With more firms now working from home and adopting more digital processes, automating functions and being connected at all times is proving essential to survive this unfamiliar situation.
Open Banking allows for a more seamless, connected accounting process, where accounting software can integrate with other third-party providers to provide a one-stop solution for digital accounting.
Businesses which adopt Open Banking will gain hugely from automated processing, real time reporting and improved liquidity from faster settlement times.
But to do so requires a move towards Cloud-based accounting services that support Open Banking.
Is your business Open Banking ready?