Barclays aims to end SMEs' last-minute accounts nightmare
(ENP Newswire Via Acquire Media NewsEdge) ENP Newswire - 05 April 2012
Release date- 02042012 - Barclays is launching a new business service that automatically exports an SME's bank transactions into their accounting software on a daily basis, looking to end - or at least vastly reduce - the yearly scramble to get the accounts in order.
Research from the bank* shows that businesses spend on average over three weeks each year managing their accounts, making it one of the most time-consuming single activities for a business.
Barclays DataServices safely exports transaction data daily into commonly-used accounting software, reducing the amount of time, effort and errors in maintaining the accounts. The application is free to Barclays business banking customers, including those who use it as part of Barclays award-winning MyBusinessWorks package.
'This shifts the dial significantly in terms of speed, ease and clarity for business accounts,' said Richard Exton, Barclays Clearlybusiness Managing Director.
'There doesn't need to be any last minute, down to the wire scramble to get business accounts in order before the deadline looms. Using the service, whatever goes through the business accounts gets sent - everyday and safely - into the business's accounting software. Nothing gets lost or forgotten, and there's no need to send through boxes of receipts every month. If the transaction goes through the business, then it gets recorded in the accounts.'
Barclays has launched the application first to customers using the FreeAgent accounting software, which is provided as part of Barclays MyBusinessWorks package. In the near future, Barclays business banking customers using QuickBooks as part of MyBusinessWorks package, will also be able to use Barclays DataServices. Other major accounting software programmes will follow.
*research conducted among 557 businesses in 2009.
Notes to Editors:
About Barclays DataServices
DataServices is the time and money saving new service for Barclays business banking customers. It transfers their Barclays business bank account data directly into their accounting application, automatically. It's free, swift, secure and cuts out the risk of costly human data inputting errors.
About Barclays Clearlybusiness
Clearlybusiness is a Barclays innovation unit that leverages technology and partnership to develop and deliver non-banking solutions that add value to customers.
About the MyBusinessWorks Package
MyBusinessWorks is a specially created package containing five online business management applications to help businesses meet their day-to-day challenges. Winner of the 2011 Financial World Innovation Awards - Innovation in Product Design - Financial Services.
FreeAgent provides an award-winning online accounting system specifically designed for small businesses and freelancers. Launched in 2007, it has rapidly grown a loyal community of thousands of customers. Since 2011, FreeAgent has been part of the award-winning MyBusinessWorks applications package that Barclays business banking provides to its customers.
For more information, please contact:
Adrian Mather, PR and Social Media Manager
Tel: 0131 543 3163
Barclays Business is the business banking arm of Barclays. It has over 770,000 customers with a turnover up to GBP5m that are a mixture of start ups, sole traders, partnerships and limited companies. We supported a record number of business start ups - over 100,000 new businesses in 2010.
Barclays services to SMEs include:
A choice of business accounts that they can tailor to their needs and the provision of up to two years free banking to start-ups, subject to remaining in credit.
Day-to-day business banking support through a team of Business Managers who are available over the telephone for everyday and urgent banking needs.
Free consultations for businesses with a local accountant, marketing expert and solicitor to advise on topics such as the best legal status, how to advertise or draft supply contracts.
A free nationwide business seminar and workshop programme. This is designed to help business owners network and gain practical help on relevant challenges such as marketing, trading online or how to generate more business profits. We expect around 12,000 delegates to attend our business seminars this year.
Business management software that helps business customers complete their account work quickly and efficiently; support their hiring efforts; help back up their business data securely; and avoid late payment and bad debts.
Barclays Business named Business Bank of the Year at the UK's National Association of Commercial Finance Brokers (NACFB) Industry Awards December 2011.
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