Accountants must be signed to partner program for free access.
Reckon has added two more tier-one banks to its bank-feed service, which automated the importing of bank transactions to Reckon’s cloud accounting software, CashBook Online.
Reckon BankData added Commonwealth Bank and Westpac to its list of banks with agreements for direct electronic data imports. The list included NAB, ANZ, St George, Bank of Melbourne and BankSA in Australia as well as ANZ, Westpac, ASB Bank, Kiwibank and National Bank in New Zealand.
The major banks signed to Reckon BankData covered up to 85 percent of the market in areas such as home loans, said Gerald Chait, group general manager for marketing at Reckon.
CashBook Online with BankData was available at no cost to accountants who joined Reckon’s (free) affiliate or (paid) professional partner programs. “This is quite different from products such as Banklink which charges accountants a monthly fee as well as transaction fees,” Chait said.
Reckon BankData relied on US financial data services provider Yodlee for bank feeds from thousands of banks in other countries. Reckon was establishing direct agreements with Australian banks because it was more secure, Gavin Dixon, CEO of Reckon’s business division, has said previously.
The service let users create rules to automatically sort data into categories within an accounting program. Amounts could also be split into separate categories.
“The accountant can run a range of reports directly out of the BankData/CashBook Online solution, such as P&L, thereby not needing to import the data into products such as Reckon Elite, Handisoft, MYOB Accountants Office, etc,” Chait said.
Reckon BankData only worked with CashBook Online, a cloud-based cashbook program for small businesses. The vendor said it would add the service to Quicken Personal Plus, Quicken Home & Business, QuickBooks desktop products and QuickBooks Hosted in 2013.
Reckon added a bank compatibility checker to show whether a bank was included in the Reckon BankData service.