How Open Banking Makes Accountants’ Work Easier

For many accountants, processing bank statements is still one of those tasks that takes up a surprising amount of time. This is especially true when managing dozens of clients, accounts across different banks, and hundreds of transactions that need to be checked, matched, and recorded.

Things often become even more complicated when you have to contact clients several times to request their bank transaction records for a previous period.

This is exactly where Open Banking can make a significant difference in everyday accounting operations.

Open Banking enables the automation of many processes that traditionally require manual work – from retrieving bank data to identifying transactions and using that information in accounting software.

In practice, this means less time spent downloading and processing bank statements, less manual data entry, and greater opportunities for automation, independence, and flexibility in planning daily tasks.

But before exploring the specific benefits, let's clarify what Open Banking actually means and how it works in accounting.

What Exactly Is Open Banking?

Simply put, Open Banking allows bank account information to be connected directly to accounting or financial software, with the explicit consent of the account holder.

Instead of logging into online banking every time, downloading statements, and importing them into accounting software – or waiting for clients to email their transaction records – information about accounts, balances, and transactions can flow automatically into the system you already use.

Access is provided through licensed Open Banking service providers. In Bulgaria, one such provider is IRIS Solutions – a payment institution licensed by the Bulgarian National Bank to provide Account Information Services (AIS) and Payment Initiation Services (PIS).

IRIS Solutions' technology already powers Open Banking functionalities in numerous accounting and financial software solutions used in Bulgaria. This means that for many accountants, the ability to automate banking operations is already available within their existing software – they simply need to activate the relevant functionality.

So, what changes when Open Banking becomes part of everyday accounting operations?

Here are the most important benefits for accountants.

1. Bank Statements No Longer Have to Dictate Your Day

Let's start with the most obvious benefit.

When you manage one client with a single bank account, downloading a bank statement may not seem like a major issue. But when you have dozens of clients, each with multiple accounts across different banks, the situation becomes entirely different.

Open Banking allows bank transactions to flow automatically into integrated accounting software. This eliminates much of the work involved in downloading, saving, transferring, and importing bank files.

You open your accounting software, and the banking information you need is already there.

This is about more than saving a few clicks. When the same operation is repeated across dozens or hundreds of accounts every month, the minutes saved gradually add up to hours and even days.

2. Accounts from Different Banks Can Be Managed in One Place

One client works with one bank. Another uses three. A third manages several companies and even more bank accounts.

Traditionally, this means dealing with different online banking platforms and financial information scattered across multiple systems.

One of the key capabilities of Open Banking is aggregating information from multiple bank accounts into a single environment. Instead of checking each bank separately, you can access information from connected accounts directly through your accounting or financial software.

This is particularly useful when answering the everyday questions accountants know all too well:

“Has this client paid?”

“Has the invoice payment arrived?”

“How much money is available in this account?”

When banking information is integrated into your system, finding the answer no longer necessarily requires logging into each bank separately.

3. Less Manual Data Entry Means Fewer Opportunities for Errors

The amount is 10,953, but you entered 10,593. One transaction was missed. Another was recorded twice.

Anyone working with large volumes of financial data knows how easily these mistakes can happen – and how much time it can take to identify and correct them.

When banking data flows automatically into accounting software, the need for manual data transfers is significantly reduced. So is the risk of errors associated with those transfers.

And the next step is even more interesting.

Accounting software can use the retrieved information to identify transactions, suggest accounting entries, and match payments with specific documents.

Most accounting software solutions that have integrated Open Banking through IRIS Solutions can achieve up to 95% automation in the posting of bank transactions. This demonstrates how far automation can go when direct access to banking data is combined with the capabilities of accounting software.

4. Bank Reconciliation Becomes Much Easier

Downloading a bank statement is actually just the beginning.

Then comes the real work – identifying which payment corresponds to which invoice, determining which liabilities have been settled, checking for discrepancies, and identifying outstanding documents.

This is where Open Banking becomes particularly valuable for accounting.

When up-to-date bank transactions are already available in the system, accounting software can use them to automatically match payments with invoices and other accounting records.

Instead of manually identifying every connection, the software can handle much of the preliminary work, allowing accountants to focus on what truly requires their expertise – verification and control.

This is also one of the processes that has been optimized through the integration of Open Banking and IRIS Solutions' technology. Before integration, manual bank reconciliation was time-consuming and prone to errors, while working across different banking platforms made the process even more complicated.

Open Banking connects these two worlds – banking data and accounting.

5. The Biggest Benefit: More Time for the Work That Truly Requires an Accountant – and for Everything Else That Matters in Life

This is perhaps the most important point.

A good accountant does not create the greatest value for a client by downloading a PDF or CSV file from a bank. Nor by manually transferring an amount from a statement into accounting software.

The real value lies in expertise.

Identifying potential problems. Alerting clients. Analyzing financial figures. Keeping up with regulatory changes. Providing advice. Helping businesses understand their cash flow and anticipate what may lie ahead.

When banking information is more up to date and routine operations are automated, accountants can dedicate more time to these higher-value activities.

Open Banking does not replace the accountant's role. On the contrary, it removes part of the repetitive, mechanical work surrounding it.

For an accounting firm, this can also mean something very practical: the ability to serve more clients without every increase in workload requiring a proportional increase in manual effort.

Where Can Accountants in Bulgaria Already Use Open Banking?

The good news is that you don't necessarily need to change your accounting software or start using another platform.

IRIS Solutions' Open Banking solutions are already integrated into various accounting and financial systems in Bulgaria.

Microinvest enables bank accounts to be connected and managed through Open Banking directly within its accounting environment. The integration is powered by IRIS Solutions.

Nula.bg also integrates Open Banking technology, using banking data to automate financial and accounting processes.

MacMasters is another example of how this technology is used to automate bank statement processing and subsequent accounting operations.

More than 30 accounting software and ERP systems in Bulgaria have already integrated and are using these services.

Ask your accounting or ERP software provider whether this functionality is available, or contact IRIS Solutions at www.irisbgsf.com.

In other words, Open Banking is no longer a concept that may one day become part of accounting. It is already being used by thousands of accountants across Bulgaria.

How to Get Started

The first step is actually much simpler than it sounds.

Check whether the accounting software you currently use already supports Open Banking and which functionalities are available.

Next, identify the clients who would benefit most from automation. A logical starting point would be companies with multiple bank accounts, high transaction volumes, or processes that require significant time for bank statement processing and reconciliation.

Finally, measure the difference.

How much time did processing take before? How many manual steps have been eliminated? How many transactions are now automatically identified and processed?

This is how the benefits of Open Banking quickly become tangible rather than abstract.

Want to find out how IRIS Solutions' Open Banking technology can be integrated into your accounting software or financial processes? Get in touch with the IRIS Solutions team.

Contact Information:

IRIS Solutions

Phone: +359 896 549 004

Phone: +359 882 250 300

Phone: +359 889 209 055

Email: support@irisbgsf.com