Businesses using automated bank feeds in their accounting software saved an average 10 hours a month, according to a survey of 600 small and medium businesses in Australia and New Zealand.
The businesses valued the time saving at $713 said, MYOB, which conducted the survey.
The research quantified in tangible terms the value of accounting software in reducing workload and eliminating manual tasks, said Tim Reed, MYOB CEO, in a press release.
“That’s a big saving in the context of how time poor business owners can be. We know SME operators often sacrifice personal and family time in order to run their businesses. This kind of time and cost saving is equivalent to a day off a month or a couple of weeks’ holiday each year,” Reed said.
Business owners spent 42 percent less time on bookkeeping thanks to bank feeds, the research found. Time saving was the biggest benefit (89 percent), with others including easier bank reconciliation (75 percent), clients feeling more up to date with their accounts (70 percent), staying on top of financial paperwork (70 percent) and managing accounts more efficiently (70 percent).
Business owners spent the time saved improving systems, reviewing business performance or strategic planning and marketing. They also spent the extra time with family or themselves.
Cloud accounting programs such as MYOB LiveAccounts and AccountRight Live, Xero, Saasu, QuickBooks Online and others used automated bank feeds to import and match transactions from their business bank accounts.
MYOB claimed its method of importing bank feeds was more accurate than competitors due to its acquisition of BankLink, which had 25 years’ experience in bank feeds.