"We have achieved automation of 95% of the account balances of bank transactions through the solution based on Open Banking* provided by IRIS Solutions" - Viktor Pavlov, owner and manager of Microinvest. In the article, we reveal what are the positives of using Open Banking in Microinvest and how every accountant can activate it in their Microinvest account.
Manage all your customers' bank accounts from one account
Accounting is hard - dealing with companies' money on a daily basis is a stressful and time-consuming process. Nowadays, it involves countless bank accounts that need to be managed 24/7.
What is the problem?
An average of 5 accounts per customer, in different banks with complex online access
Lack of overall visibility on customer bank account movements
Operational errors leading to reduced work efficiency and lost profits
The time "chasing" invoices can take up to 1/3 of the accountants' working time
The benefits of Open banking for accountants
Manage all bank accounts from one Microinvest account
Automatic entry of bank transactions
A complete view of cash flows in real time
Eliminate operational errors when processing bank transactions
Instructions for activating Open Banking for accountants at Microinvest (only in Bulgarian)
How to activate Open banking for an account in Microinvest
How to add and manage bank accounts in Microinvest
What is *Open Banking?
Open Banking is a concept in the financial sector that represents the opening up of banking data to customers for the purpose of sharing information and providing services. The idea behind Open Banking is to encourage competition, innovation and improve customer service through wider access to financial products and services, to automate processes and activities.
What does it mean for accounting?
For accountants, Open Banking is an opportunity to improve the way bank data is processed and used. This includes the following aspects:
Access to Bank Accounts
Accountants get easier and faster access to their clients' bank accounts through the accounting systems they use
Information about transactions, balances and other financial data is retrieved more efficiently and automatically
Automation of Processes
Through Open Banking, accountants automate many of the manual processes involved in processing bank information.
This leads to greater accuracy and efficiency in data entry and accounting processes.
Data Security and Control
Open banking ensures the security of data transfer, including when it is shared between different platforms
Clients and their accountants have more control and understanding about where and how their financial data is used and shared
In conclusion, the use of Open Banking for accountants represents an opportunity for more efficient work, greater control over financial data and an opportunity to use innovation in their work.
IRIS Solutions is a licensed payment institution regulated by the Bulgarian National Bank - licensed as a European payment service provider (PSP) in accordance with the Second Payment Services Directive (PSD2). The license entitles the company to provide payment initiation services and account information services.