MYOB guarantees bank feeds

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MYOB guarantees bank feeds

MYOB now offers a money-back guarantee that its bank feeds are accurate.

Bank feeds - the ability to automatically convert or match bank transactions with accounting transactions - can be a big time-saver when using accounting software. The problem is that if something goes wrong, unscrambling the result can take a lot of time and effort.

MYOB uses the BankLink bank feed technology that it acquired in 2013 from New Zealand based Media Transfer Services . 

CEO Tim Reed said 250 million bank transactions were processed during 2015, "more than anyone [else], more accurate, and more secure."

According to James Scollay, general manager of SME solutions at MYOB, decades of work went into ensuring the accuracy of this service, and "we want to stand behind it with a guarantee."

So with immediate effect, MYOB offers a 'data quality satisfaction guarantee' - if you're not completely satisfied with the accuracy of your bank feed, the company will refund whatever you paid for the preceding 30 days of service.

Transaction accuracy is "so significant for accounting," Scollay said. It can be expensive to fix any errors, and mistakes can lead to an overstatement of tax liabilities and other adverse outcomes. Accordingly, MYOB is prepared for customers to set 100 percent accuracy as their benchmark for being satisfied.

While a one-month refund represents a modest sum to most MYOB users, Scollay suggested it is a big deal when potentially multiplied by the company's 1.2 million customers.

Furthermore, BankLink is also used by many accountants and bookkeepers to help manage the affairs of clients that don't use accounting software themselves. Since some of those firms have 1000 or more clients, a single error in one bank feed could trigger a substantial refund.

In related news, Scollay announced that MYOB's sponsorship of conversion services that transfers data from Xero, QuickBooks or Reckon Accounts to MYOB AccountRight has been extended to the end of 2016.

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