According to The Independent, a fifth of Britons who opened a bank account in 2020 did so with no human contact. With hundreds of online and open banking platforms now available, we are seeing a shift in how people manage their finances.
Time is precious to accountants and bookkeepers who regularly deal with large quantities of data. Across financial institutions and professional services, it can take a collective 92,000,000 hours to collect financial information from clients each year – that is before even analysing the data.
Dealing with bank statements for returns and bank feed reconciliations can be frustrating and time consuming. Receiving requested financial data can take weeks, delaying the (already laborious) process of analysing data and financial planning. This is made more challenging when unclear scans or incorrectly dated bank statements are provided. In such cases, accountants must re-request the data which means the process starts again and productivity declines further.
Sharing financial information between two parties simply should not take this long, especially with the technology and Open Banking platforms available today which allow for fast, secure, and simple transfers of bank statement information.
Our platform revolutionises how accounting firms operate. Armalytix allows accountants to request bank statement information – up to two years’ worth, for specific dates, across multiple accounts – which can be approved by clients in a matter of clicks. Only the data requested will be shared as opposed to full bank statements which provide excess data.
Armalytix does not require any software downloads and requests can be approved either on mobile or desktop, so clients can share the data when on-the-go. This means no time is wasted by clients compiling bank statements and accountants save hours retrieving accurate and up-to-date information.
Armalytix helps accountants support businesses, particularly through difficult financial periods such as the current economic climate. A speedy data collection period is paramount to a business’ survival – if businesses can provide fast, accurate and up-to-date information upon the first request, they are more likely to receive helpful, effective, and timely advice from their accountants.
We make accounting firms more productive, saving weeks of unnecessary follow ups, in turn increasing profitability from the hours of work saved. With the world becoming a more digitally driven place, accountants should utilise the tools available to them to drive better financial planning and improve workplace productivity.