11th February, 2016
MYOB, Australia’s leading accounting software provider, has announced an agreement with American Express that will extend the number of bank feeds available for small businesses and Partners using MYOB.
As part of the agreement, MYOB will be the first accounting software company in Australia to receive bank feeds directly from American Express. For MYOB Partners and clients who transact with American Express using a proprietary personal or small business card, their transactions will directly feed into MYOB’s cloud accounting software as well as BankLink Practice. The entire process will occur online, offering an innovative, time efficient and seamless client experience.
The agreement reinforces MYOB’s market leadership position in direct credit and charge card feeds, as it already links to all leading Australian banks and financial institutions. Currently, no other accounting software solution provides access to the same number of direct credit and charge card feeds in Australia.
“We are delighted to add American Express to our extensive list of direct credit and charge card feeds” says Andrew Birch, General Manager of Industry Solutions, MYOB. “This industry first integration with American Express, really solidifies our position as the accounting software provider with the best coverage of bank feeds. What this means is that we’re able to further reduce administration duties for SMEs and their accountants and offer business owners the flexibility to focus on doing what they know best, and what they love.”
MYOB research findings have shown that bank feeds, a service that automatically imports and matches financial transactions into cloud accounting software, saves business owners an average of 10 hours per month. The average value they put on this time saving is $713. The service is a key feature of MYOB AccountRight, MYOB Essentials accounting.
The agreement will expand the number of bank feeds that business owners can access, making business life easier by further reducing their time spent on financials. For MYOB Partners, the integration means it will be easier to track client finances from American Express online, and ensure a higher level of accuracy when analysing and reporting on the data.
“We are really excited to partner with MYOB on this front” says Martin Seward, Vice President of American Express Small Business Services. “They have a great track record of providing quality bank feeds that businesses and accountants can rely on and like us, they are constantly looking for ways to innovate to make life easier for small businesses. Most importantly the integration means that our customers will be able to have their transactions delivered automatically into their accounting software saving them significant time.”
Now available to MYOB customers, American Express will offer a paperless sign up process which will add to MYOB’s already growing list of paperless bank feed options. The addition of American Express underscores MYOB’s best in class bank feeds, and the long-term relationships with leading financial institutions.
“Used by over 320,000 small businesses, we offer our clients the best quality and best coverage of secure and direct, client transactional data feeds in Australia. We never request customer usernames or passwords, and we protect all of our data with PCI DSS global security. We pride ourselves on our security process and are completely compliant with ASIC and banking rules,” says Mr. Birch.