Finance24/7 real-time insights for accountants

Imagine being able to have constant, real-time insights into your clients' financial positions. With Open Banking, this is now a reality for accountants. Open Banking refers to the use of APIs to provide access to financial data. This data can be used to create products and services that were not possible before.

Open Banking has a number of benefits for both accountants and their clients. For accountants, it provides the ability to advise clients based on the most up-to-date information. For clients, it gives them the peace of mind that their accountant is always up-to-date on their financial situation.

In this blog, we'll take a look at how Open Banking works and the benefits it provides for both accountants and their clients.

Reminder: How does Open Banking work?

Open Banking relies on APIs to provide access to financial data. An API is a set of programming instructions that allow one piece of software to interact with another. In the case of Open Banking, the software is an application that allows access to financial data.

The use of APIs has been pivotal in the development of Open Banking. In the past, access to financial data was severely restricted by banks. They would only release information if there was a valid reason for doing so and would charge for access to this data. This made it difficult for third parties, such as accounting software providers, to develop products that could make use of this data.

With the introduction of APIs, banks are now able to provide third parties with access to financial data in a more controlled manner. This has led to a boom in the development of new products and services that make use of this data.

What are the Benefits of Open Banking in Accounting?

For you as an accountant:

As an accountant, open banking provides you with a number of benefits:

• The ability to advise clients based on real-time insights into their financial situation.
• 24/7 access to client data.
• Increased Efficiency - The ability to automate tasks such as bookkeeping, auditing, and compliance reporting.
• Improved client retention - With Open Banking, you can offer a unique service that your competitors cannot match.

For your clients:

Open Banking also has a number of benefits for your clients:

• Increased transparency - Clients can let you see exactly what they are doing with their finances.
• Improved communication - With open banking, you can keep your clients up-to-date with their financial situation at all times
  
• Access to new products and services - Thanks to open banking, you will be able to offer your client new products and services that were not previously available.
• Better value for money - Open Banking allows you to offer your clients more tailored services.

How Can I get started with Open Banking?

If you are an accountant who is interested in getting started with open banking, you can register a trial account with Moneye. Moneye will allow you to sign up your clients to add their bank accounts and create a real-time dashboard with all of their bank accounts in one single overview. On top of those accounts, you can set notifications based on financial events such as exceeding budgets. You can use Moneye completely free of charge for 30 days.

Open Banking provides many benefits for both accountants and their clients alike. As an accountant, you can take advantage of real-time insights into your client's financial position advising them based on the most recent information available.

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