How will open banking affect accountants and bookkeepers?
Small business owners want to have an easy view of their cash flow and a good idea of how their business is performing. Open banking will have a big impact on the way new and emerging financial services can be accessed.
And as initiatives like Making Tax Digital are introduced, lots of your clients will be moving to online accounting technology to manage their finances. With open banking, the number of different financial products on the market will increase, making it easier for customers to access appropriate tools to manage their finances.
As their accountant, you should be ready to advise your clients on how they can take advantage of what open banking will bring.
With a good understanding of how open banking affects SMBs, you’ll be able to suggest appropriate products and services that will help them get a holistic view of their accounts, including: