Discover how an accounting company, Pagaute, enhanced data security, increased efficiency, and cut payment management time in half using Bankfeed.
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Discover how an accounting company, Pagaute, enhanced data security, increased efficiency, and cut payment management time in half using Bankfeed.
Check out the features of Bankfeed.
Pagautė is an accounting firm comprised of a team of experienced professionals specializing in accounting and tax consulting services. Their core mission is to deliver high-quality, tailored solutions that meet the individual needs of each client. The company’s Partner, Daiva Liaugaliene, has agreed to share the team’s experience of using Bankfeed.
Bankfeed has helped us significantly reduce manual work when processing client payments. One of its greatest advantages is that bank statements are imported into Business Central automatically. As a result, there’s no need to log in to clients’ bank accounts, which means greater data security and time savings.
I personally manage our company’s accounting and use Bankfeed’s automatic posting feature. It ensures that accounting processes continue smoothly even when I’m on vacation. Since starting to use Bankfeed, I’ve cut my payment management time at least by half.
Another convenient feature is the automatic reconciliation. Previously, especially with clients using multiple systems, we had to wait until the end of the month to collect all documents and manually match payments with invoices. With Bankfeed, we can now perform this process much more quickly and automatically. This significantly improves our efficiency.
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Hello, I found this Dynamics 365 Business Central add-on that would save me tons of time by automatically importing bank statements and matching payments with invoices. It has certain technical requirements like an up-to-date Business Central version and banks that comply with the PSD2 open banking protocol. Could you please check the requirements and let me know if we are able to use the Bankfeed app? The requirements are here: www.bankfeed.com/faq/, or you may contact the add-on’s developers at [email protected].
Bankfeed works as an add-on for Microsoft Dynamics 365 Business Central. Therefore the usage of this ERP system is necessary. The solution works best with the three latest versions of Business Central. Before installing Bankfeed, we recommend checking if the following conditions are met: 1. Open banking API (PSD2) is not occupied. If you use online payment provider services (Wordline, Wordpay, etc.), they might be connected through an open banking API. Therefore, Bankfeed will not be able to connect to this API as it is already occupied. In these situations, we can connect Bankfeed through the bank’s direct API, known as a Gateway. However, it usually requires additional banking fees and additional implementation hours. 2. Banks provide the information required for recognition and reconciliation. Even though open banking is regulated using the PSD2 protocol and is mandatory for all EU banks, the banks treat these requirements differently. The amount of information provided through the APIs and its quality can differ depending on the bank. This can lead to a situation where Bankfeed will not be able to properly identify customers/vendors or documents because of the lack of data. Here is a list of mandatory bank fields needed to enable Bankfeed’s payment recognition and reconciliation. Please check HERE if the banks you are using provide the information from these fields:
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