Accountancy software companies and professional bodies lobbied the Financial Conduct Authority back in June to simplify the process of re-authenticating bank feeds every 90-days. It was quite a frustrating process for bookkeepers ...
There will be a button in the accountancy package to allow your bookkeeper to run the re-authentication process themselves!
It used to be that either you or your bookkeeper had to log in to your online banking and click a button that said you wanted to re-authorise the feed to your accounting package. This has now got a lot easier to do and doesn't require logging into online banking.
"The re-authorise process moves to the accountancy package!"
When fully rolled out, there will be a button in the accountancy package you're using that is clicked by the bookkeeper to re-authorise the feed. In Xero, this will be a 'reconfirm consent', button so there's no need for anyone to log in to online banking.
This does require changes to each bank's systems as well as some work on the side of the accountancy software companies, so it'll be rolling out over the next couple of months. UK banks such as Natwest, Lloyds, Barclays, HSBC and Santander all have different dates for the change, but some have gone live now which will make your life easier and that of your bookkeeper too.
"Although, some banks haven't announced a date!"
I have access to a regularly updated list of all the UK banks and when they expect the change to go live with Xero, so if you're wondering when it will happen with your bank then do get in touch and I can let you know.
You'll still need to re-authorise one more time for the changes to take effect, but after that the accountancy package should ask your bookkeeper to re-authorise instead.
I feel this is a very positive change.
Until next time ...
Would you like to know more?
If anything I've written in this blog post resonates with you and you'd like to discover more about the changes to your bank feed re-authentication process, it may be a great idea to give me a call on 01604 217365 and let's see how I can help you.
Alison loves bookkeeping and supporting bookkeepers. She has been helping clients to be better bookkeepers in Sage 50 for over 24 years and has been Xero Accredited in accounts and payroll for a number of years too.
She specialises in a very unique hand-holding method of training, helping bookkeepers and business owners to use their accounts software as and when they need support in setting up and producing their invoices, reports and financial information.
Alison combines her role at Silicon Bullet with her Forever Living network marketing businesses and is often to be seen at business networking meetings as she likes to keep busy.
You know what they say: if you want something done well ask a busy person!
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