Absa has launched a platform that automates manual bookkeeping as a free, value-added service for all its customers. The solution is a result of a partnership between Absa and technology company, Sage.
The solution automates most of the accounting functions that are linked to banking, including Absa account reconciliation and direct delivery of back statements into the Sage 50 software. Conveniently, it also imports financial information from a client’s bank account into Sage platforms and instantly allocates it to the correct account or customer, based on rules set by the business’ finance department using it.
Announcing the new service, managing executive of product at Absa, Carel Grönum, says the solution was a game-changer aimed at taking the burden out of accounting functions that will allow any Absa customer that has a Sage 50 package the ability to focus on their main priority, running their businesses.
Before the introduction of the automated platform, businesses had to manually capture transactions from bank statements into their accounting solutions, or upload a file from their online banking system, a process which was not only time-consuming but also prone to errors.
“The new service will free up significant processing time for our customers, reduce errors and ensure that accurate statement data is posted to their general ledger from a reliable and secure source. This enhances efficiency by giving time back to our customers to create value for their business in line with our commitment to bring their possibilities to life,” adds Grönum.
Currently, only larger companies can afford bespoke integration with their accounting systems. This service provides the advantage of the integration without the associated costs.
Charles Pittaway, vice-president: payments and banking, Africa & Middle East at Sage, says: “The solution begins to unveil Sage’s payments and banking vision to customers and accountants from around the world.
“Absa is taking significant steps to make it more convenient and customer-centric for its customers to automate and transform how they handle payments, make administration invisible and save time that they can spend on growing their businesses and their profitability,” he adds.
“Automating as much of the accounting function as possible helps businesses be more agile and responsive to changes in their industries and the economy, and what better way to do that than through a global platform,” Pittaway says.