FreeAgent launches industry-first bulk banking feature

Pioneering online accounting software becomes first to enable accountants to reconsent clients bank feeds in bulk - saving them valuable admin time.

FreeAgent, the award-winning accounting software for accountants and small businesses, has launched a new upgrade to its banking functionality enabling accountants to view all their clients’ bank feeds in one location and update them in bulk in just three clicks.

The company has introduced the upgrade to its trailblazing 90-day reconsent feature, which was originally introduced in November 2022 to enable accountants to reconsent Open Banking feeds from directly within FreeAgent. The upgraded feature will now allow reconsenting to be made in bulk, making it significantly easier and quicker for accountants to stay on top of their clients’ banking data.

As part of the update, FreeAgent has also introduced a new ‘Bank Connections’ page allowing accountants to view all of their clients' bank feed statuses in one central location. From this page, they can easily update connections for their clients in one go rather than navigating to each individual client’s account - meaning that it will now take just three clicks to update clients' bank feeds, down from what used to be nine for each individual client.

FreeAgent is the first accounting software to offer this functionality, which it believes will not only save accountants valuable time but will also align all bank feed expiry dates, so updates can be performed less frequently. It will also enable accountants to set up alerts to remind them when clients’ bank feeds are about to expire, eliminating the need to ask them to re-establish their connection.

Even if a client’s bank feed does expire, accountants will be able to reconnect it and FreeAgent will automatically import data from the last transaction date so that no data is missing.

Stewart Hurd, Chief Sales Officer at FreeAgent, said: "We’re delighted to announce FreeAgent's most recent feature release for our accounting and bookkeeping Partners. Gone are the days of having to update your clients’ bank feeds one by one.

“Around 75% of businesses using FreeAgent have a connected bank feed, so this update will save our accountancy partners significant time each month. Not only that, FreeAgent has the unique ability to import any transactions that occurred since the connection expired, ensuring nothing is missed.”