Bank Statement Scanning vs. Open Banking: Why It's Time to Make the Switch - Streem Connect
Bank Statement Scanning vs. Open Banking: Why It’s Time to Make the Switch

Bank statement scanning software is still a popular choice amongst accountants and other financial professionals but with Open Banking now available at every banking institution it no longer makes sense to put time and money into this outdated technology.

Why Bank Statement Scanning Is Obsolete

If you are currently using bank statement scanning software you will be aware of the headaches it can cause. Firstly we are relying on our customers to print and drop off bank statements, when this doesn’t happen it can cause delays to workflow for your staff meaning even more time has to be spent chasing people on the phone or via email to bring documents.

OCR technology is quite dated and will often make mistakes, but it is also a manual process which can take up considerable amounts of time and effort.

Other issues with scanning software:

  • Clients can’t get access to online banking to print off bank statements or aren’t tech savvy
  • Clients have to go into local branch to get print outs
  • Bank statements in paper format have missing dates!
  • Clients bring statements but some are missing or incomplete
  • Dext / Auto-entry haven’t scanned properly – OCR software problems
  • Team members fed up of waiting months to do an accounts service
  • Partners/firm owners frustrated because the bill isn’t out the door quickly enough (WIP locked up)

How open banking can save you time and money

With open banking now available to everyone there has never been a better time to take advantage of this time saving solution. By leveraging banking API’s we can securely and efficiently access financial data directly from banks and financial institutions. This gives us access to real time data from customer bank accounts with historical data going back at least two years.

Once a customer has connected to open banking you have ongoing access whenever you need it to download data in various formats such as CSV and PDF.

Streem Connect utilises the latest technology to make the open banking experience quick and easy for both you and your customers. Streem allows you to view all your customers accounts in one place and automates the linking process meaning you can keep connected for up to 12 months without your client having to take action after the initial link request.

Streem Connect benefits:

  • Unlimited constant access to client bank statements, going back two years in most cases
  • Easy export into CSV in all formats with Xero, QB, Freeagent and Sage
  • 90 day authentication automated – no more chasing clients for bank feed links
  • Initial link up process takes 30 seconds
  • Be the pro-active adviser – always stay ahead of cashflow with cash threshold alerts
  • Low cost in comparison to OCR software
  • Suitable for MTD without the need for cloud accounting
  • Reduces the cost of Xero of using ledger only for some clients
  • Reconcile your bookkeeping software to banking data using Streem Reconcile
  • Verification of banking data using Streem Verify to use as evidence for files or AML

As we navigate the ever-changing landscape of finance, it’s clear that traditional bank statement scanning is outdated, slow, error-prone, and expensive. Open banking solutions offer a modern, efficient, and cost-effective way to access financial data, revolutionizing the way we manage our finances. Embracing open banking is not just a matter of staying current; it’s a strategic move towards a more secure, accurate, and responsive financial future. It’s time to bid farewell to the past and embrace the future of banking with open arms.

The table below outlines the time and cost savings per customer when using Streem Connect as opposed to bank statement scanning software or by using manual spreadsheets.

Average Cost Savings Per Quarter OCR Software
Total Minutes per Quarter : 45 mins
Average Chargeout Rate per Staff : £70
Time Cost Savings Per Quarter : £52.50
Cost Per Scan in OCR Software : £5
Average £0.20p per sheet Average 25 sheets per quarter
Average Cost Savings Per Quarter Manual Spreadsheet
Total Minutes per Quarter : 85 mins
Average Chargeout Rate per Staff : £70
Time Cost Savings Per Quarter : £99.00
Cost Per Scan in OCR Software : £0
Average £0.20p per sheet Average 25 sheets per quarter

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