Natasha Standen
2 minutes length
Posted: 16th December 2020

KashFlow Open Banking gives bookkeeping a 21st century update

Running a small business can be complicated, and as we end 2020, adding in the effects of Covid-19 and Brexit into the mix has only made things more complex. Historically, bookkeeping has a been a manual, tedious yet essential task for small business owners. However, by signing up to discover the business benefits of KashFlow Open Banking, you can quickly and easily remove the admin time and effort required for invoicing, reconciliation and payroll.  

By offering digital bookkeeping to SMEs, KashFlow Open Banking will enable you to gain real-time insights into your business’s cash flow, whilst simultaneously enjoying a seamless end-to-end business experience. 

By partnering with Yapily, an enterprise API connectivity platform designed and built with Open Finance in mind, we can allow you to safely share your financial data and access a secure payment infrastructure.   

What is Open Banking?  

Open Banking was first discussed in the accounting sector in January 2018, when new financial rules were introduced that required banks to allow their customers to share their financial data with third parties. It essentially transfers the ownership of financial information and data from banks back to consumers.  

 By utilising Open Banking, you can now securely share your business’s financial information, and consent to initiating payments to banks and other third parties.  

Under the Open Banking regulations, sharing your account information with third party companies is made possible through API’s. An API, such as Yapily, essentially acts as a secure communication channel for transferring data.   

What are the benefits of KashFlow Open Banking? 

KashFlow Open Banking can provide you with the real time cash flow visibility anytime, anywhere, along with the following benefits:  

  • Easy and secure connection and conciliation of multiple business bank accounts  
  • Reconcile payments and view balances with no delays  
  • Simply and easily match multiple bank statements to your KashFlow accounts 

How does it integrate with KashFlow?  

We use an approved Technical Services Provider, Safeconnect (a Yapily company) to enable secure and seamless access to financial data from hundreds of bank accounts. Yapily essentially acts as a messenger between KashFlow and your bank – you select the bank accounts that you would like to link to your KashFlow account, and provide KashFlow with consent to access your transactions. Link as many of your business bank accounts as you like to your KashFlow Open Banking portal. 

What features are available?  

With KashFlow Open Banking, you can set up as many bank accounts as you like, provide them with bespoke names, and even pick individual logos in order to make them easily identifiable. You can also set up a cash account feature, allowing you to effectively track and reconcile any ‘cash in hand’ business transactions that might be undertaken, and enabling you to add the total figures to your wider account balances.  

Open banking through KashFlow also comes with the bonus of no transactional limits – either in the number of transactions that you post directly to your bank, or to the number of invoices and receipts that you pay on a regular basis. This can be much appreciated during busy accounting periods! 

KashFlow Open Banking is also available on the move, via our mobile app. You can reconcile your bank accounts any time, any place, anywhere, and always know where you stand financially.  

For further information on the fantastic business benefits that KashFlow Open Banking could offer your business, visit our website: https://www.kashflow.com/accounting-software/banking/