Bank reconciliation is an important part of online accounting – it’s the process of matching transactions in your Crunch account with those on your bank statement to ensure your records are 100% accurate. If your business generates a decent volume of transactions, reconciliation can take a while, and we do everything we can to speed up the process. Today we’re formally launching a new feature (which we’ve had in testing for a while) to further speed up the reconciliation process by automatically importing bank statements from your bank account, removing the need to manually upload a statement file.
We’re calling this service BankBolt, and from today it is available for customers of Cater Allen, HSBC, RBS and NatWest. You can activate it in the Crunch Connect dashboard for your bank of choice.
There are a few plug-and-play solutions out there for bank feeds, however after checking them out we weren’t satisfied with the risks involved. For these solutions to work, users must hand over their online banking login details and allow third-party software to access their accounts. This is, to put it mildly, a big security no-no.
With BankBolt you’ll never have to hand over login credentials, and all your transactions will be accessed via a read-only feed, so there’s no security risk to you or your money. We first wrote about these issues over a year ago when we launched our first feed with Cater Allen, and making sure we get the security right has been our number one priority when putting together our new BankBolt service.
Wherever possible we try to make Crunch an all-inclusive service – for example our recent RTI upgrade was completely seamless and free for all users. Unfortunately in this case we’re dealing with High Street banks and, well, they don’t get out of bed unless they can make a few quid from it. For HSBC, RBS and NatWest customers there will be an additional £5.50 per month fee for BankBolt, while the Cater Allen feed will remain free of charge due to the closer relationship we enjoy with them.
We think this is great value for the Crunch clients who will get the most utility from the service, and it will be automatically added to your monthly Direct Debit when you activate the service on your account.
BankBolt is available to all clients as of this morning. You can find more information on how to get started in the Help Centre. Happy reconciliation and as always, if you have any questions, ask away!
Photo by Anonymous