store a copy of the actual statement along with the transactions and statement balances. Because we know the statement balances, we can automatically reconcile the account by checking the balances against the transaction totals.
Transactions automatically assigned to chart-of-account items
As each transaction description has a unique 'signature' that is used to assign a chart-of-account category. If you have assigned a transaction of this type previously, then that chart-of-accont item is used. If the transaction is new to BK1, or if several chart of account items have been assigned, then the transaction is marked as 'suspect' and in need of your attention.
Sometimes there may be many transaction descriptions for a given business. For example, "BP Clarendon" and "BP Glenwrowan" are probably both purchases of fuel from a BP service station. BK1 is smart enough to group transaction description that are probably alike even if they contain different text.
Bank accounts automatically created
When a statement is imported for an account you have not used before, a new bank account record is automatically created in BK1.
Each bank account is owned by an 'entity'
Each bank account is owned by an 'entity', which in turn is owned by you. For example, you may have personal bank transactions, a business and investments. These would correspond to personal accounts, business accounts and investment accounts.
Transfers between accounts automatically managed
Sometimes, small business owners transfer money between entities. For example, you may move money from your business account to your investment account after an especially good month for business. Before BK1, this would leave you with a big mess to sort out at the end of the tax reporting period. When using BK1 to import transactions, existing transactions in other accounts are scanned and if they look it they look like they may be a transfer between accounts, they are marked as a transfer. As well as BK1 being able to identify transfers automatically, you can do this manually.
Transactions can be tagged to belonging to another entity
Transactions in one account or entity can be tagged as belonging to another entity. This makes it easy to unravel the mess we sometimes get ourselves into as small business owners when we make a business purchase on our personal credit card, or pay a personal expense from our business account.
Simple to use reports
Generate reports by quarter per entity. Reports that are available include cash flow, profit & loss, BAS work sheet & transfers between entities.
