I have lost count how many times I have been asked if Monzo or Revolut connect to Quickbooks bank feeds? Great news, from today, Monzo and Revolut can integrate with Quickbooks thanks to open banking. Not only do they let you connect business accounts, but they have integrated personal accounts too. So do not think you have to wait for Monzo to realise their new business account. This means that you now longer must manually reconcile your bank accounts with manual uploads and instead can connect directly to your bank. This means that you can have access to real time and accurate data making reconciliations easier and giving your clarity over your finances.
Open Banking and Quickbooks
It appears that Quickbooks was holding off developing their API and waiting for open banking before they integrated some banks. Monzo and Revolut may be the first but expect a lot more banks to be integrated to Quickbooks in the coming months.
Open Banking is a series of regulations which came into force on 13 January 2018. This means that all UK regulated banks will allow you to share your data with authorised third parties – obviously with your permission. This has allowed Quickbooks to connect to third parties using this infrastructure. Check out this link for more on Open Banking.
Benefits of Bank feeds
If you have had an account with Monzo or Revolut, then you may not be fully aware of how great bank feeds are for small businesses.
- Automatically fetches your transactions – no more manual entry
- Transactions can have rules assigned, so you don’t have to code them individually
- Access to real time information
- You don’t have to send your accountant bank statements
- Bank accounts will be reconciled with little effort