Connecting bank accoutning as a business

donnellduck

Can anyone recommend a reliable way to connect bank accounts for reviewing financial situations? Trying to avoid manually going through statements but not sure which providers are actually dependable.

jaybeetoo

In simple terms what are you trying to achieve? I have no idea what you mean by “reviewing financial situations”.

Neil_Jones

https://forums.moneysavingexpert.com/discussion/6655248/connecting-bank-accoutning-as-a-business

This makes no sense.

I presume you mean something like "we're spending £2k a year on energy, we're spending £15k a year on rent, we're spending £x on Y and Z", etc and you want ways to cut it?

itsthelittlethings

You want to analyse your business bank accounts? Yeah there must be products.

/ not very helpful.

MyRealNameToo

https://forums.moneysavingexpert.com/discussion/6655248/connecting-bank-accoutning-as-a-business

Corporates will buy a treasury management system, they integrate with all your accounts and can show balances, automate transactions etc. If they're spread across a lot of banks then you set up your own SWIFT node and access via its messaging, if it's a small amount then you will typically do host to host connections. Unfortunately probably a lot more than you want to pay though.

There are various alternatives that use OpenBanking rather than a full TMS solution, I've always found them a pain as you have to reauthenticate the access of the app to your bank every 90 days.