The world of accounting and bookkeeping is evolving, and the need for efficient, secure, and accurate data management has never been greater. Today, we’re spotlighting our ongoing partnership with Armalytix and how together, we are helping accountants and bookkeepers simplify bank statement data retrieval, compliance checks, and due diligence through smooth integrations and automation.
A New Era of Data Handling
Collecting bank statements from clients has traditionally been a cumbersome process. From clients forgetting to send documents to dealing with inconsistent formats like scanned PDFs and even smartphone photos of statements, it’s no surprise that handling bank data can be a time-consuming headache. This is where Armalytix steps in.
By using open banking technology, Armalytix eliminates the need for manual data collection and processing. Now, instead of chasing down clients for three months’ worth of bank statements or reconciling disjointed files, you can automate the entire process with just a few clicks. This not only saves time but also ensures data integrity and accuracy, crucial for compliance and business decision-making.
Why Use Armalytix Over Traditional Bank Feeds?
One of the main benefits of using Armalytix is the reliability and precision of the data. While traditional bank feeds (such as those available in software like QuickBooks or Xero) can sometimes experience issues like missing transactions or duplicated entries, Armalytix provides a verifiable snapshot of the client’s bank account straight from the source. This means that when it comes to validating financial data, Armalytix gives you an accurate picture every time.
Another significant use case is for those “catch-up jobs” where a client might need to reconcile data from the past 12, 18, or even 24 months. Most live bank feeds are limited to retrieving the past three months of data. With Armalytix, you can access up to two years’ worth of bank transactions quickly, enabling firms to take on these challenging projects with confidence and profitability.
Real-World Use Cases for Accountants and Bookkeepers
During our conversation with Tony from Armalytix, we explored several practical applications for Engager users:
- Quarterly VAT Reconciliation: For firms handling VAT returns, getting a complete and error-free view of a client’s bank transactions is essential. Armalytix can fetch quarterly statements, making VAT reconciliation a breeze.
- Annual Reviews and Compliance Checks: For non-VAT registered clients or annual compliance reviews, having an automated tool that pulls in 12 months of data ensures nothing is missed. This is particularly useful for small businesses that might not use accounting software regularly.
- Catch-Up Jobs and Historical Data: When taking on new clients, it’s common to encounter backlogs of unprocessed data. Armalytix can provide up to two years of transaction history, turning what would have been a costly, manual data entry project into a profitable service.
- AML Compliance and Due Diligence: The Armalytix Source of Funds Report is a big step forward for AML compliance. By pulling data directly from the bank, it offers a detailed look at cash flow patterns, large or suspicious transactions, and client financial behaviour. This level of transparency helps accountants and bookkeepers not only comply with AML regulations but also better understand their clients.
Bringing It All Together with Engager
Through our direct integration with Armalytix, Engager users can send transaction and source of funds report requests, receive client data, and analyse the results, all from within Engager’s practice management system. This single-platform approach means no jumping between software and a smoother workflow for all your financial data needs.
It’s never been easier to access the information you need to make informed decisions, manage client accounts efficiently, and stay compliant. The beauty of this integration lies in its simplicity: whether you’re preparing for a quarterly review or conducting a detailed due diligence process, Armalytix and Engager handle the heavy lifting, so you can focus on what really matters, providing value to your clients.
Get Started Today
To see how the Engager and Armalytix integration can benefit your firm:
- Start Your Free Trial of Engager
- Book a 1:1 Demo with Engager
- Learn more about Armalytix and its offerings and see how they can streamline your financial data management.
