What’s all this ‘opening banking’ talk? A big change is coming quickly to the way accountants and bookkeepers receive client data – here’s how to benefit.
Accountants and bookkeepers in Australia have been calling out for change and it’s almost arrived. Before the year is out, the relief will be palpable.
The frustration has been driven because what should be so simple is actually really hard. Surely, the technology of today could figure this one out by now.
The frustration of chasing the client.
How many times has there been missing bank feed data on a clients’ account?
It’s uncomfortable to chase the client for the additional data files or paper statements to complete the reconciliation.
Then there’s the delay and disruption it causes to your workflow.
Surely sharing bank passwords isn’t right?
Does it make you feel ill at ease that they’re sharing their bank account password info with you? It should.
There’s so much talk lately around increasing the need for cyber security because threats are mounting. What if you were blamed for money going missing?
There must be a better way?
All you’re asking for is a complete, accurate and precise view of the clients’ bank data, including historical transactions.
And can’t there just be a way to do that, without the client having to share their bank username and password, or send you their statements manually?
An accountant really should be able to see the transaction history easily, from any type of account:
- Transaction accounts
- Term deposits
- Credits cards
- Loan accounts
It should be just as easy to link the feed into the accounting software platform.
It shouldn’t matter which bank it comes from.
It’s not much to ask, is it? You just need to do your job.
- See the current and historical information easily and without errors.
- Audit account data and transactions independently.
- Manage client’s cashflow in real time.
- Export data in the format you need.
It’s okay, change is coming. And it’s coming quickly.
Yes, the accountant and bookkeeper community are banding together. You might even call it a movement.
The Australian Federal Government has recently heard your plea and regulations have recently changed.
It’s called the Consumer Data Right (CDR) legislation, and is commonly referred to as “Open Banking”. Now all the banks and data providers, like ACSISS, by SISS Data Services, are busy making this change happen.
You won’t have to wait long either. Before the year is out,
the technology will be here.
[button link=”https://acsiss-advisor.ubpages.com/acsiss-advisor-beta” type=”big” color=”orange” newwindow=”yes”] Join the register[/button]
Accountants and bookkeepers get first dibs.
The best thing is that accountants and bookkeepers have been given pole position. This community is in the front seat, at the starting line to take advantage of these changes.
To protect consumers, the CDR enables those holding accounts with “Data Holders” like banks, credit unions and building societies to share their data with certain “Trusted Advisers” including accountants and bookkeepers.
Only a few other professionals get this special concession, including mortgage brokers and financial planners.
All Authorised Deposit-taking Institutions’ (essentially, all the banks, credit unions and building societies) in Australia are compelled to deliver consumer data from most types of accounts when instructed to do so. This means that consumers can now securely share their bank and other data with their advisers, in a way that is secure, accurate, and covers all types of accounts, including historical data back to 2017.
No more chasing clients. No more asking for secure passwords.
How open banking will work with new CDR rules.
It’s firstly a matter of aligning your business to data providers that can enable CDR. These are called Accredited Data Recipients (ADRs).
ACSISS by SISS Data Services is an Accredited Data Recipient (ADR). There are only a handful in Australia because it’s a complex and rigorous registration process.
We achieved ADR status, having spent over 10 years in Australia developing software solutions for banks and accounting software providers that deliver just this capability to these institutions.
ACSISS was best placed to be chosen as a trusted ADR. It’s a busy time as we work with banks and accounting software providers to adapt our service so accountants and bookkeepers can take control with this new CDR legislation.
Before the year is out, we’ll be we introducing this technology in Australia.
We welcome you to register to be the first to access our open banking technology.
[button link=”https://acsiss-advisor.ubpages.com/acsiss-advisor-beta” type=”big” color=”orange” newwindow=”yes”] Sign up now[/button]
What accountants and bookkeepers can do to help their clients.
It’s a matter of the client giving their consent for their accountant and bookkeeper to access their data. No usernames or passwords are shared. This consent process is completed by the consumer using the ACSISS My Data application.
ACSISS My Data enables your client to securely instruct their banks to share their data with you as their Trusted Adviser. Your clients control what data they share, with who, and for how long through this simple process. At no stage do they disclose their online banking passwords to you or anyone else.
Where to from here?
As our industry moves quickly to make this change, we welcome you to register to be among the first to connect to this capability.
Just think, no more mucking around with inaccurate back feeds and client passwords. This part of your job will finally run smoothly.
What a relief.
