MYOB adds Amex to bank feeds

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MYOB adds Amex to bank feeds

A new agreement means MYOB will be the first accounting software provider to add American Express to its bank feeds.

We heard from several small business owners that were quick to start using Apple Pay  , so there are clearly some Amex customers among BIT's target readership.

And we already know that bank feeds - connections between accounting software and banks so that bank transactions automatically appear in the business's accounts - can be a big timesaver. According to MYOB's research it saves an average of 10 hours per month, but as Debra Anderson of Anderson Tax & Consulting recently told BIT  it can save as much as 30 hours a month.

American Express transactions will be available in MYOB's bank feeds by 31 March, and Amex is joining ANZ Bank and Commonwealth Bank in providing paperless sign-up for this facility. Other institutions require application forms, although MYOB warns that it can take up to 10 days for new bank feeds to be activated whether the application is made online or on paper. 

In contrast, NAB bank feeds can be added to Xero on a next-day basis when the customer sets up the connection online.

"This industry first integration with American Express, really solidifies our position as the accounting software provider with the best coverage of bank feeds," said Andrew Birch, general manager of industry solutions, MYOB. 

"What this means is that we're able to further reduce administration duties for SMEs and their accountants and offer business owners the flexibility to focus on doing what they know best, and what they love."

MYOB recently announced a money-back guarantee of the accuracy of its bank feeds.

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