Open Banking Offers Big Business Opportunities to Small Firms

Open Banking is set to revolutionise bookkeeping, offering to small businesses some opportunities that previously have only been available to bring firms.

Cloud accounting software platform Xero is on the forefront of the changes, promising small firms that they will be able to grow and run their businesses more effectively.

Open Banking is set to be introduced for all Xero customers from September 2019, so we thought that we would take an in-depth look at the changes and how they can benefit small and medium sized businesses.

FreeAgent is First UK Accounting Software to offer Direct Bank Feeds

FreeAgent is the first UK accounting software provider to offer direct bank feeds via the Open Banking platform.

The announcement means that freelancers and small businesses will soon get secure access to their bank account information in FreeAgent.

They will be able to access up to six years of transaction data and eventually, will be able to create an initiate payments from within the software.

Starling Bank Launches FreeAgent Integration

After successfully integrating with Xero last year, Starling Bank has announced that its business banking users will now be able to integrate their accounts with FreeAgent, reducing the stress of managing business finances.

The Open Banking integration means that, with permission, FreeAgent will automatically import bank transactions into your cloud-based accounts.

FreeAgent will also pull data like spending category, transaction time and business name and organise transactions in a way that’s suitable for Making Tax Digital for VAT.

All of this means that you can reduce the time spent on routine financial admin and eliminate errors that might creep in while you manually import data.

Editor | 5 September 2018
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Cloud accounting software provider FreeAgent has been given permission by the Financial Conduct Authority (FCA) to provide Open Banking services to freelancers, contractors and other micro-business owners.