New service automates manual bookkeeping to reduce errors and free up accountants’ and business owners’ time
23 November 2018 - Absa Business Banking customers can now automate large portions of their manual transactional bookkeeping work, with direct Bank Feeds into Sage Accounting solutions.
Bank Feeds went live in October and lets data flow seamlessly and automatically from Absa Business Banking accounts into Sage solutions, freeing up time, increasing efficiency, and simplifying business management.
Until now, businesses had to either manually capture transactions from bank statements into their accounting solutions or manually upload files from their online banking systems, both of which were time-consuming and error-prone.
Now, with Bank Feeds, Absa Business Banking customers can save time on manual data entry and gain greater visibility and control over their cash flow. Financial information is automatically imported into Sage solutions, and instantly allocated to the correct account or customer, based on rules set by the finance department.
Furthermore, the data is secure, reliable, and less prone to human errors, such as duplication, incorrectly captured data, and missed transactions.
Absa joins a number of global banks, including HSBC, Bank of Scotland, Tide, Lloyds, RBS, NatWest, and Cashplus, that have activated Sage Bank Feeds.
Charles Pittaway, VP Payments & Banking, Africa & Middle East at Sage, said: “Absa is taking significant steps to make it more convenient and customer-centric for its customers to automate and transform how they handle payments, make administration invisible and save time that they can spend on growing their businesses and their profitability. Automating as much of the accounting function as possible helps businesses be more agile and responsive to changes in their industries and the economy.”
Carel Grönum, Managing Executive of Product at Absa, said the Sage Bank Feeds service was “game-changing”.
“The new service will free up significant processing time for our customers, reduce errors, and ensure that accurate statement data is posted to their general ledgers from a reliable and secure source. This enhances efficiency by giving time back to our customers to create value for their business, in line with our commitment to bring their possibilities to life,” said Grönum.
Absa customers who activate the Sage Bank Feeds service will benefit from:
- Faster and easier bank reconciliations
- Time savings
- Fewer human errors, and more accurate data capturing and reconciliations
- Real-time view into the financial health of their business
- Seamless integration supported by bank-level security
- Anywhere, anytime access to their business’ financial information
“Sage Bank Feeds is the first step towards unveiling our Payments & Banking vision to customers and accountants from around the world, with Absa being the first in South Africa to activate the service. Bank Feeds forms part of Sage’s Payments & Banking vision to partner with banks around the world, to connect them with service providers, accounting solutions, and businesses, through a global platform,” concluded Pittaway.