How a bank connection makes your accounting more efficient

In today’s business world, companies need to be more efficient and effective than ever. To get there, they have to make the most of every resource available to them. One key area where businesses can streamline their processes is the use of bank connections in accounting, in other words linking the accounting software to e-banking: automation and artificial intelligence cut the workload considerably, and real-time data lets companies optimise their financial processes and plan ahead more accurately.

Which tasks can be automated with a bank connection?

Bank reconciliation is a laborious and complicated process. It becomes much simpler, though, when it runs automatically through a bank connection. Every transaction on the bank account is then matched automatically against the open invoices. You no longer have to compare the figures by hand, and you always know which customers still owe you money.

You can also make payments straight from the accounting software. You simply record the invoices in the accounting program and send them directly to e-banking. All that is left is to release them for payment, without keying the invoices in a second time as you used to. This makes the process much simpler and saves you time and effort.

How can a bank connection make my financial processes more efficient?

Automation and artificial intelligence make accounting much more efficient. Removing time-consuming tasks such as reconciling accounts or entering invoices twice also brings the error rate down significantly. That leaves you more time and resources for the work that grows the business.

Real-time accounting in particular brings important benefits for financial planning. Being able to check the financial position every day, at any time, gives you more transparency and control over the related processes. This makes for better cash management, because you can react more quickly to changes and make informed decisions based on data.

What should you look for in an accounting program with a bank connection?

There are several accounting programs on the market that offer bank connections. Each has its strengths and weaknesses, and it is important to choose the one that best suits your company’s needs. Keep the following points in mind to quickly find the software that will actually help your business move forward:

• An accounting program has to comply with country-specific standards, such as the correct VAT rates. So limit your choice to Swiss providers.
• Check whether the accounting software offers a connection to your bank. This cannot always be taken for granted, especially with smaller banks.
• The program must provide a secure bank connection to protect the confidentiality and security of your company’s financial data.
• Look for an easy, intuitive interface with simple navigation, especially if you are not an accounting expert.
• How big is your company? Some accounting programs are better suited to large companies, while others are designed specifically for the needs of small businesses.
• Would you like to digitise other processes, such as order or customer management? You will save time and stress if the programs can be integrated with each other or, better still, come from the same provider.

The main software that supports bank connections

To make financial processes more efficient, there are several business and accounting software packages that offer a direct connection to e-banking or automatic import of bank transactions, making reconciliation, bookkeeping and payment tracking simpler:

• Bexio: lets you link your e-banking directly to the software, automatically synchronising payments and bank transactions for fast, secure reconciliation.
• KLARA: offers automatic or manual bank connection to update transactions and reconciliations, improving the management of company finances in real time.
• Abacus: through modules such as Electronic Banking, it integrates securely with the main Swiss financial institutions to import and process electronic payments.
• Banana Accounting: supports automatic import of bank transactions, so the accounting data can be kept up to date simply and effectively.

Conclusion

Bringing a bank connection into your financial processes improves the accuracy of your data and shows you the company’s financial position at any time. Automating the import of bank data and the reconciliation with the accounting software reduces manual work, errors and processing time, freeing up valuable resources for higher-value activities.

Solutions such as Bexio, KLARA, Abacus or Banana Accounting simplify the day-to-day handling of transactions, allow real-time updates and make it easier to prepare accurate reports for quicker, better-informed business decisions.

If you would like to optimise your financial processes with integrated, automated tools, or need help choosing and setting up the right software for your business, get in touch: we take care of choosing the software, installing it and supporting you over time.