Guide to Bank Statement Automation for Accountants

For many UK accounting firms, bank statement processing still involves a time-consuming routine. Whether it’s downloading statements from multiple bank portals, converting files into CSV format, or importing data into accounting software, these steps eat into valuable time and introduce unnecessary risk.

The irony? The accounting software itself is rarely the issue. It’s the outdated way firms get their bank data that slows everything down.

This is where bank statement automation comes in, powered by Open Banking. By connecting directly to a client’s bank via secure APIs, accountants can skip the manual steps and work with live, pre-formatted data ready for reconciliation.

Let’s break down the hidden cost of sticking with manual processes.

Why Manual Statement Processing Drains Time and Money

Every time you or your team downloads, cleans, and uploads bank statement data manually, it creates bottlenecks that most firms have simply accepted as normal. But these slowdowns come at a cost:

1. Hidden Labour Time

What seems like a “quick 20-minute task” for one client can easily stretch into hours when scaled across multiple entities or accounts. Downloading files, fixing column formats, and correcting duplicates adds up fast, especially at month-end.

Example: A mid-sized firm reconciling 30 accounts spends nearly 30 hours a month just managing bank statements. That’s nearly a full week of staff time.

2. Risk of Entry Errors

Manual processing introduces room for small mistakes with big consequences: missing transactions, duplicate entries, or posting errors that throw off your trial balance. One incorrect import can lead to hours of tracing and correction.

3. Limited Visibility

Statements received weekly or monthly mean that accountants are working with stale data. This slows advisory services, delays reconciliations, and creates gaps in forecasting.

4. Compliance Exposure

Inconsistent documentation and manual steps increase the chance of audit gaps. Without a traceable digital trail, proving transaction accuracy to stakeholders or HMRC becomes harder than it should be.

How Open Banking Bank Feeds Work for Accountants

Open Banking allows accountants to connect directly to a client’s bank account using secure, FCA-regulated APIs. This removes the need to download statements manually or request them by email. Instead, transaction data is fetched automatically and sent straight into your accounting system, ready for review.

Let’s break down how it works.

1. Secure FCA Consent Flow

The process begins when a client grants permission to access their account data. This is done through a secure, regulated authentication page hosted by their bank. The login happens on the bank’s side, so credentials are never shared with anyone else.

This consent usually stays valid for 90 days, after which clients are prompted to renew access. The entire process meets strict UK Open Banking regulations and ensures both privacy and control.

2. Real-Time or Daily Transaction Updates

After consent is granted, the software begins pulling transaction data at regular intervals. Some systems update once daily, while others offer near real-time syncing. As a result, accountants are no longer stuck waiting until month-end to begin reconciliations.

For firms handling multiple clients or high-volume accounts, this change can significantly improve visibility and speed.

3. Clean, Ready-to-Use Data Formats

Data retrieved through Open Banking comes pre-formatted and standardised. That means no more fixing column headers, date formats, or adjusting decimal points. The information can be directly pushed into cloud accounting platforms like Xero, QuickBooks, or Sage.

Here’s what typically comes through:

• Transaction date
• Description
• Amount (debit or credit)
• Account name
• Unique transaction ID

This saves hours of admin time and reduces the chance of mistakes during data entry.

Timing Breakdown Shows Up to 75 Per cent Time Savings

It’s one thing to say bank feeds save time. It’s another to show what that actually looks like. Let’s compare a typical manual process to an automated one powered by Open Banking.

Manual Bank Statement Workflow (Per Client, Per Month)

1. Log in to client’s bank portal
2. Download statements (multiple accounts if needed)
3. Convert PDFs or export CSV files
4. Format columns to match your accounting software
5. Import into software
6. Manually match transactions
7. Investigate duplicates or errors

Time taken: 45 to 60 minutes, depending on account complexity.

Now multiply that by 20 clients or more, and you can easily spend a full day or two each month just moving data from one place to another.

Automated Bank Feed Workflow with Open Banking

1. Client gives one-time consent
2. Transactions are pulled directly into accounting software
3. Data is pre-formatted
4. Matching rules are applied automatically
5. Accountant reviews and confirms entries

Time taken: 10 to 15 minutes per client, including review.

Time Savings in Practice

Based on this comparison, many firms report a 70 to 80 percent reduction in time spent on statement handling. For example:

• A 5-partner firm using bank feeds for 40 clients saved over 25 hours per month just on statement imports
• A solo accountant with high-volume ecommerce clients cut month-end prep time from 8 hours to 2

Even small firms working with limited staff can see significant gains. The time saved can be reinvested in higher-value tasks like forecasting, advisory, or client engagement.

Getting Started with Finexer

Switching to automated bank feeds doesn’t require new software or a complete overhaul. With Finexer, UK accounting firms can start small and see real impact — often in just a few days.

Finexer is an FCA-authorised Open Banking platform built specifically for accounting workflows. It connects to 99 percent of UK banks, giving you access to real-time, categorised transaction data without relying on clients to send statements manually.

Why Accounting Firms Choose Finexer

• Start Small, Scale Smart
  Finexer uses a transparent, usage-based pricing model. Whether you manage a handful of clients or hundreds, you only pay for what you use, making it ideal for small to medium-sized firms that are scaling steadily.
• Real-Time Bank Feeds
  Connect to nearly all UK banks and automatically pull in live transactions with merchant names, categories, and timestamps. This drastically reduces bookkeeping errors and eliminates the need for CSV uploads.
• Faster Onboarding for New Clients
  Skip the paperwork. With Finexer, you can verify both identity and bank accounts instantly using secure Open Banking checks, including facial ID and bank data matching.
• 3x Faster Deployment
  Unlike other providers that take weeks, Finexer typically deploys 2 to 3 times faster. Most firms go live in days, not months, with support included at every step.
• Branded, White-Label Interface
  Want to provide a seamless experience under your own firm’s name? Finexer supports a white-label setup, so clients see your branding throughout the account connection and verification process.
• Streamlined Reconciliation
  With real-time, categorised data, your team can speed up both month-end and year-end closes. Less manual input means fewer errors and faster turnaround.
• Full Compliance Coverage
  Built on FCA-authorised infrastructure, Finexer meets all UK regulatory standards. This supports audit readiness, ISQM 1 documentation, and Money Laundering Regulation (MLR) checks — without extra admin.

Try Finexer in Minutes

No software switch is required. Finexer integrates easily with Xero, QuickBooks, FreeAgent, and Excel workflows.

1. Sign up on finexer.com
2. Invite a client to connect their bank account
3. Start receiving live feeds and save hours every week

If your firm is still waiting for clients to send bank statements or juggling spreadsheets, Finexer can help you move forward.