Twinfield users embrace Bankstream to enable them to receive accurate and automated client data in the most secure way
Twinfield, Wolters Kluwer’s online accounting business, has partnered with UK based Bankstream to enable accountants to receive accurate client transaction data securely alongside Twinfield.
Bankstream, which currently works with three of the major banks in the UK – HSBC, NatWest and RBS - provides electronic bank data for small businesses to their accountants through an automatic bank feed.
Bankstream complements Twinfield’s online accounting bookkeeping system by enabling accountants to receive daily automatic downloads of data without the need to chase small business clients for bank statements. The data is received daily in an accurate and secure manner online to the accountant’s desktop or mobile device. This also relieves the burden of end of year reporting for the small businesses as they no longer have to collate data for their accountants, as it is already there and up to date.
Crucially, this enables accountants to work more closely and regularly with their clients, ensuring data is relevant, whilst helping to streamline business processes.
Frank Woods, Head of Europe, Bankstream commented: “We have a great relationship with Twinfield and are already seeing how the partnership is helping to improve the life of both accountants and small business owners. There are a number of accountants already using both systems and the feedback has been really good – users can see how much easier the process is.”
He continues, “We work very hard to forge a direct relationship with the banks we work alongside and there are strict agreements in place with regards to the data. Unfortunately there are other systems out there which don’t offer users the same security and this has led to some uncertainty from accountants using such software. Users of both Bankstream and Twinfield know that the data comes with a full seal of approval from the banks.”
Barbara Kroll, Managing Director, Twinfield UK said: “Security is of upmost importance to us at Twinfield therefore we chose to partner with Bankstream as we know their approach to collating data is the safest and most secure on the market. We already use automatic bank feeds at Twinfield in The Netherlands to enable accountants and clients to work in real time with the most accurate data and, because of this, we’ve decided to replicate this in the UK.
“We believe that in the near future, simple bookkeeping tasks will barely exist as systems and data become seamlessly connected and this is another step in the right direction.”