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Reckon adds bank feed to cloud accounting service

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Accounting software provider Reckon has created a cloud service to automatically import bank transactions.

Reckon BankData - initially available only in conjunction with CashBook Online - can receive transaction details from Commonwealth Bank, Westpac, NAB, ANZ, St George, Bank of Melbourne and BankSA in Australia, plus ANZ, Westpac, ASB Bank, Kiwibank and National Bank in New Zealand.

It also works with the Yodlee service to import data from "thousands of banks throughout the world."

The service includes a system for automatically classifying transactions and splitting amounts across multiple categories.
Reckon officials said the company plans to offer BankData as an adjunct to Quicken Personal Plus, Quicken Home & Business, and QuickBooks (desktop and hosted).

"With Reckon BankData, unlike some existing products, both the accounting professional and their small business client are using the same tool," said group marketing manager Gerald Chait.

"Being a cloud accounting application they are able to access the same data simultaneously and make collaborative business decisions."

A broadly similar service is offered by BankLink Australia, and MYOB's LiveAccounts cloud accounting service collects transaction feeds for more than 100 banks and financial institutions.

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