How 3 UK Firms Automate Bank Reconciliation: Results Inside

For many UK accounting firms, Bank reconciliation is still filled with repetitive, manual tasks. Accountants spend hours downloading bank statements, converting them into CSV files, uploading them to accounting software, and then manually matching transactions. This lack of automated bank reconciliation slows down the closing process and increases the risk of mistakes. A small typo or a duplicate entry can throw off an entire ledger, requiring more time for investigation and correction.

What’s often overlooked is not the accounting software itself, but how it connects to bank data. In most cases, the reconciliation software is ready to do the job. The delay happens because the data it relies on is either outdated, incomplete, or not delivered in the right format.

That’s where Open Banking APIs come in. Instead of pulling files from bank portals or relying on client emails, accountants can connect directly to live bank feeds. This means transactions appear automatically, are updated in real-time, and are ready for automated transaction matching as soon as they occur.

Here are some of the direct benefits firms experience when they shift to automated reconciliation through Open Banking:

• Improved Client Service With more accurate, up-to-date data, accountants can provide better reporting and faster answers to client queries.
• Time Saved on Data Entry With direct connections to bank accounts, there’s no need to import CSVs or scan PDFs. The data is already where it needs to be, enhancing accounting automation.
• Fewer Errors in Matching Transactions Live data reduces the chance of duplicates, missed entries, or incorrectly coded payments, improving overall financial data accuracy.
• Better Month-End Accuracy Since account reconciliation is happening throughout the month rather than all at once, firms catch problems earlier and can close faster.

We will guide you through:

• How auditors at Circit cut turnaround time from weeks to days by accessing bank data directly through secure digital channels
• How Visma Dinero automated up to 90% of financial workflows for SMEs by integrating a single Open Banking connection
• How Sysynkt worked with Finexer to support both reconciliation and payments for clients with more complex needs

These aren’t theoretical examples. They’re real changes from real firms — and they show how Open Banking can be applied without changing your core account reconciliation software or building custom infrastructure.

If your team is still spending hours on manual tasks at month-end, this is a chance to learn what’s working for others and what it might look like for your firm.

1. Circit: Real-Time Bank Verification for Audits

Circit, an audit platform, has leveraged Open Banking to expedite key administrative tasks for law firms, fund managers, and accountants. By integrating Open Banking APIs, Circit enables auditors to obtain clients’ bank statements directly from the bank, digitally, providing third-party evidence.

This digital approach reduces the time taken to process audit requests from 20–30 days to as little as two days, cutting out 50% of the effort involved. It also improves the quality and accuracy of audits, reducing the risk of fraud and enhancing financial controls.

Instead of supplying account information via CSV files and PDFs, clients authorise the use of Open Banking connections through a secure SaaS environment, giving auditors direct access to transactional data. This makes it easier to perform transaction matching and verify data, as well as quickly identify any anomalies or missing information.

Mark Attwood, Corporate Partner at accountancy firm Kreston Reeves, commented:

“We recognise that the Open Banking transactions obtained via Circit are really important to an audit process as this control account is a fundamental cornerstone of any accounting system. Standardising the data retrieval is vital to any enhancement in audit as it cuts down on the variables.”

2. Visma Dinero: Automation for SMEs

Visma Dinero, a Danish accounting software provider, has utilised Open Banking to automate accounting processes for small businesses and entrepreneurs. By integrating Open Banking data and payment capabilities through Aiia, Visma Dinero has been able to put accounting on autopilot.

This integration allows for the automatic retrieval of financial data, eliminating the need for manual bookkeeping processes. Clients can authorise access to their bank data through a single integration, enabling Visma Dinero to provide real-time financial insights and automate up to 90% of clients’ financial transactions. This level of accounting automation significantly improves expense management and overall financial efficiency.

David Andersen, CPO of Visma Dinero, highlighted the benefits:

“One of the brilliant things about working with Aiia is that we get access to banking data through one single integration. The technical standards are very high and provide us with the best conditions for putting accounting on autopilot.”

3. Sysynkt + Finexer: Real-Time Data, Real-Time Results

Sysynkt, a cloud accounting platform, sought to improve finance office functions by integrating web services into a unified web portal. Their focus was on enhancing banking, procurement, purchase invoicing, employee expenses, sales invoice management, and other finance team functions.

To achieve this, Sysynkt partnered with Finexer, an Open Banking provider, to integrate Account Information Services (AIS) and Payment Initiation Services (PIS). This integration facilitated business bank reconciliation software within the accounting software and enabled bulk supplier payments and employee expense payments.

Penny Phillips, Chief Commercial Officer at Sysynkt, emphasised the collaborative nature of the partnership:

“We realised we had a lot in common with Finexer in how we approach services for our customers. This made it a highly collaborative partnership from the start.”

The collaboration addressed Sysynkt’s challenges by focusing on business-specific needs, enhancing customer satisfaction, and providing a flexible approach to Open Banking integration. This partnership has resulted in improved financial reporting and more efficient workflow management for Sysynkt’s clients.

Key Takeaways for UK Accounting Firms

• Time Savings: Automating reconciliation processes can significantly reduce the time spent on manual tasks, leading to substantial cost savings.
• Improved Accuracy: Direct access to real-time bank data minimises errors associated with manual data entry, enhancing overall financial data accuracy.
• Enhanced Client Service: Firms can provide more timely and accurate financial insights to clients, supporting better strategic decision-making.
• Scalability: Automation allows firms to handle a larger client base without a proportional increase in workload, improving overall efficiency.

The Future of Accounting is Open Banking

The adoption of Open Banking APIs is transforming the accounting landscape in the UK. By embracing these technologies, firms can reduce manual workloads, improve accuracy, and provide better service to clients. As the industry continues to evolve, integrating Open Banking into accounting practices will become increasingly essential.

Account reconciliation software powered by Open Banking offers numerous benefits, including improved data security, enhanced audit trails, and more efficient payroll processing. These advancements in bank reconciliation software and automated bookkeeping are paving the way for a more streamlined and accurate financial industry.

As we move forward, the focus will be on developing more sophisticated reconciliation tools that can handle complex financial reconciliation tasks, support multi-currency operations, and provide seamless ERP integration. The future of accounting lies in leveraging these technologies to automate routine tasks, allowing professionals to focus on high-value activities and strategic insights for their clients.