Open Banking offers accountants and bookkeepers reliable and up-to-date financial data that will improve their relationship with clients. With the support of ACSISS Adviser, this is now a reality.
Open Banking has arrived. It’s an important topic because of the immediate opportunities it provides accountants and bookkeepers to improve their practice in many ways.
At the heart of this opportunity is the improved client relationships that can be forged, because accountants and bookkeepers can now be armed with bank-approved data and more streamlined processes.
SISS Data Services, as an Accredited Data Recipient (ADR) is a vital bridge to enable this technology; and provides the ACSISS Adviser solution for accountants and bookkeepers.
Here we explain how Open Banking can foster more meaningful and insightful relationships between accountants, bookkeepers, and their clients.
Bank Approved Data: Unlocking Insights Effortlessly
Picture a daunting puzzle with missing or ill-fitting pieces. This mirrors the challenge accountants and bookkeepers face when dealing with financial data that contains gaps – which has been the way many have been working for years.
The technology the industry currently relies on to access financial transaction data, called screen-scraping, is often incorrect or inconsistent.
With the introduction of Open Banking, there is a solution that delivers bank-approved data which is accurate, reliable and consistently available across all types of accounts.
- Inconsistencies removed. Open Banking offers a structured and consistent way to access financial data, reducing the likelihood of gaps or inaccuracies. Fewer errors in data and access to a broader range of accounts makes it easier for accountants and bookkeepers to deliver higher level analysis and accurate reporting to improve the service to clients.
- Security issues quashed. Open Banking is bank-approved. Clients are protected by layers of encryption technology and hundreds of millions of dollars of bank investment Australia-wide into data security. Previously, using third-party providers not approved by banks to digitally ‘pretend’ to be people and use their private bank passwords has left people vulnerable to cyber fraud.
- Historical data gaps filled. With client consent, Open Banking gives accountants and bookkeepers full and complete access to all client transaction data as far back as 2017. This is especially a game-changer when onboarding new clients.
- No more paper handling. There is no further need to seek bank feed access requiring clients to sign paper documents and send them through to banks.
- More freedom to switch accounting systems. One thing that prevents accountants and bookkeepers from switching accounting software is the hassle of signing up every single client to new bank feeds. Open Banking is accounting software agnostic. A few simple clicks and clients give permission for as long as they want, no matter what accounting system is used.
Banks, historically protective of their data, are now endorsing this technology, recognising its value to deliver dependable financial insights.
Quick and Comprehensive Onboarding: The First Step to Lasting Relationships
First impressions matter significantly. Imagine a scenario where, during the initial client onboarding process, all the necessary financial data flows in seamlessly, eliminating the usual back-and-forth delays.
New Open Banking legislation available right now to accountants and bookkeepers transforms this vision into reality. It streamlines the onboarding process, so accountants and bookkeepers can swiftly gain a comprehensive understanding of their clients’ financial positions.
- Onboarding takes no extra time. It is a slightly different process to secure client data, but it takes no longer to administer than a usual onboarding process.
- More secure and efficient moving forward. The extra benefits are that it’s more secure for the client. It also sets up the client relationship for success, with the expectation that once the registration process for Open Banking is complete, then there is no further need to engage with the client to get access to their transaction data from then on.
It’s quick and easy to get started.
It just takes one simple step for accountants and bookkeepers to register for ACSISS Adviser. Once registered, the accountant and bookkeeper then sends an email link to the client. The client then takes two simple steps to give approval to access their data. No password sharing. No paperwork. It’s quick, painless, and easy.
This efficient onboarding sets the tone for a productive and enduring relationship.
Facilitating Ongoing Relationship Growth: Analytics at Your Fingertips
With access to accurate, up-to-date data, accountants can provide continuous strategic advice and analysis, all without the headache of worrying about data accuracy checks.
ACSISS Adviser empowers accountants to engage in ongoing analysis and offer strategic recommendations, fostering a proactive approach to financial management.
As said by Damien Greathead, an industry leader with software provider, Intuit:
“Open Banking is the gateway to a future where accountants tell stories from their clients’ numbers, putting both the clients and the community at ease from a financial perspective.”
Open Banking transcends number-crunching; it’s enabling businesses to flourish.
How to step toward stronger client relationships
Open Banking represents a significant milestone in the evolution toward easily accessible and comprehensive bank-approved transaction data.
It truly is an evolution in technology that is available immediately. ACSISS Adviser by SISS Data Services is the only software specifically tailored for accounting and bookkeeping professionals.
By easily integrating this technology, accountants and bookkeepers can finally unlock the wealth of insights that come from a complete picture of a client’s accounts, build enduring relationships, and importantly, empower their clients to thrive.